Hi Sky

The 8% interest is sec69 interest not PJi.If both parties are businesses and the debt relates to a commercial transaction, then it may be more appropriate to use the provisions of the Late Payment of Commercial Debts Act. This allows for a higher rate of interest and for additional debt collection charges. Do not use this, if either you or the claimant is a private individual.

To claim section 69 interest you first have to work out the total amount of your claim - excluding interest and court fees. You are entitled to claim interest at 8% per annum on this amount. Work out the 'daily rate' by multiplying 'the amount of your claim' x 0.00022. You also need to count up the number of days from when the money became due up to the date on which you issue the claim. Multiply the daily rate by the number of days to work out the 'interest so far'. Then drop each of these numbers into the following paragraph:

The claimant claims interest under section 69 of the County Courts Act 1984 at the rate of 8% a year, from [date when the money became due] to [date of issue of claim] of £[interest so far] and also interest at the same rate up to the date of judgment or earlier payment at a daily rate of [daily rate].

This paragraph should then be included in your particulars of claim, probably as the last paragraph.If not included then it cant be judged.

Regards

Andy

Hi Sky

 

The 8% interest is sec69 interest not PJi.If both parties are businesses and the debt relates to a commercial transaction, then it may be more appropriate to use the provisions of the Late Payment of Commercial Debts Act. This allows for a higher rate of interest and for additional debt collection charges. Do not use this, if either you or the claimant is a private individual.

 

To claim section 69 interest you first have to work out the total amount of your claim - excluding interest and court fees. You are entitled to claim interest at 8% per annum on this amount. Work out the 'daily rate' by multiplying 'the amount of your claim' x 0.00022. You also need to count up the number of days from when the money became due up to the date on which you issue the claim. Multiply the daily rate by the number of days to work out the 'interest so far'. Then drop each of these numbers into the following paragraph:

 

The claimant claims interest under section 69 of the County Courts Act 1984 at the rate of 8% a year, from [date when the money became due] to [date of issue of claim] of £[interest so far] and also interest at the same rate up to the date of judgment or earlier payment at a daily rate of [daily rate].

 

This paragraph should then be included in your particulars of claim, probably as the last paragraph.If not included then it cant be judged.

 

Regards

 

Andy

Hi Andy,

Thanks for taking the time to reply. But I am a little confused about what you are suggesting. Are you saying I need to calculate the interest under section 69 to claim back? The original interest was added to the overdraft defecit when it became due, when debt was not paid, it went to Court (see all posts in thread), I got it originally 'Set Aside' but eventually in Court it was determined after income and expenditure given to Court I was to pay £150 a month. The Court threw out extra costs by claimant, and it was said that all I needed to do was pay this amount without default and the house would not be on the line. In fact the judge wrote in the CCJ that no approach to force sale was allowed.

Over a year has now passed with me paying £150 every month, while the interest applied to the court amount is steadily increasing.

There is money in the hose which I cannot get at. Lenders will not let me re-mortgage without clearing the CCJ.

I am desperate for someone I can talk to who I could arrange a re-mortgage to get some of the cash out, 1. to pay a full and final on the CCJ and 2. to pay off card debts.

I have seen CCJ-remortgages on the net but dont know if I am jumping from frying pan into fire or what ;o(

I really feel that extracting £50K from the house which is just sitting in it, will be the full answer, I can then get on with my business. Which is actually doing well, but not well enough to fund all the payments each month, with these out of the way I can concentrate on the business a turn a profit in 12 months.

Thanks

SW

No Sky the above is from the Claimants perspective.When a claim is issued sec69 interest is chargeable on all debts subject to them pleading it on their P.o.C.So the interest was applied up until judgment at 8%.No further interest can be added to the judgment (post) unless its deemed in the T&Cs of the agreement.

Regards

Andy

Is there anyone on the forums who has re-mortgaged or can arrange this under these circumstances?

thanks

SW

Okay, I thought I would come back with an update.

I stopped paying the £150 a month in 2011 as I mentioned.

I also researched the board of Barclays and prepared an information pack of the whole case to send them, where I had no legal representation or time to see the pitfalls on the 'business loan' that all led to the debt.

Each pack was about 15 pages with scans of letters where the overdraft was converted by the manager and other details. This was sent to 8 of the main board of Barclays, the Financial Ombudsman and The Prime Minister, all registered and signed for.

I did get a nice letter back from Downing Street who said they would pass onto the Financial Minister, I had letters back from Barclays saying they were looking at my 'complaint'

But a year or so went on, without anything back.

Then suddenly I received a letter from Barclays.

They had decided to cancel the debt, the Court charge and stated I had nothing else to pay! They even said they would be making contact with the Land Registry to take off the Charge and that would be the end of it!

The debt has now vanished, the Charge is off the Land Registry and the feeling of relief is huge

I just wanted to share this with you and say to anyone in a similar position "NEVER GIVE UP"

Thank you to all the advice I had received on here, it feels like a long journey but made bearable when you have people in your corner like the members of this forum.

Cheers

SW

Sorry, I had to come back and say that I was a bit surprised that no-one posted anything after my last update.

A huge surge in views, now over 25,300,

I thought at least a comment from anyone would be welcome.

Perhaps others felt, you're jammy,

yes we all have reason to be in these positions and many are of our own making.

But I thought some really positive news shared can only be positive to anyone else struggling in the same position that you should NEVER GIVE UP!

SW

I dont think there is anything further to add......but thanks again for the update and well done.

Andy

Thank you Andy for providing a great resource for people like me, you and others have given me the knowledge and I appreciate that. cheers SW