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CHARGING ORDER INTEREST
sarsuma
Posts: 10 Forumite
I had a charging put against my home 6 years ago by HMRC when I was made bankrupt, I was informed at the time it was administered that I would be charged 8% interst, however i have never received an annual statement showing what I owe now, surely they should keep me upto date, anyone have any views on this has I'm looking to clear the debt.
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Comments
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Check to see if they have your current address.0
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I don’t think that they do have any obligation to keep writing to you with interest figures. They’ll tell you the figure if you want to sell the property. Otherwise, it’s easy to work out, as it is just simple interest.sarsuma said:I had a charging put against my home 6 years ago by HMRC when I was made bankrupt, I was informed at the time it was administered that I would be charged 8% interst, however i have never received an annual statement showing what I owe now, surely they should keep me upto date, anyone have any views on this has I'm looking to clear the debt.No reliance should be placed on the above! Absolutely none, do you hear?2 -
Pretty much all CCJs accrue interest at 8%.
There's no obligation on the creditor to keep you updated. You don't normally get statements.3 -
Contact the HMRC. Interest will accrue until the day the debt is settled.2
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As others have said, it isn't normal for a creditor to send regulars statements. Presumably you know how much the debt was at the date the charge was made, you can work out the interest.
assuming that it is the normal 8% p.a. simple interest then you can work this out.
Amount of debt x 0.08 = annual interest.
Annual interest / 365 = daily interest
If it was 6 years ago then you will owe just under 1.5 times what you did originally.
e.g.
if the original debt was £10,000 then
£10,000 x 0.08 = £ 800
£ 800 x 6 = £4,800
Total debt now therefore £14,800.
If it isn't exactly 6 years then work out the complete years then work out the remaining about using the daily rate .All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)2 -
If its compound daily interest the amount ownd on £10k will now be over £16k.0
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