How to calculate interest on rent arrears
Hello, I am after some advice regarding interest on rent arrears.
A tenant has vacated voluntarily, but owes £2318 in arrears.
The AST says interest can be charged at 3% above base rate from the date it should have been paid.
The tenant has been in arrears throughout the tenancy about 3 years
How do I calculate the interest?
Will it have to be calculated week by week as the amount owed varied each week.
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