Interest on stage payment

L

la

Guest
Recently ,i had to draw down a stage payment of 40000 euro on my house which is being built ,but as the bank would not pay out until i got an engineer to sign of the stage i was slightly delayed, by two days , i.e money due on the 2nd of march and paid on the 4th of march. i have now recieved a letter from my solicitor stating that the builder is requesting an interest payment for the two days overdue of 468.30 euros. this is surely highly irregular and unfair as this is almost 0.5% per day..what should i do??

Titled edited by ClubMan to fix typos.
 
Re: intrest on stage patment

What does the relebant contract that you signed state about such penalties? Presumably if you signed a contract that stipulated that such penalties may apply in such circumstances then there's not much you can do other than pay up. You could try negotiating/pleading with the builder. What did your solicitor say when you queried the charge?
 
Re: intrest on stage patment

The interest is incredibly high- are you sure you are only 2 days overdue? I'd be interested to hear about this- can you let us know what your solicitor said when you queried this?
 
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