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Late payment interest and recovery charges.

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8 years 3 months ago - 8 years 3 months ago #1119 by Idartanyan
Hi,
In 2005 I sold my 50% share of my and my husband`s hotel business to my husband`s business partner and their joint owned company by promissory note signed by them both. This was to be paid in monthly instalments over fifteen years.
In 2007 we divorced and marital settlement was paid.
In Oct 2008, due to late and inconsistent payments (of PN), in court my ex accepted full responsibility and the judge ordered that my ex should pay on the first of the month, every month.
At that time my ex and his partner had sold their business and a retainer was being held by their solicitor, the judge awarded this to be paid to me also, to reduce the amount of their debt to me. My ex didn`t pay his first instalment until Jan 2009 and then it was hit and miss until May 2010 when he stopped paying completely. Needless to say I didn`t receive the retainer either.
Since then I have placed charging orders on three of my ex husband`s properties two residential and one commercial and have a unilateral notice on another residential property. I am now enforcing two of them through the courts. In the first initial court hearing in 2011 the judge awarded me costs and interest to be paid by my ex. I am also asking the judge for all the outstanding debt to be paid in full as well as the arrears due to his previous record of non-payment.
My questions are:
1.Is interest charged from the date of original signing of said Promissory note i.e. May 2005 or from the date of the first non-payment i.e. Jan 2008?
or from the date the judge awarded it i.e. March 2011?
2.Is interest charged on just the arrears to date or on the full amount outstanding at date of court hearing?
3.At what rate can I charge interest?
4.Would it be the rate in the year in which the first non- payment became due or today`s rate?
5.Bearing in mind my legal fees, besides court costs are extremely high (thousands), can I ask for compensation for debt recovery on each individual monthly non-payment i.e. £70 x 56 months ? Which, by the way is nowhere near enough, or should I just ask for the total sum of my legal fees to be paid by him?

Many thanks for any help you can give.

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8 years 3 months ago #1122 by Safe_UK
Hi,

In all honesty we aren't sure if the legislation would apply in the situation you are describing.

We would recommend you speak to your solicitor directly.

Sorry we can't be more help :(

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8 years 3 months ago #1123 by Idartanyan
Hi,
i have spoken with my solicitor previously and he was unsure about dates etc and said we needed an expert`s opinion. Hence the post.

Thanks.

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