How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Clare Your Own Question

Clare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33817
Experience:  I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
13262538
Type Your Family Law Question Here...
Clare is online now

HiI have a draft Consent Order under The Matrimonial causes

Resolved Question:

hi
I have a draft Consent Order under The Matrimonial causes Act 1973 infront of me-drafted and exchanged a number of times between the 2 solicitors. My son is an applicant and wife is respondent.I need assistance in drafting a COMPOUND INTEREST clause if the respondant fails to pay on time. I am not happy with the clause drafted by the solicitors.
I also need some clarifications on The Charging Orders act 1979
Submitted: 1 year ago.
Category: Family Law
Customer: replied 1 year ago.
The existing interest clause in the draft consent order is:
(i) In the event of a default of a lump sum payment, it is directed that simple interest shall
be payable by the respondent on the lump sum (or such amount as remains from time to
time outstanding) at the rate applicable for the time being to a High Court judgment debt
on the defaulted payment from the date the payment falls due until the dates on which
the instalment sum is paid in full. For the avoidance of doubt, such interest to be
compound.This is contradictory in that the first line states simple interest and the last line states compound.I need a clause to unambiguous in that the interst is charged at judgement rate until the amount is fully paid and that the interest is to be compounded on a monthly basis. Until all principal, interest and recovery costs are fully pad, the discharge can not be fully given
Expert:  Clare replied 1 year ago.
HiThank you for your questionMy name is ***** ***** do my best to help you but I need some further information firstWhat is the nature of the lump sum being paid and how is it going to be raised
Customer: replied 1 year ago.
The lump sum is in respect of consent order being sought by the 2 parties for clean break settlement. the amount is £300,000 to be paid in 1 lump sum in a years time.the respondant, the payer, has property assets and other assets which are not part of the joint or matrimonial assets as agreed by both the parties .She may have to sell something or may not sell something.
Expert:  Clare replied 1 year ago.
I am afraid that the Court will not Order monthly compound interestI suggest that you ask for the word "simple" to be removed from the first line and the word "annually" be added to the end of the paragraphThis will achieve the best possible compromiseI hope that this is of assistance -please ask if you need further detailsClare
Clare, Family Solicitor
Category: Family Law
Satisfied Customers: 33817
Experience: I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
Clare and other Family Law Specialists are ready to help you

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Kasare

    Kasare

    Solicitor

    Satisfied Customers:

    204
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
< Previous | Next >
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    204
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    160
    UK solicitor
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Solicitor

    Satisfied Customers:

    7
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    340
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/GL/Glossolicitor/2013-5-14_214834_TWMParkinsonWright.64x64.jpg Glos solicitor's Avatar

    Glos solicitor

    Family Solicitor

    Satisfied Customers:

    2
    10 years experience in all areas of family law, now specialising in cases involving social services and children
  • http://ww2.justanswer.com/uploads/CL/clairep80/2013-8-25_191218_dreamstimexs267279822nd.64x64.jpg Clare's Avatar

    Clare

    Family Solicitor

    Satisfied Customers:

    4598
    I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
  • http://ww2.justanswer.com/uploads/HH/hhlaw/2015-12-8_22495_unnamedlanczosbicubic.64x64.jpg Harris's Avatar

    Harris

    Family Law Expert

    Satisfied Customers:

    1064
    Family Law - Specialist in Divorce, Financial Relief and Children Matters