Small claims court - daily rate of interest - please help!

jobbingmusician

Once upon a time I issued a small claims court summons against someone. I seem to remember that part of the claim involved a special form of words to claim interest on the amount owed. It gave a percentage to apply for each day the debt was owing.

I am now pursuing a (different!) debt owed to me by an insurance company. They haven't paid up since last November, so I would like to send them a bill (now that their client has pleaded guilty in court to hitting me! ) with an interest amount on a daily rate since last Nov.

Does anyone know what this daily rate is? I can't find it anywhere on the web....:o

jos22

http://www.hmcourts-service.gov.uk/infoabout/claims/howclaim/interest.htm

Is the link you require. Basically 8% pa

Turning_into_scrooge

Its 8% daily rate
You need to go to the consumer action group website as they have all the wording on there that yo will need to fill your forms in and also there is a down loadable excel file to work out the interest for you so you don't have to word too hard

Astaroth

LoL... no, 8% pa not per day - a £1 debt after 1 year of 8% compound interest would be a payable of £1.4 trillion pounds.... and people say banking charges are high

Amount owed x number of days owed x 0.00022 = amount of interest claimable

So for every £1000 it is 22p per day

jobbingmusician

Thank you all - I LOVE the way people on here always know the answer!

Turning_into_scrooge

Thank you Astaroth lmao i knew it was something like that, pity it isn't really could come in useful that but hey ho they'd of got there first.:rolleyes: :beer: nice to put a smile on someones face, isnt it

Astaroth

jobbingmusician wrote:

I LOVE the way people on here always know the answer!

It is amazing the amount of rubbish you learn when you have worked in about 15 different industries before starting your career :cool: