viivästyskorosta

Viivästyskorko is a Finnish term referring to interest charged on late payments. It is a legally defined concept in Finland, applicable to commercial transactions and consumer credit. The primary purpose of viivästyskorko is to compensate the creditor for the financial loss incurred due to the delayed payment from the debtor.

The calculation of viivästyskorko is governed by Finnish law. The applicable interest rate is determined by the central bank's reference rate plus a fixed margin. This rate is subject to change periodically. For commercial transactions, the margin is typically higher than for consumer credit. Both parties can agree on a different interest rate, but in commercial dealings, it cannot exceed a certain legal maximum.

In consumer credit agreements, specific regulations are in place to protect consumers. These regulations often set limits on the maximum rate of viivästyskorko that can be charged. If the agreed-upon interest rate exceeds the legally allowed rate, the excess portion is considered invalid.

The obligation to pay viivästyskorko arises when a payment is not made by the agreed-upon due date. The debtor is typically notified of the late payment and the accrued interest. Failure to pay can lead to further legal actions by the creditor to recover the debt, including the accumulated interest. Understanding the principles of viivästyskorko is important for businesses and individuals operating within the Finnish legal and economic framework to ensure timely payments and avoid unnecessary financial penalties.