Payment is delayed?
If a customer fails to pay on time, you can issue a reminder letter.
What is a reminder for late payment?
The reminder for late payment is your request to the debtor that they pay the purchase price. This reminder is the prerequisite for the buyer being in payment arrears. If the buyer's payment of the purchase price is delayed, they must pay default interest of 5 percent.
What should the reminder letter include?
- The outstanding purchase amount to be paid
- A reasonable and defined deadline for payment
What are my options if the buyer does not respond to my reminder?
You can:
- Demand subsequent payment and compensation for damages from the buyer
- Waive subsequent payment, upon which you then have other options. You can:
- claim compensation for damages, or
- withdraw from the contract; in doing so, you can also reclaim that which has already been rendered and, under some circumstances, even claim compensation for damages because the contract no longer applies.
- Initiate debt collection proceedings against the buyer by submitting a debt enforcement request at the buyer’s place of residence.
All other important information and a template for a reminder letter can be found in our documents for download.