If you have given a loan, you have a statutory entitlement to add interest on to any amount due after the agreed time in which payment was supposed to be made. This calculator allows you to work out whether you are entitled to statutory interest and what the amount will be.
This is also useful if you have taken out a loan, which is now overdue, and would like to know how much your creditor has the statutory right to charge you.
* Input the date the contract with your debtor was made. If you do not have a contract, enter the date when the agreement to buy and sell goods or services was made.
** Input the date when the payment became overdue. If you have agreed a credit period with your debtor, the date you need to enter here will be the last day of that credit period. Otherwise, the due date is either 30 days after the delivery of the goods/services or 30 days after the date of invoicing, whichever is later.
*** If you are trying to claim interest retrospectively, complete this field. If your debtor has not yet paid, you do not have to fill this in.
If you wish to calculate the interest yourself, this is the formula you should use:
Debt x interest rate x the number of days late / 365
To calculate the daily rate of interest use this formula:
Daily rate = Debt x interest rate / 365
The interest rate which applies to your debt is identified as follows: