Contractual Interest

Mizz_Pink

Does anyone know anything thing about the legalities of claiming contractual interest ?

I will give you more info if anyone can help me.

dottyanne

As in the sense of when contracts have been agreed and signed and then the other party havent exchanged their by the agreed date? Then the party who havent met must stump up the interest until they actually do complete - not too clear on all the complexities but used to be a legal secretary and i remember by boss in the firm dealing with this once?

Mizz_Pink

Thanks dottyanne,

Its all to with a ccj on a car finance agreement. The CAB are dealing with several cases including ours. The claimant has taken someone else back to court to claim contractual interest, even now the ccj has been paid and satisfied by the court.

lixi

Hey up

If you are issuing a claim in the County Court, I *think* from memory that it is s69 of the County Court Act 1984 that you use to claim 8% interest. State this in your particulars of claim that you are claiming interest at the rate specified in this section or at such a rate as the Court deems fit.

Specify you are claiming from date of breach until payment is made in full so interest accrues up to and after the date of judgment on the full amount owed.

Work out the daily amount by multiplying the amount of the money claimed by 1.08 (i.e., 8%) then divide by 365 which will give you the daily rate. This should then be added to the sum you are seeking.

Hope this helps.
Lixi x

Mizz_Pink

Sorry I should of posted more info, but you still might know and be able to shed some light.

The claimant is not us but a man who h2b bought a car from in 1999.
To cut a very long story very short:

h2b took the car back after a couple of months,claimant wanted half the payment aswell. a ccj was issued. ccj was defaulted in 2001. Claimant sent h2b letters every 2 or 3 yrs adding 36.3% a day of interest (this was the rate of the finance agreemant). h2b pays the ccj in full in Feb this yr plus 8% interest (court rate) for the 4 yrs plus claimants costs. Claimant wouldnt issue the court with a receipt because he was claiming £11k. Court wont issue us with cert of satisfaction, which means we cant lift the charge off the house which claimant put on immediatly after the ccj was issued.

The CAB is dealing with 5 other people who are going thru the same thing. One person has been back to court (we go on 1oth April) to get the cert an the charge lifted. How for him, the claimant is taking him back to court to claim the contractual interest, which he has the right to do.
Because this happened before to our knowledge and the CAB we dont know how we all stand.
The debt advisor has even contacted the firm that Cheri Blair works for and they couldnt help him.
as far as i can see the contractual interest is the 36.3% (the other people are being charged 45%). This means £300 a month is owed by h2b on interest alone.

someone help us !!!

Which? magazine are sending the claimant a letter stating he cannot charge this amount of interest (they recently wrote an artical on loan companies over charging interest). After we emailed them.