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Buachaill, Barrister
Category: Law
Satisfied Customers: 10539
Experience:  Barrister 17 years experience
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I have a charging order debt of �2096 registered on a

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I have a charging order for a debt of �2096 registered on a property from April 2007.
How much interest can I charge to discharge this order. I believe the interest rate is 8.5%
but is this charged per annum? I am a 77 year old pensioner and have been made to wait for payment since 1997 onwards. Money was worth more all those years ago when I had to pay the other persons debts for her!
Submitted: 1 year ago.
Category: Law
Expert:  Buachaill replied 1 year ago.
1. Dear *****, charging orders bear interest at the rate of 8% per annum, not 8.5%. This interest is charged annually on the judgment amount. So, you will be able to add 8% of the debt for each year, since April 2007 - now 9 (nine) years. However, this is simple interest and not compound interest. In other words, you don't get interest on interest. However, it will add to a large sum on the debt due.
Expert:  Buachaill replied 1 year ago.
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