Posted by Virginia Doyle on 12/27/07 3:52am
Msg #227746

Legal rate of interest on collections

Does anyone know the yearly limit of interest in Pennsylvania that we are able to charge for unpaid invoices?

Reply by sue_pa on 12/27/07 7:32am
Msg #227748

I have 18% per annum on my invoices. My 'legal research' in getting that number and the verbige was looking at the bottom of the plumber's invoice. Not positive, but I believe that must be disclosed on the initial invoice - I don't believe you can just add it 6 months down the road.

Reply by sue_pa on 12/27/07 8:16am
Msg #227750

clear as mud

maybe we should go to 35%

http://www.wolfbaldwin.com/lawyers_attorneys/articles.asp?ArticleID=32&Page=legal_interest_usury_PA_interest_rates_Pennsylvania.asp