interest on charging order

[jcsos]

After nearly a year, I managed to fill in the forms correctly and get a charging order on a property owned by a nasty person who owed me money. I am pleasantly surprised to find that interest is added to the debt (as it is over £5,000) at the rate of 8%. My question is does interest for subsequent years accrue on the interest for the previous year? ie. £10,000 initial debt. debt after the first year £10,800 is debt on third year £11,600 (initial 10,00 plus 2 lots of 8% ) or is it £11,864 (initial 10.000 plus 800 so second year 11,800 plus 8% of that ((864) Thanks if you know.

[atticus]

It should be simple interest, not compounded.