viivästyskorkoihin

Viivästyskorkoihin refers to the statutory and contractual interest charged on overdue payments in Finnish law. The term is commonly used in relation to debts, invoices, and court decisions where a payer has not settled an amount by the agreed due date. Viivästyskorkoihin is relevant for both individuals and businesses, and it serves to compensate the creditor for the delay in payment as well as to encourage timely settlements.

In Finland, the late payment interest rate is defined by law and may be adjusted periodically. The rate is typically linked to a reference rate and may include a fixed margin or be set by the applicable contract. If a contract specifies a different rate and that rate is permitted under law, it may apply instead of the statutory rate, provided the arrangement complies with applicable consumer protection rules and other limits.

The rate begins to accrue from the day after the due date and continues until the amount is fully paid, including on weekends and holidays. Interest is usually calculated using the annual rate, prorated for the number of overdue days. A simple way to model the calculation is: interest = principal × annual rate × (overdue days / 365). If the debtor pays part of the overdue amount, interest is then calculated on the remaining balance for the outstanding period.

Practical considerations include the creditor’s obligation to inform the debtor of the applicable viivästyskorko, and, in consumer transactions, the need to comply with statutory limits and protections. Viivästyskorkoihin interplay with general contract law, debt collection practices, and dispute resolution in cases of contested debts.