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    • dont_use_vistaprint
    • By dont_use_vistaprint 4th Feb 18, 8:37 PM
    • 27Posts
    • 8Thanks
    dont_use_vistaprint
    Small Claims - 8% Interest
    • #1
    • 4th Feb 18, 8:37 PM
    Small Claims - 8% Interest 4th Feb 18 at 8:37 PM
    Hi

    Preparing for the online form and need to calculate the amounts.

    This has been going back and forth a while , with various offers I have had and refused, so when exactly can I start calculating the 8% from?

    The transaction date , the date I received the goods/services, the date I fill in the online form , or the judgement date, and only then for delay in payment?

    Also should I add 8% to the £30 form costs and the potential hearing costs I'll be awarded if I win, or just the disputed amount I'm asking for from the merchant

    Thanks
Page 1
    • bobbymotors
    • By bobbymotors 4th Feb 18, 9:01 PM
    • 600 Posts
    • 832 Thanks
    bobbymotors
    • #2
    • 4th Feb 18, 9:01 PM
    • #2
    • 4th Feb 18, 9:01 PM
    Its 8% a YEAR not 8% automatically, and Im fairly sure its from date of judgement.

    So if you are owed £1000 and its 3 months, its £20 interest
    • dont_use_vistaprint
    • By dont_use_vistaprint 4th Feb 18, 9:08 PM
    • 27 Posts
    • 8 Thanks
    dont_use_vistaprint
    • #3
    • 4th Feb 18, 9:08 PM
    • #3
    • 4th Feb 18, 9:08 PM
    I see.

    I'm a bit confused still as filling in the form it gives advice how to calculate 8% (yep APR!) interest but if it's from date of judgement you wouldn't do it when lodging the claim ?
    • DoaM
    • By DoaM 4th Feb 18, 9:14 PM
    • 3,959 Posts
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    DoaM
    • #4
    • 4th Feb 18, 9:14 PM
    • #4
    • 4th Feb 18, 9:14 PM
    The interest period would typically start 30 days after the amount owed became due. And it's Bank of England base rate plus 8%, calculated annually and pro-rated.
    Diary of a madman
    Walk the line again today
    Entries of confusion
    Dear diary, I'm here to stay
    • bobbymotors
    • By bobbymotors 4th Feb 18, 9:30 PM
    • 600 Posts
    • 832 Thanks
    bobbymotors
    • #5
    • 4th Feb 18, 9:30 PM
    • #5
    • 4th Feb 18, 9:30 PM
    if its a £1000 and you get 8% interest on judgement, thats £80 a year, or 22p a day until settled
    • steampowered
    • By steampowered 5th Feb 18, 11:34 AM
    • 2,176 Posts
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    steampowered
    • #6
    • 5th Feb 18, 11:34 AM
    • #6
    • 5th Feb 18, 11:34 AM
    You claim interest from the date your legal claim arose. For example, from the date your invoice became overdue or the date on which the seller was in breach of contract.

    There is a section for this on the MCOL form.
    • bobbymotors
    • By bobbymotors 5th Feb 18, 12:05 PM
    • 600 Posts
    • 832 Thanks
    bobbymotors
    • #7
    • 5th Feb 18, 12:05 PM
    • #7
    • 5th Feb 18, 12:05 PM
    You claim interest from the date your legal claim arose. For example, from the date your invoice became overdue or the date on which the seller was in breach of contract.

    There is a section for this on the MCOL form.
    Originally posted by steampowered
    ahh. I didn't know that.

    Handy to know if it ever arise, well done.
    • CIS
    • By CIS 5th Feb 18, 5:51 PM
    • 10,282 Posts
    • 5,918 Thanks
    CIS
    • #8
    • 5th Feb 18, 5:51 PM
    • #8
    • 5th Feb 18, 5:51 PM
    What you generally do is to put a total amount of interest at 8% due under s69 of the County Court Act 1984 for the number of days from when the money became due to the date of claim - so, for example, 30 days @ Xp per day = £X.XX .

    You then add a request to the court to the N1 claim form for 8% interest of Xp per day as per s69 of the County Court Act 1984. This second amount can be finalised at the date of judgment.

    Interest is ultimately at the discretion of the court as to whether the they grant it.
    I no longer work in Council Tax Recovery but instead as a self employed consultant. My views are my own reading of the law and you should always check with the local authority in question.
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