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Hi all, new on here,
I am trying to obtain a definitive answer to a question regarding the interest applied on a final charging order.
In 2009 TBI purchased a credit card debt from LV and immediately applied for a charging order on my property which was granted at the Reading County Court,.
The judgement included statutory interest at 8% above the then current bank rate of 4% ie 12%.
The two most recent statements from TBI show the interest rate as 8%, my question is should this be the rate that ought to have been applied from the start or if not and the rate is linked to Bank of England base rates should 8.5% have been applied since 2010 when rates dropped? (12% has been applied from the judgement until recently)
I have searched Google but can find no definite answer and CAB, Stepchange, etc seem to think the rate should be 8% simple interest regardless of Bank rate.
I have emailed the local County Court but just an automated acknowledgement so far.
Any help on this would be greatly appreciated.
I am trying to obtain a definitive answer to a question regarding the interest applied on a final charging order.
In 2009 TBI purchased a credit card debt from LV and immediately applied for a charging order on my property which was granted at the Reading County Court,.
The judgement included statutory interest at 8% above the then current bank rate of 4% ie 12%.
The two most recent statements from TBI show the interest rate as 8%, my question is should this be the rate that ought to have been applied from the start or if not and the rate is linked to Bank of England base rates should 8.5% have been applied since 2010 when rates dropped? (12% has been applied from the judgement until recently)
I have searched Google but can find no definite answer and CAB, Stepchange, etc seem to think the rate should be 8% simple interest regardless of Bank rate.
I have emailed the local County Court but just an automated acknowledgement so far.
Any help on this would be greatly appreciated.
