Hi advisors, is it legal to charge a late fee upon a late fee.
Yes, late fees are legal in order to cover the expense of obtaining the original invoice payment.
Let's say you don't pay the $100 invoice and get slapped with a 5% late fee at the end of the month, the next month passes without payment and the 105% total now gets slapped with another 5% late fee. Is this legal ?
at which point are late feels capped according the max interest rates
https://asic.gov.au/for-consumers/loans-and-credit-cards/