Default

If the debtor does not pay the creditor following a reminder, then he will be declared in default as a result of these reminders. However, the creditor’s entitlement to an enforceable claim is a requirement.

The debtor is also in default if payment is stipulated by a calendar date (e.g. the rent is due on the 3rd working day of the month).

Default also applies if the service has to be provided before an event and payment is to be made after the event within a calculated calendar period.

If the debtor is seriously refusing final payment then he will also be declared in default without reminders.

In addition the following applies: The debtor will be in default 30 days after receipt and due payment date of the invoice. However, this only applies to consumers when special reference to this is made on the invoice or payment request.

If the debtor is in default the he is to compensate the creditor for any resulting related damage. Any legal fees in particular. Moreover, a financial claim accrues additional interest during the default period.