Fake text messages posing as OK Perintä have been sent to our customers. These messages are very similar to ones we normally send. If you are unsure about a message you’ve received, please contact our customer service: 030 10 5620. You can also view all your debts and bills in My OK service.

The new Debt Collection Act will enter into force on 1 May 2022

The Finnish Parliament has approved the amendments to the Debt Collection Act proposed by the Government, and the new Debt Collection Act will enter into force on 1 May 2022. The main purpose of the law reform is to ensure a reasonable level of collection charges also in corporate debt collection and to increase the uniform treatment of debtors. The amendments are largely based on the provisional Debt Collection Act already in force for corporate receivables, but with a few points elaborated further. The new Debt Collection Act also allows for the delivery of collection letters electronically instead of traditional letter mail.

Kannettava tietokone, kupillinen kahvia ja silmälasit pöydällä.

Key amendments to the Debt Collection Act (section 10) as of 1 May 2022:

Time limit for debt collection measures 

In corporate debt collection, collection charges may be claimed from the debtor for demands for payment only if at least 10 days have elapsed since the sending of the previous payment reminder or demand for payment.

Maximum amounts of reminder fees for corporate receivables

  • A maximum fee of EUR 12 has been set for a payment reminder.
  • The amount of standard compensation remains unchanged and may not exceed EUR 40 per overdue invoice. 

Maximum amounts of collection charges for corporate receivables

Collection charges are scaled according to the principal amount, and collection charges may be claimed

  • up to a maximum of EUR 50, with a maximum principal of EUR 500 (or if the receivable is directly distrainable)
  • up to a maximum of EUR 70, with a principal of more than EUR 500 but not exceeding EUR 2,500
  • up to a maximum of EUR 90, with a principal of more than EUR 2,500 but not exceeding EUR 10,000
  • up to a maximum of EUR 110, with a principal of more than EUR 10,000
  • in the case of subsequent demands for payment regarding the same receivable, no more than half of the charges of the first demand for payment may be collected

Debt collection by bill of exchange

When a bill of exchange is used in debt collection, charges may be collected

  • up to a maximum of EUR 110, with a maximum principal of EUR 500 (or if the receivable is directly distrainable)
  • up to a maximum of EUR 125, with a principal of more than EUR 500 but not exceeding EUR 2,500
  • up to a maximum of EUR 140, with a principal of more than EUR 2,500 but not exceeding EUR 10,000
  • up to a maximum of EUR 155, with a principal of more than EUR 10,000

Payment plan

For the preparation of a payment plan, the fee may be at most

  • EUR 30 if the principal of the receivable does not exceed EUR 500 or if the payment plan comprises a maximum of four instalments (or if the receivable is distrainable)
  • EUR 45 if the principal of the receivable is more than EUR 500 but does not exceed EUR 2,500 and the payment plan comprises more than four instalments
  • EUR 60 if the principal of the receivable is more than EUR 2,500 but does not exceed EUR 10,000 and the payment plan comprises more than four instalments
  • EUR 75 if the principal of the receivable is more than EUR 10,000 and the payment plan comprises more than four instalments
  • from the seventh (7) instalment of a payment plan, a fee of EUR 5/instalment may be charged if it has been agreed that the payment plan comprises more than six (6) instalments

Extension of payment period

The fee for an extension of payment period made at the request of the debtor may be at most EUR 10.

Threat of bankruptcy

 The fee for a bankruptcy-threatened demand for payment may be at most EUR 100 and the actual costs of verifiably serving the said demand for payment.

 Total liability for costs in corporate debt collection

  • up to a maximum of EUR 250, with a maximum principal of EUR 500
  • up to a maximum of EUR 470, with a principal of more than EUR 500 but not exceeding EUR 2,500
  • up to a maximum of EUR 550, with a principal of more than EUR 2,500 but not exceeding EUR 10,000
  • up to a maximum of EUR 620, with a principal of more than EUR 10,000
  • up to a maximum of EUR 214 if the receivable is directly distrainable or, if a demand for payment referred to in section 10 e § 1 has been used, collection charges may be claimed up to a maximum of EUR 314 in total

Electronic delivery of collection letters

Going forward, demands for payment as well as a payment reminder preceding a bill of exchange may also be sent to the debtor by other permanent means, such as electronically, under the following conditions:

  • If the debtor is a company, the demand for payment or payment reminder preceding a bill of exchange may be delivered electronically if this has been an established practice between the client and the debtor company or if the debtor company has consented to the use of such a method. 
  • If the debtor is a consumer, the demand for payment may be delivered electronically if the debtor has given their express consent to this.  The consent is valid for up to 12 months at a time.