Interest

Interest payments are collected separately to the payment of the sum due, once the original sum has been paid.

To claim the interest, the creditor must, before the date when the last instalment of the debt concerned (other than such interest) is payable under the direction, state that they are claiming such interest and specifying the amount of the interest claimed.1s5(7) D(S)A 1987

Failure to do so means the interest is not recoverable.

Interest is payable at (normally) 8 per cent, the judicial rate.

 

1     s5(7) D(S)A 1987 »