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| Penalty Interest |
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Penalty Interest The decision as to whether or not you can levy penalty interest on your late payers is not as simple as it may first appear. We often get legal advice from friends who aren’t lawyers, which leads us to believe that the way we are doing our business is the right way. Here’s what you need to know when you charge or agree to interest: If your debtor is in default, interest can be claimed: - from the date of summons; or - from the due date for payment, but only if there is an agreement to pay interest. Compound interest can only be claimed if there is an agreement for compound interest. If there is no agreement, then only simple interest can be claimed. How much interest?Interest should be paid at the rate that was agreed upon between the parties. If you have failed to meet this criteria for paying interest, then interest must be calculated at the rate prescribed by s 1(2) of the Prescribed Rate of Interest Act 55 of 1975. This rate is currently 15,5% per annum. How does the National Credit Act affect the interest you’re paying?The Usury Act of 1968 provided the rates that you should be paying. The Usury Act was repealed by the National Credit Act (“NCA”), with effect from 1 June 2006. In terms of the NCA, the maximum penalty interest that can be agreed to is 2% per month. When does interest stop running?Interest stops running when the full amount has been paid, or when the unpaid interest equals the outstanding amount of the capital sum. This rule is referred to as the in duplum rule. Want legal protection when doing business?Protect yourself when you are doing business by ensuring your legal agreements properly cover you. Verbal agreements just aren’t good enough when it comes to money and it is necessary to know that you have a written contract when you are doing business. Kerry Jack is an admitted attorney, and is the founder and co-owner of www.AgreementsOnline.co.za, South Africa’s leading source of legal agreements and documentation. Please note that this information is supplied for general information and does not constitute legal advice. It is advisable for you to contact a legal practitioner for guidance in respect of your unique requirements. |
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"The secret of success in life is for a man to be ready for his opportunity when it comes." Benjamin Disraeli We have spent thousands of hours in researching business needs, and even more, in developing the perfect platform for business’s to grow and to ensure maximum business exposure.If you could own such a platform would this not automatically enable you to become the epicentre of business growth? Would this not be the ultimate feeling, if you are recognised for other’s successes.Want some more? · How about if you could earn back your initial investment during your 1st month? · How about being able to earn that and much more for every month that follows? · How about being able to double this income yearly? · Buying an established business opportunity, with a tried and tested marketing plan that works, with a team supporting you, consisting of some of the most knowledgable professionals in the industry. Sounds like the perfect opportunity, doesn’t it?The sky is the limit and you are only a couple of steps away from being the success, you have always known, you were destined to be. “What will all this cost me?” you are most probably asking yourself now?“What will you be willing to pay for such an opportunity?” is the question we will not be asking ourselves?But don’t despair, it is much more affordable than you might think. Basically anybody can afford to live their dream, or should we rather ask: “Can you afford not to own your dream?” "Whenever you see a successful business, someone once made a courageous decision." But, 1st you will have to answer the following quick questions: 1. Is there an area, town/city, you are interested in? 2. Will you be able to speak to business owners with authority? 3. Do you have any business or management experience? If you can answer yes to two of the above questions, and/or you are committed to becoming a success, then you definitely can’t miss this opportunity. Pricing starts from as little as R15000 per area. Please select the area closest to the area you are interested in, from the list below, and send us an email to This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , but only if you are seriously interested in following your dream and would like to become the epicentre of business in your area! NB: If you are not interested in this opportunity, but knows somebody that would be interested in taking up this opportunity then you can still profit from this. We will be paying a commission for every successful referral when directly referring somebody. Please forward this email and copy This e-mail address is being protected from spam bots, you need JavaScript enabled to view it The commission structure is as follows: · 10% of the license value if you are not registered on the SmallBusinessHub i.e. at least R1500. To register and earn 2.5% more please visit www.SmallBusinessHub.co.za, and register, it’s free, · 12.5% of the license value if you are registered on the SmallBusinessHub i.e. at least R1875, · 20% commission if you are a SmallBusinessHub Representative. Identified Area Licenses
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