How accurate is this calculator, and what rates does it use?
This tool uses official statutory rates from central banks and authorities (e.g., ECB main refinancing operations + 8pp for EU, Bank of England base + 8% for UK, Norges Bank/Finanstilsynet for Norway). Most rates update semi‑annually (Jan/Jul), while others may change more often. The calculator aims to apply the correct rate for each period of delay with pro‑rated breakdowns. You should always verify with official sources for legal claims.
Can I use this for consumer (B2C) debts, or only business (B2B)?
The calculator focuses on statutory rates for commercial/B2B transactions under laws like the EU Late Payment Directive and the UK Late Payment of Commercial Debts Act. B2C rates are often lower or contract‑based only. Check national consumer laws (for example, lower in Norway/Sweden for private debts). For B2B, it includes fixed compensation fees where applicable.
What happens if the delay spans multiple rate change periods?
The tool automatically splits the calculation across periods and applies the correct statutory rate for each segment (e.g., if a payment is 200 days late and crosses a July rate change). You get a full period‑by‑period breakdown for transparency and audit purposes.
Does this include fixed compensation fees (recovery costs)?
Yes, for qualifying jurisdictions: €40 flat in the eurozone (plus reasonable actual costs), £40–£100 tiered in the UK (based on debt size), SEK 450 in Sweden, NOK 460 in Norway, etc. These are added automatically when statutory conditions are met (and can be toggled off in Advanced options).
Which countries/jurisdictions are covered?
Statutory rates for EU (euro area + non‑euro like Sweden), UK, Norway, Switzerland, plus Orgalim (common in engineering sectors) and fully custom/user‑defined rates. Detailed guides per country (e.g., France, Germany) are in the sections below.
How do I calculate for Orgalim contracts?
The “Orgalim” mode applies to contracts using Orgalim standard terms and conditions like S2012, S2022, SI14 and SI24. This mode uses ECB main refinancing rate + 8 percentage points + 1% for recovery costs.
What about non‑EU countries like the US or Canada?
These are contract‑ or state/province‑dependent with no uniform statutory rate (unlike Europe). The site provides basic guidance and sample clauses, but use custom rates for your specific agreement. This tool is optimized for European statutory claims.
Can I claim this interest even if my contract doesn't mention it?
That depends on a number of factors, including whether your contract is governed by the laws of a jurisdiction that allows for statutory interest on overdue payments.
How far back can I claim late payment interest?
Limitation periods vary by country (often 3–6 years). Note that in some countries, claims may also be barred on other grounds than just time alone (e.g., the doctrine of passivity in Norwegian law). Check local statutes and consult a lawyer for your case.
Is this interest simple or compound?
Statutory late payment interest is simple (not compounded) in all covered jurisdictions, calculated daily on the principal only.
What if the debtor disputes the amount?
The calculator provides detailed, auditable breakdowns (exportable as CSV) to support your claim. Include these in reminders/letters. For enforcement, consider debt collection services or small claims courts, depending on your jurisdiction. The contents on this site is not legal advice.
How do I report errors or suggest new features/countries?
Use the feedback email link on the About page. Suggestions are welcome.