What does interest a tempore morae mean?

What does interest a tempore morae mean?

Interest tempore morae, or as its more commonly known; mora Interest, is the interest charged when a payment is not made timeously, and an interest rate has neither been agreed between the parties nor is it prescribed by statute.

What is the current mora interest rate?

7.00% per annum
The prescribed rate of interest has been changed with effect from 1 September 2020 to 7.00% per annum.

What is the prescribed rate of interest in Zimbabwe?

Zimbabwe Keeps Interest Rate at 40% The Reserve Bank of Zimbabwe is responsible for the formulation and implementation of monetary policy, directed at ensuring low and stable inflation levels.

How is interest calculated on late payments South Africa?

To calculate the interest due on a late payment, the amount of the debt should be multiplied by the number of days for which the payment is late, multiplied by daily late payment interest rate in operation on the date the payment became overdue.

Is the Usury Act still applicable South Africa?

Under the common law, usury, i.e. interest at a rate exceeding the maximum rate as determined from time to time, was condemned. The Usury Act was repealed by the National Credit Act No. 34 of 2005 which came into force on 1 June 2006.

What is the meaning of tempore?

Tempore (abbreviated to temp.) in historical literature, denotes a period during which a person whose exact lifespan is unknown, was known to have been alive or active, or some other date which is not exactly known, usually given as the reign of a monarch. The word tempore is often given in its abbreviated form temp.

What is the in Duplum rule?

The in duplum rule has been part of South African law for more than 100 years – translated, in duplum means ‘double the amount’. This common law rule provides that interest on a debt will cease to run where the total amount of arrear interest has accrued to an amount equal to the outstanding principal indebtedness.

Is Mora interest compounded?

As a result of non-payment, mora interest could be claimed because the interest in question had been due and payable. The interest which accrues on the unpaid tranches is itself mora interest. There is no provision for compounding interest on any mora interest which might accrue.

What is Bank rate in Zimbabwe?

Bank Lending Rate in Zimbabwe averaged 14.67 percent from 2011 until 2021, reaching an all time high of 41.06 percent in August of 2021 and a record low of 8.86 percent in September of 2017.

How do you calculate interest on an overdue account?

Calculating Interest Owing Calculate the interest amount by dividing the number of days past due by 365, and then multiply the result by the interest rate and the amount of the invoice. For example, if the payment on a $1,500 invoice is 20 days late with a 6-percent interest rate, first divide 20 by 365.

What is the maximum interest rate that can be charged in South Africa?

24% a year
The maximum you can be charged in interest on a credit facility is 24% a year. With most credit agreements, you are charged interest according to your risk profile, or your credit rating. The credit provider will check your credit record to assess your likelihood of paying on time, based on your credit history.

When does interest a tempore morae arise at common law?

[5] Counsel for the applicant submitted that interest a tempore morae at common law would arise when a demand is made by placing the debtor in mora. In unliquidated claims mora interest would arise once the parties agree as to ‘the amount of damages sustained, and from that moment the liability of the debtor for

What is the mora interest principle?

Mora interest is a principle which remains ever-present in legal spheres but also in the lives of many people in South Africa. The debt crisis in South Africa is only increasing in its severity and a clear understanding of how and when interest is charged on this debt is crucial to both creditors and debtors alike.

How should mora interest be calculated for arbitration awards?

In essence, the LAC was required to determine whether mora interest should be calculated from the date of the initial arbitration award or from the date on which the arbitration award was reviewed and set aside by the Labour Court.

What does the Lac’s approach to mora interest mean for litigants?

The approach of the LAC to the running of mora interest, where the award is replaced in its entirety, in the prevailing circumstances of this matter may come as a welcome relief to reviewing litigants.