Collection

Filing for bankruptcy: debt collection lawyer explains how it works When debtors fail to pay, creditors may consider several options to obtain their money. It usually starts with a demand letter or summons. In it, the debtor is given a deadline to still pay. If the debtor then fails to pay, the debtor is in default. That default ...

Statutory commercial interest: when may you apply it? Statutory commercial interest or ordinary legal interest can be charged in the event of late payment. But when may you do so? What is the difference between ‘ordinary’ statutory interest and statutory commercial interest? And how do you set the rate? In this blog,...

Statutory interest rate increased to 4% Effective January 1, 2023, the statutory interest rate was increased to 4%. This was announced by royal decree. Although the statutory interest rate can be adjusted every six months, this is the first change in the interest rate since 2015, when the former rate was set at 2%. Setting statutory interest rate...