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The question often arises as to whether interest may be charged on outstanding debts and if so at what rate.<\/p>\n
If interest and the rate thereof has been determined in a contract, the problem does not arise. Where the rate of interest has not been agreed, or when a debt becomes due and payable, interest runs from that date at a rate determined in accordance with section 1(2) of the Prescribed Rate of Interest Act, 1975 (Act No. 55 of 1975).<\/p>\n
The rate of interest in terms of said Act is always 3,5% above the prescribed repurchase rate ( Repo-rate) as announced from time to time. Until recently the mora rate was promulgated from time to time. It now fluctuates with the Repo-rate. This rate is referred to as the mora-rate of interest.<\/p>\n
A summons may include a claim for interest at the rate specified in the summons, calculated from the date of the service of the summons (if damages are claimed and a letter of demand has been sent, from such date). If the claim is based on a contract, interest may be claimed from the date the defendant was obliged to pay or from the day on which he was placed in mora.<\/p>\n
Christo Smith Attorneys Inc.<\/p>\n
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The question often arises as to whether interest may be charged on outstanding debts and if so at what rate. If interest and the rate thereof has been determined in a contract, the problem does not arise. Where the rate of interest has not been agreed, or when a debt becomes due and payable, interest […]<\/p>\n","protected":false},"author":3,"featured_media":1146,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-870","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"yoast_head":"\n