• 100% Satisfaction Guarantee

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
75100385
Ash is online now

# My daughter has been offered a loan from her solicitor to cover

### Resolved Question:

My daughter has been offered a loan from her solicitor to cover the costs of disbursements going forward throughout the case which could last for 2 years (or less)
It is 4% on a daily basis. (he has mentioned 25p a day) if the payments are as follows what would she pay in interest at the end please, because we do not understand '' on a daily basis '' although he has tried to explain we would rather have your opinion. thank you.
Hypothetical example:
Amounts: £3000 now then £4000 in 3 months total now £7000 then £3000 in 6 months total now £10000 and then 5000 in 1 year total now £15000 and duration 19 months
Thank you
Submitted: 1 year ago.
Category: Law
Expert:  Ash replied 1 year ago.
Customer: replied 1 year ago.

My daughter has been offered a loan from her solicitor to cover the costs of disbursements going forward throughout the case which could last for 2 years (or less)
It is 4% on a daily basis. (he has mentioned 25p a day) if the payments are as follows what would she pay in interest at the end please, because we do not understand '' on a daily basis '' although he has tried to explain we would rather have your opinion. thank you.
Hypothetical example:
Amounts: £3000 now then £4000 in 3 months total now £7000 then £3000 in 6 months total now £10000 and then 5000 in 1 year total now £15000 and duration 19 months

Thank you

Expert:  Ash replied 1 year ago.
Customer: replied 1 year ago.

In the example what is the interest she would pay over term i have given to give some idea whether it is a good proposal from her solicitor.

Expert:  Ash replied 1 year ago.
You need to work out whether 4% is simple or compound interest. For each £1000 that has been loaned interest would be 11p per day. That is how I have worked out the interest and that is on a simple basis, not compound.
Alex
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
Expert:  Ash replied 1 year ago.
Hi

I am just following up to see if there is anything else I can help with?

If you have not done so already might I ask you to rate my answer before you go today please, the button should be at the bottom of the screen.

Alex

### 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

• ### Jo C.

#### Satisfied Customers:

30316
Over 5 years in practice
< Previous | Next >

### Jo C.

#### Satisfied Customers:

30316
Over 5 years in practice

11553

### Buachaill

#### Satisfied Customers:

1754
Barrister 17 years experience

### Max Lowry

#### Satisfied Customers:

894
LLB, 10 years post qualification experience

### UK_Lawyer

#### Satisfied Customers:

750
I am a qualified solicitor and an expert in UK law.

### Kasare

#### Satisfied Customers:

402
Solicitor, 10 yrs plus experience in civil litigation, employment and family law

### Joshua

#### Satisfied Customers:

8199
LL.B (Hons), Higher Prof. Dip. Law & Practice