Tuesday, 15 January 2019

And now for something completely interesting: Chapter 24 - Interest on Debt, Compensation and judgments

What does you savings account pay at the moment? 0.5%? 1.5% if you're lucky and don't need the money now to pay for the Xmas excesses? So it might be a bit of a shock to find out that if someone owes you money under judgment you might be able to charge them 8% interest on what they owe. You read that right 8% (thanks to a law that came into force in 1993 and has not been changed since).

As ever there are rules and exceptions but this type of interest can add up to a tidy sum so find out when this can apply and how to get the interest due in Chapter 24.

* Do check posts on this blog for any legal developments since this chapter was originally published.