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When bringing a claim through the county court for money you may be able to add ' statutory interest ' to the amount claimed.
This is calculated from the date the payment became due an is 8% per year. It is usually listed in the claim as;
The claimant claims interest pursuant to Section 69 of the County Courts Act 1984 at the rate of 8% from 10/2/2016 to 10/2/2016 in the sum of £0.00 and continuing at the same rate up to the date of judgment or earlier payment at the daily rate of £0.0
How do I calculate interest?
To find the daily rate of interest, take the amount you are claiming and multiply it by 8% then divide this figure by 365. This is a sum of money, not a percentage, which equates to the amount of interest accruing daily. Multiply the daily rate by the total number of days the debt has been owed in order to get a total amount of interest. Then add this into the claim amount.
The claimant claims interest pursuant to Section 69 of the County Courts Act 1984 at the rate of 8% from 10/2/2015 to 10/2/2016 in the sum of £80.00 and continuing at the same rate up to the date of judgment or earlier payment at the daily rate of £0.08
Example
If you were owed £1,000:
the annual interest would be £80 (1000 x 0.08 = 80)
you’d divide £80 by 365 to get the daily interest: about 22p a day (80 / 365 = 0.22)
after 50 days this would be £11 (50 x 0.22 = 11)
This is calculated from the date the payment became due an is 8% per year. It is usually listed in the claim as;
The claimant claims interest pursuant to Section 69 of the County Courts Act 1984 at the rate of 8% from 10/2/2016 to 10/2/2016 in the sum of £0.00 and continuing at the same rate up to the date of judgment or earlier payment at the daily rate of £0.0
How do I calculate interest?
To find the daily rate of interest, take the amount you are claiming and multiply it by 8% then divide this figure by 365. This is a sum of money, not a percentage, which equates to the amount of interest accruing daily. Multiply the daily rate by the total number of days the debt has been owed in order to get a total amount of interest. Then add this into the claim amount.
The claimant claims interest pursuant to Section 69 of the County Courts Act 1984 at the rate of 8% from 10/2/2015 to 10/2/2016 in the sum of £80.00 and continuing at the same rate up to the date of judgment or earlier payment at the daily rate of £0.08
Example
If you were owed £1,000:
the annual interest would be £80 (1000 x 0.08 = 80)
you’d divide £80 by 365 to get the daily interest: about 22p a day (80 / 365 = 0.22)
after 50 days this would be £11 (50 x 0.22 = 11)
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