Legal Question in Business Law in Wisconsin
interest on a legal debt
I have a customer who is refusing to pay a debt of several hundered dollars. Can I charge him interest on unpaid balance over 30 days old even though we do not have an ''interest disclaimer'' on our invoices or statements?
Asked on 5/09/07, 9:42 am
1 Answer from Attorneys
Thomas Olson
David F. Gram & Associates, LLC
Re: interest on a legal debt
I don't know what you mean by an "interest disclaimer" but I assume you mean that you do not have an agreement for the customer to pay interest. In the absence of the right to charge a higher rate, Wisconsin law provides that you can charge interest at the "legal rate of interest" which is 5% per annum.
Answered on 5/09/07, 10:03 am
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