Interest Calculation & Limitation
If you conduct debt collection in Norway or Denmark, you should immediately ensure that you will pass an audit of interest calculation and limitation of interest and costs.
Caporum specializes in the subject and has helped several debt collection companies with version upgrades, updates, configuration, and monitoring.
In the most countries, interest is calculated from the invoice due date and forward until payment, while in Norway and Denmark interest is calculated from today’s date and a maximum of 3 years back (except for adjudged amounts which are calculated in 10 years).
The same rule applies to costs.
With incorrect configuration or system support, there is a great risk that too much interest or costs are claimed from the debtor.