Late rent interest
Hello all fellow members,
I have a tenant who is consistently late with paying her rent, I have a clause in the AST for charging 3% above the Bank of England base interest that is payable for late rent.
So far this tenant has been late on numerous occasions and has so far totalled 63 days.
How does the calculation work? somehow, I have ended up working it out at 0.09p interest per day so it only totals £5.67.
If this calculation is correct, then how is there any incentive to pay rent on time??
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