Stautory Interest in Your CCJ: Are They Entitled To Claim
Are they entitled to claim Statutory Interest in your CCJ?
Statutory Interest is liable by debtors againt whom a CCJ is granted, however, I have noticed on many occasions people claiming statutory interest where it is not due.
Statutory Interest in regulated according to the The late Payment of contractual Debts (Interest) act 1998
The late payment of contractual Debts (Interest) act 1998 covers contracts by which a person does any, or any combination, of the things mentioned in subsection (3) for a consideration that is (or includes) a money consideration.
It does not cover:
- contract of service or apprenticeship
- a consumer credit agreement;
- a contract intended to operate by way of mortgage, pledge, charge or other security
Or, under section 2, any situation where an act of parliament convers a right to another form of interest OR a right to demand interest on it is exercised.
Therefore if your creditor has claimed statutory interest on a consumer credit agreement you should be entitled to apply for a set aside on those grounds.