Regulatory Alerts2013-05-24
Guidelines for the Handling of Installment Agreements Between Debt Collectors and Debtors
The Norwegian Financial Supervisory Authority issued guidelines clarifying that debtors must reimburse necessary out-of-court collection costs, with maximum rates increased by 1.5 times if installment plans involve more than four payments. Collectors are permitted to charge additional fees for such arrangements provided specific conditions are met, though they cannot claim these fees if the matter has been submitted to conciliation boards, courts, or enforcement authorities. The document further specifies that heavy collection fees may be applied if payment deadlines are missed, and outlines rules for consolidating fees when multiple claims are merged into a single installment agreement.
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