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.
📨 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!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Final charging order interest
tinks3169
Posts: 3 Newbie
Hi all, had a final charging order on my property 15 years ago for £2840 after a private individual took me to court after I was unable to complete a construction job for him. Am now seeking to clear this due to remortgaging and he is asking for £6808, is this right as seems excessive to me? Thought interest could not be added if debt was less than £5000 ? Any help greatly appreciated.
Andy
Andy
0
Comments
-
I wonder why £6808 but have no idea if legal or not0
-
He is adding 8% per year plus additional costs
0 -
You will probably get more qualified comments on the 'Debt Free' forum, rather than here.I do believe you are right to the extend that there should be no statutory interest on the debt as it is under £5,000, but it is old enough that the rules were a bit more hazy back then on other interest.There should have been something in the original CCJ/Final Charging Order though if it was intended that there be contractual interest on the debt, but as I said, you'll get better advice elsewhere on this one.0
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455K Spending & Discounts
- 246.6K Work, Benefits & Business
- 602.9K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards