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Remus2004
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 69524
Experience:  Over 5 years in practice.
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can someone charge interest on a court order

Resolved Question:

can someone charge interest on a court order
Submitted: 1 year ago.
Category: Property Law
Expert:  Remus2004 replied 1 year ago.
Thank you for your question. My name is ***** ***** I will try to help with this.
-Could you explain your situation a little more?
Customer: replied 1 year ago.

someone took me to court because of owed money - and got a court order - i have been paying him monthly - but its not going down due to the interest i am being charged

Customer: replied 1 year ago.

I owed an individual some money - he got a courier order for the amount - I have been paying this back - but the balance s not going down due to the interest he is charging

Expert:  Remus2004 replied 1 year ago.
Interest can be charged in accordance with the court order. Usually at 8% per annum pursuant to the county courts act. There are different rates of interest but that is the usual one.
8% a year is not a ruinous rate. It is obviously a rate of interest you would prefer not to pay but it doesn't mean that your payments should not be making the debt reduce. If they are charging anything more than that then you need to check the CCJ as it is probably wrong.
Can I clarify anything for you?
Jo
Customer: replied 1 year ago.

So do I need to check if the court order includes interest - or does it automatically include it

Expert:  Remus2004 replied 1 year ago.
It will include it automatically. Normally at 8%.
It is possible that this was for a higher amount and so accessed the higher rates of interest but not likely.
But check the order and ascertain how much was ordered. If they are charging more then that is not lawful.
Remus2004, Barrister
Category: Property Law
Satisfied Customers: 69524
Experience: Over 5 years in practice.
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