We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
IMPORTANT: Please make sure your posts do not contain any personally identifiable information (both your own and that of others). When uploading images, please take care that you have redacted all personal information including number plates, reference numbers and QR codes (which may reveal vehicle information when scanned).
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Court interest charges.
yotmon
Posts: 485 Forumite
Now that there has been an influx of court proceedings since the Beavis case, I can't help noticing the interest charges levied by claimants, currently set at 8%. I realise that this may well be a statutory figure but when the base rate is currently running at .25%, then 32 times the base rate does seem excessive. Also, does it then become a profitable decision to delay court proceedings for a year or so, knowing that their 'little pot of gold' is making a nice little earner (assuming they win of course).
0
Comments
-
Actually the statutory rate is 8% plus the current bank base rate, (so 8.25% now); but it would have been 8.5% for the past 7 years.
If it went to court hopefully the judge would ask why the PPC has waited all the time to issue proceedings.0 -
It isn't automatically 8%, that is the rate applied to default claims where no defence is filed.
In a contested hearing, the Judge has discretion to award whatever interest rate he sees fit, which is often more like 2% to reflect the rate of inflation.
I have been providing assistance, including Lay Representation at Court hearings (current score: won 57, lost 14), to defendants in parking cases for over 5 years. I have an LLB (Hons) degree, and have a Graduate Diploma in Civil Litigation from CILEx. However, any advice given on these forums by me is NOT formal legal advice, and I accept no liability for its accuracy.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.4K Work, Benefits & Business
- 601.2K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards