Interest on rent arrears
They are nowin rent arrears by several months, section 2.12 under the terms and condition satate that late payment of rent after 14 days can be charged at 4% over the base rate and interest to be paid from the date payment fell due until payment.
As yet I haven't charged them any interest because I am not sure how to work this out, does any on have a formula for this?
I also want to start charging them interest now to try an encourage them to ge the rent arrears paid - can I back date this interest on existing retn arrears or do I need to write to them and inform them if the arrears are not paid in 14 days interest will be charged on all late payment from now on?
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