Default occurs when the debt is not paid on time, either by the creditor's warning or by law. It is regulated in TBK art.118-126.
Legal Default Interest (TBK art.120)
- In ordinary businesses: 9% per annum (fixed by Law No. 3095, but adaptation is possible with HMK)
- In commercial businesses:Advance interest determined by the CBRT (annually). varies)
Contractual Interest
The parties may decide on a different interest rate in the contract, but it cannot exceed the rate stipulated by law by 50% (TBK art. 88).
Starting Date of Interest
- If there is a maturity: From the maturity date
- If there is no maturity: Notice notification. date
- In cases where no warning is required:From the date of enforcement proceedings
Calculation Example
1,000,000 TL debt, 1 year delay, commercial business, advance interest 35%: Interest = 350,000 TL
Supreme Court HGK
HGK, in order to charge interest It is accepted that the principal debt must be definite and due, and in uncertain receivables, interest may be charged after the judge's determination decision.
Obligations law lawyer support is recommended.