Apr

redimp98

Estate agent wants to charge 8% daily on costs owed. Im refusing to pay the £1k as the agent was utterly incompetent in handling the marketing. Surely trying to charge a trillion % APR, they cannot do this legally? a bit of adverse publicity could shut them up perhaps

Debt_Free_Chick

There's a statutory rate of interest chargeable to late payment of debts and 8% sounds "about right".

Did they sell your house or not?

tr3mor

Debt_Free_Chick wrote: »

There's a statutory rate of interest chargeable to late payment of debts and 8% sounds "about right".

Did they sell your house or not?

8% daily though? That works out at roughly 1.5 trillion % interest per year. Doesn't sound right to me.

merlinthehappypig

tr3mor wrote: »

8% daily though? That works out at roughly 1.5 trillion % interest per year. Doesn't sound right to me.

Probably means 8% per annum calculated on a daily basis, though I can't see how you can avoid paying if they sold the house. If we all failed to make payments to useless estate agents, there would be a great deal more unemployment in the industry.......

Generali

If you've got a dispute with them that yuo can't resolve, they have to sue you to get the money out of you.

The courts aren't going to allow them to charge that sort of interest rate.

Could it be 8% pa?

hearts

Pay the debt and move on. Its not worth the hassle. ;-)

redimp98

Well, Im paying em nowt. They were totally useless and failed, through a catalogue of errors, to sell the house in 12 months. Sure enough, its a DAILY charge of 8%, so £1000 becomes £1080 after 24 hours. The APR is around the trillion mark, how much will I owe them after 1 year of unpaid debt.

Ha, let them try. One threatening letter and their name is going up on this website. See how many houses they sell then.

lynnexxxo

But did they eventually sell your house?

If yes then the didn't really fail did they?

redimp98

No sale. Failed miserably. At a compounded daily 8% charge on the £1k they want, I will owe them one and a half trillion pounds at the end of a year. On day 366, the interest on that day is £120 million pounds.

Anyone got N Rock no?

nobblyned

what's the 1k for if they didn't sell?

If you do owe them 1k, they can sue you for it and can apply around 8% p.a. to the debt applied on a daily basis, not 8% per day.

They probably just misunderstand the rate!

If they take you to court and win they will have no chance of being awarded the usurious interest.

redimp98

I noticed another interesting feature. The agreement is contained on page 1, and is signed by us at the bottom of that page as accepting the terms/conditions.

Then there are another couple of pages stapled on. Here, one finds the first ref. to any debts remaining unpaid being subject to a daily charge of 8% above Lloyds base rate. Where have I signed to agree to this....nowhere.

The threat to name and shame this High St agent will frighten them, otherwise they are going to find it mighty difficult selling another house when the public finds out how they try to operate with a mixture of incompetence and trickery. The risk to their reputation is severe.