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What happens if I don't pay my bill?
What happens if I don't pay my bill?
V
Written by Verna
Updated over a month ago

An invoice for the insurance premium is sent on the first day of each month and the payment deadline is one month from the due date. If the invoice is not paid, a collection process will be initiated.

Verna's partner for collection and legal collection is Gjaldskil ehf.

All information about fees for billing can be found at their website.

Overdue interest rates are in accordance with the rates published by the Central Bank of Iceland.

If we do not receive a response from you, a billing warning will be sent out from Gjaldskil together with the costs 3 days after one day.

The process after that is then the following:

13 days after the first day, collection letter 1 is issued, from Gjaldskil, together with costs.

23 days after the first day, collection letter 2 is issued, from Gjaldskil, together with costs.

33 days after the first day, collection letter 3 is issued from Gjaldskil, together with costs.

43 days after the due date, a legal collection letter is issued by Gjaldskil, along with a final warning requiring payment within 14 days. If the premium is not paid within this period, the insurance will be canceled.

53 days after the due date, a repeat legal collection letter is issued by Gjaldskil.

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