Coronavirus - debt and money

For many, the coronavirus is causing money issues due to, for example, being laid off work, unemployment or a lower income. Here are some answers to common questions related to personal finances and the coronavirus.

Contract lengths

"Bindningstid" or length of contract is the time you as a consumer are bound by a contract with a company. During this time, the contract may not be changed by you or the company. The length of the contract is not the same as the notice period for cancelling the contract. Neither you or the company can normally cancel a contract in order to cancel an ongoing contract period.

You can cancel the contract at any time, even during the contract period, but the contract will not expire until the contract period is over.

Cancelling a service

The cancellation or notice period, "uppsägningstiden", is the time between you contacting the company and cancelling a contract and when it expires. The minimum cancellation time you have for a contract must be stated in the contract’s terms and conditions.

A company must inform you at least 30 days before a contract comes up for cancellation for you not to be bound by a new contract period. If they do not, you can cancel the contract with immediate effect.

You must cancel a contract yourself for it to expire. It is not enough to just stop paying for it.

Some branches have a specified limit on how long a notice period can be.

Leasing

"Konsumentleasing" or leasing agreement is a form of long-term rental and has become an increasingly common alternative to renting or buying a car.

A lease is often for an agreed time period. You cannot cancel and terminate the agreement during the contract period, you could then be charged for breaking the contract.

You can read more about car leasing here (in swedish)

Delayed payment

It is not always possible to get a new payment date for an invoice or bill. However, if you are unable to pay, we would advise you to contact the company to request a later payment.

Reminder fees and penalty interest

If you do not pay an invoice or bill on time, you may have to pay the following costs:

  • Payment reminder (SEK 60)
  • Interest
  • Debt collection (SEK 180)
  • Payment plan (SEK 170)

Source: konsumenternas.se

You can read more about not being able to pay an invoice here (in swedish)

Personal finance support

The Consumer Agency's website has information and links to various organisations who can provide support.

You can read more on The Consumer Agency`s website (in swedish)