Default Interest
Interest that accrues on an outstanding claim from the point of default.
If someone falls into default on a payment, the creditor may demand default interest, which for consumers is 5 percentage points above the base rate (Basiszinssatz). Conversely, you too are entitled to default interest if a company repays you money too late.
The relevant statutes
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General explanation for self-help, not legal advice (RDG). Individual cases may differ: if in doubt, contact a consumer advice center or a lawyer.