 Backrent interest (by Pitri [IL]) Jun 2, 2010 5:21 PM
 Backrent interest (by in [IN]) Jun 2, 2010 5:25 PM
Backrent interest (by Irish [MD]) Jun 2, 2010 5:26 PM
Backrent interest (by Dejay [TX]) Jun 2, 2010 5:45 PM
Backrent interest (by reid [KS]) Jun 2, 2010 6:16 PM
Backrent interest (by Mike45 [NV]) Jun 2, 2010 6:53 PM
Backrent interest (by Diane (Missouri) [MO]) Jun 4, 2010 8:17 AM
Backrent interest (by Pitri [IL]) Posted on: Jun 2, 2010 5:21 PM
Message:
State Specific Question About: ILLINOIS (IL)
Can I charge interest on backrent ? If Yes How much % ? --69.47.xxx.xxx |
Backrent interest (by in [IN]) Posted on: Jun 2, 2010 5:25 PM
Message:
You can charge what you like, but collecting it is another matter, I see you have found that out because of the back rent.... interest rate for savings today is about 2 % a year, --67.163.xx.xx |
Backrent interest (by Irish [MD]) Posted on: Jun 2, 2010 5:26 PM
Message:
It is probably very state specific...
The way to find out is to include a fair interest rate in your small claims court and see if the judge allows it...
I've never allowed it to get so far behind that I was not satisfied with only the late fees...so I've never felt the need to charge interest. --96.239.xxx.xxx |
Backrent interest (by Dejay [TX]) Posted on: Jun 2, 2010 5:45 PM
Message:
The local JP in my county always awards 10% simple interest (does not compound). --76.243.xx.xxx |
Backrent interest (by reid [KS]) Posted on: Jun 2, 2010 6:16 PM
Message:
In Kansas the limit allowed is 12% --70.250.xxx.xxx |
Backrent interest (by Mike45 [NV]) Posted on: Jun 2, 2010 6:53 PM
Message:
In Cal, if not specified in the contract, 10% simple interest.
But good luck collecting!
It is better to evict quickly, so that the amount of interest is negligible (for example, 10% per year on $1,000 rent for 30 days is less than $10 -- not worth getting your panties twisted over it!).
--216.240.xx.xxx |
Backrent interest (by Diane (Missouri) [MO]) Posted on: Jun 4, 2010 8:17 AM
Message:
I had a tenant that owed back rent due to a car accident where she was injured. I didn't have the heart to kick her out because of her situation so I allowed her to pay payments on 3 months back rent when she got back on her feet. She paid rent and something towards the previous balance. I charges 1.5% a month on the unpaid balance every month and sent an invoice. Of course, I did have to eventually take her to court as she stopped paying. The Judge said that I couldn't charge interest if the tenant DID NOT sign an agreement or if it wasn't in the lease. So I was only allowed judgment for the unpaid amount and late fees. NOW that clause is in my lease and Tenant has to sign for it when we agree to a payment plan to protect myself. BUT most of all, any monies I receive NOW, I apply to the previous balance to clear that up first---before giving any credit towards rent. This eliminates this problem real quick. --98.156.xx.xx |
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