Legal Question in Credit and Debt Law in Illinois
Interest on unpaid invoices
A company based out of Illinois is charging us 5% on the total invoice since we did not remit the payment w/ in 30 days. They charge another 1.5% per month on balances unpaid.
Is the 5% on the total legal? That comes out to an annual rate of 60%.
Asked on 5/02/07, 8:53 pm
1 Answer from Attorneys
Benjamin Berger
Berger-Harrison, A Professional Corporation
Re: Interest on unpaid invoices
The first question is whether or not you have a contract with that company (like a formal, written contract or an oral contract - or even a contract that is implied by the way you and that company have interacted in the past). Actually - give me a call and I'll go over this with you at no charge.
-Ben
nine four nine
five four eight
seventeen hundred
Answered on 5/03/07, 11:36 am
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