Interest on outstanding costs

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acfair
Posted by
Elite Member

02 Aug 12 #346821 by acfair

Topic started by acfair

Can anyone help? I lost 30% share in my house and therefore had to pay my ex-partner''s legal fees which amounted to $45,000 although the share of the house was only £37,500.

However is it feasible that the solicitors can charge an interest rate of 8% on the outstanding costs when in the current economic climate nobody is getting any interest on their savings!

Any advice gratefully received.

NoWhereToTurnl
Platinum Member

02 Aug 12 #346850 by NoWhereToTurnl

Reply from NoWhereToTurnl

Sorry that this is not what you want to hear but the interest rate payable on outstanding balance to solicitors is stated in the contract that is signed at the start of service. 8% is the typical rate, the rate quoted in my contract and the rate charged by the courts for outstanding fines etc.

NWTT

acfair
Posted by
Elite Member

02 Aug 12 #346865 by acfair

Reply from acfair

This is the other side''s solicitors. I have put in a formal complaint against my solicitors because they did not inform me that legal aid rates would become private law if I lost.

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