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interest

interest

Postby megaman » Sat Jul 08, 2017 1:25 am

At what point can you charge 8% interest on a debt which you are owed?

pre court stage?
from the moment proceedings are issued?
from when you get your judgement?
from when you instruct HCEOs (high court enforcement officers)?
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Re: interest

Postby dls » Sat Jul 08, 2017 4:04 am

From very distant memory

1) from the date when repayment of the date became due, you claim contractual interest as part of your claim. If no interest rate is set it is up to you to persuade the court that interest should be applied.

2) From the date of judgment, the judgment debt carries interest at the statutory rate, replacing the contractual interest.
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Re: interest

Postby Hairyloon » Sat Jul 08, 2017 8:00 am

28 days overdue leaps to mind from somewhere.
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Re: interest

Postby atticus » Sat Jul 08, 2017 8:24 am

The OP may find the Late Payment of Commercial Debts (Interest) Act of assistance, if she is owed money by a business.
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Re: interest

Postby RJR » Fri Dec 08, 2017 6:29 pm

From my experience this is applied according to the judges idea of what is considered fair and relevant.
In my case I was awarded 4% interest for the main debt, from the day it was incurred but nothing for court costs or a specialist report obtained at a later date.

Ask for what is recommended - 8% on monies you have paid out from the dates you were charged. If you don't ask you won't get but from my experience of several hearings justified claims for interest and expenses are bonuses if paid. Do not make a fuss or take it personally if they are not awarded.
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