Final charging order interest

tinks3169

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

dimbo61

I wonder why £6808 but have no idea if legal or not

tinks3169

He is adding 8% per year plus additional costs

MWT

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.