Hi Guys.
I have a question about an interest rate I received on an overdue payment.
I just received a statement for a payment I apparently owed in March last year, although I have no record of an invoice or statement for it from a courier company.
I have asked them to furnish the actual invoice in the mean time, and if they can and it tallies up, I will pay the amount.
However, the guys have charged me a nominal rate of 5% per month, which over 9 months has worked up to be 45% and 12 months is 60%. My question is, is that legal ... to charge a nominal 60% interest rate per year compounded monthly? Is there now some in the NCA or similar that goes against this? Please let me know you advice.
Regards
Itai
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