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Jamie-Law
Jamie-Law, Solicitor
Category: Property Law
Satisfied Customers: 1270
Experience:  Solicitor
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I have a charge on my property in respect of a previous

Customer Question

I have a charge on my property in respect of a previous business debt it is accruing interest at 8% per annum -can I part pay this or start t make partial payments of the debt
Assistant: Thank you. Can you provide any more details to help us find you the right Expert?
Customer: what details do you require please- a charging order was granted following a ccj for the debt
Submitted: 1 month ago.
Category: Property Law
Customer: replied 1 month ago.
I am concerned that the debt will grow exponentially given the annual interest applied -to avoid this I would like to part pay over a period of time, does the creditor have the right to refuse part payments of the capital amount
Expert:  Jamie-Law replied 1 month ago.

Hello my name is ***** ***** I will help you.

How much was the debt for please?

Customer: replied 30 days ago.
The debt is for £15,000 plus costs of £7,180 .
Interest on the debt accrues at a rate of 8% per annum.
I would like to start making part payments over a number of years until the full amount is paid. Would the creditor be obliged to accept these. I want to reduce the debt to prevent the accrued interest from growing excessively.
Expert:  Jamie-Law replied 29 days ago.

Yes you can make part payments. It does not have to be the whole amount. You may also want to apply to the Court to amend the original order. Courts now are only awarded 2-3% interest.

Therefore you can apply to the court to reduce the rate of interest, especially given base rate is 0.25%

But yes, you can make part payments.

Can I clarify anything for you about this today please?

Customer: replied 29 days ago.
can the creditor call in full payment at any time - i am not in a position to pay the full amount off but i could pay it over 3 years or so-so would it be best to make a proposal via the court
Expert:  Jamie-Law replied 29 days ago.

Yes you can call. I would do that. Or you can apply to court, it's up to you.

Does that clarify?

Customer: replied 29 days ago.
thanks i will make an application to the court. thanks for your advice
Expert:  Jamie-Law replied 29 days ago.

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Expert:  Jamie-Law replied 25 days ago.

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