8% interest on Court claim?

[pandamonia]

Are debt collectors allowed to add nearly £4000 interest on a £9000 debt?

This is a pre 2007 regulated credit card debt.

My credit record says the debt is now £13500

[pandamonia]

Re: 8% interest on Court claim?

bump

[Kati]

Re: 8% interest on Court claim?

tagging [MENTION=48934]Debt Camel[/MENTION] [MENTION=1508]Nibbler[/MENTION]??

[Amethyst]

Re: 8% interest on Court claim?

Has this gone to Judgment ? Defaulted ?

The original debt was a credit card - there will be % interest rate allowed under the terms. There may be post contractual as well - but without knowing whether the DCA's are collecting on behalf of, as late payments/arrears or whether it defaulted, or even has gone to a CCJ, it's pretty tricky to say.

[Anthony72]

Re: 8% interest on Court claim?

I read an old Capital One agreement yesterday that included contractual interest post judgement so at say 14% PA it will soon add up

[pandamonia]

Re: 8% interest on Court claim?

Has this gone to Judgment ? Defaulted ?

The original debt was a credit card - there will be % interest rate allowed under the terms. There may be post contractual as well - but without knowing whether the DCA's are collecting on behalf of, as late payments/arrears or whether it defaulted, or even has gone to a CCJ, it's pretty tricky to say.

Hoist have owned the debt since MKDP and they have put in a claim which i have put a defence in. Part of the claim is interest on the debt at 8% per year for nearly 6 years since i stopped paying.

This is a Barclaycard debt so im unsure if they are allowed to charge me interest on a debt which is regulated. I was under impression that the interest was stopped after default.

[Anthony72]

Re: 8% interest on Court claim?

Hoist have owned the debt since MKDP and they have put in a claim which i have put a defence in. Part of the claim is interest on the debt at 8% per year for nearly 6 years since i stopped paying.

This is a Barclaycard debt so im unsure if they are allowed to charge me interest on a debt which is regulated. I was under impression that the interest was stopped after default.

It depends on the age of the debt or so I am led to believe

This thread has a couple of links on that I found
http://www.legalbeagles.info/forums/...ht=#post676546

It may also depend on the wording of the contract