Decision on adjustment of statutory interest in the Netherlands
Statutory interest is the interest that a creditor can legally demand if debtor is in arrears with the payments. As of 1 January 2024, due to the increase in the ECB interest rate the statutory interest rate for non-commercial transactions will also be adjusted from 6% to 7%. The statutory interest for commercial transactions is 12%.
Non-commercial transactions
The statutory interest for non-commercial transactions is the interest for all agreements with private individuals or consumers.
Commercial transactions
The statutory interest for commercial transactions is the interest for all agreements with companies and government organizations.
Maximum credit compensation
The statutory interest is also part of the maximum credit compensation that may be charged for borrowing money, overdrafting and purchasing on installments. Due to the increase will the maximum credit compensation 15%.
References:
https://www.rijksoverheid.nl/actueel/nieuws/2023/12/18/nieuwe-wetten-per-1-januari-2024
https://www.rijksoverheid.nl/onderwerpen/schulden/vraag-en-antwoord/hoogte-wettelijke-rente
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