Charging order interest

Routerman

Hi all,
New on here, looking for guidance re the interest rate that can be attached to Charging Orders on property.

TBI obtained a charging order for a credit card debt in April 2009 (£8,000 and therefore unregulated), at that time our creditors were being handled by Eurodebt, on receiving notice of the court case at Reading I rang their solicitor who advised me that going to the court probably wouldn't make much difference to the outcome, rather naively I accepted this and didn't attend.

I accept that the charging order would have been made anyway but what I didn't know at the time was that post judgement interest would be added which has almost doubled the debt, had I attended I may have been able to argue against this.

My question is has there been any change in the law regarding interest because at the judgement a rate of 12% was applied ie 8% plus current bank rate 4% ?

Was this correct in 2009 and has anything changed because the latest statement from TBI now shows a rate of 8%?

If TBI have been applying the wrong rate all this time is there any way of getting the money back?

I've Googled the question but nothing much came up.

Incidentally this seems to be TBI's modus operandi since the law changed allowing creditors to find out who had debts but substantial equity, one of their employees was even bragging about it on a tv prog a couple of years ago.

Thanks in anticipation.

Routerman

Hi all,


An update to the original post, after challenging their right to post judgement interest TBI reduced the interest to £3,500 from over £7,000 with no further interest added but they still maintained they were entitled to post judgement contractual interest.


I then contacted Joanna Connolly solicitors in Liverpool:


https://www.joannaconnollysolicitors.co.uk/


They agreed that the claiming of contractual interest on a debt regulated by the consumer credit act, as amended in October 2008, was totally illegal and wrote to TBI, quoting chapter and verse, who then after reducing the interest to £2,000, finally agreed to write off the interest and the remaining principal.


If any else has had a charging order with interest added on a Consumer Credit Act regulated debt post 2008, which does not have a specific clause providing for this, then I suggest they contact their creditor to challenge it or have a word with the solicitor mentioned above, whose charges incidentally, were very reasonable.


TBI and Ascot Lawyers seem to be the principal offenders in these cases and I note that this kind of thing started after the law was amended so that anyone could search the Land Registry and find who had property with equity to slap a charging order on.


It also brings into question the integrity of some County Court Judges, particularly in Reading where TBI are located, or perhaps they just aren't as conversant with the law as they should be.



Finally could I add a very big thank you to Eggbox on here who has been very helpful and supportive.


Routerman