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Thread: How do I calculate s.69 Statutory Interest @ 8% per year ?

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    Amethyst's Avatar

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    Default How do I calculate s.69 Statutory Interest @ 8% per year ?

    When bringing a claim through the county court for money you may be able to add ' statutory interest ' to the amount claimed.

    This is calculated from the date the payment became due an is 8% per year. It is usually listed in the claim as;

    The claimant claims interest pursuant to Section 69 of the County Courts Act 1984 at the rate of 8% from 10/2/2016 to 10/2/2016 in the sum of £0.00 and continuing at the same rate up to the date of judgment or earlier payment at the daily rate of £0.0



    How do I calculate interest?

    To find the daily rate of interest, take the amount you are claiming and multiply it by 8% then divide this figure by 365. This is a sum of money, not a percentage, which equates to the amount of interest accruing daily. Multiply the daily rate by the total number of days the debt has been owed in order to get a total amount of interest. Then add this into the claim amount.



    The claimant claims interest pursuant to Section 69 of the County Courts Act 1984 at the rate of 8% from 10/2/2015 to 10/2/2016 in the sum of £80.00 and continuing at the same rate up to the date of judgment or earlier payment at the daily rate of £0.08





    Example

    If you were owed £1,000:

    the annual interest would be £80 (1000 x 0.08 = 80)
    you’d divide £80 by 365 to get the daily interest: about 22p a day (80 / 365 = 0.22)
    after 50 days this would be £11 (50 x 0.22 = 11)
    Last edited by Amethyst; 11th February 2016 at 11:03:AM.
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    charitynjw's Avatar

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    Default Re: How do I calculate s.69 Statutory Interest @ 8% per year ?

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