Debt Recovery Advice

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  • #25350
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Clive P.
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Description

Experience Level: Expert
Dear Sir/Madam

Are you able to provide legal advice in respect of the following:

1. In respect of debt recovery law, a comprehensive list of all common debt types clients may wish to claim for - this could be as many as 100 included particulars of claim for each if possible.
2. Again in respect of debt recovery law, I undertsand that the late payment interest starts to accrue the day after the due date of the debt. Is this the same for statutory and contractual interest?
3. A further issue regarding debt recovery law. What is the position regarding post-judgment interest on judgment debts in the county court? Please note that I understand the position regarding interest in the High Court and forget about the Concumer Credit Act. If statutory interest is awarded, interest does not accrue in the county court. But what about contractual and late payment interest?

Contractual interest - The law provides that If the judgment is for a contract debt, and the contract expressly provides for the contract rate to apply post-judgment, then it will do so. You can only claim late payment or contractual interest on unpaid commercial debts from the date that the interest began accruing until the date that judgment is obtained.

However,

where late payment interest has been claimed in the claim form, or

when a claim for contractual interest has been included in the claim form and the business taking proceedings would otherwise have been able to claim late payment interest;

But does post-judgment need to be claimed in the Claim Form? Will the court award contractual interest when entering judgment? Does the contract need to state that interest applies at this rate post judgment explicitly? Also it is uncertain whether the contractual interest can be included within the judgment, or whether it would be for the creditor to make a second claim to recover the interest. I further understand that post judgment interest in the CC always accrues at 8%. Will it always be at 8% or will it be the contractual rate stated? If post-judgment interest is not expressly provided in contract, is there any potential for post judgment interest to be awarded. In practice, if contractual interest were claimed in the Claim Form, would post-judgment interest be awarded and included in judgment. Is it acceptable to add the interest accrued to the judgment amount and ask the bailiff to collect the judgment amount + interest? Same goes for late payment interest. Is a second application to court necessary? At what rate does interest apply? Will it be awarded in the judgment or can it be added on to the bailiff collect amount?

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