Make a court claim for money
Claim the interest
You can claim interest on the money you’re owed.
»Ê¹ÚÌåÓýapp interest will be calculated for you if you claim for an unspecified amount.
You need to work out the interest yourself if you’re claiming for a fixed (‘specified�) amount of money.
Work out the interest
If you’re owed money by another business, you can charge interest on a late commercial payment.
For other types of debt, the rate is usually 8%.
To calculate this, use the steps below.
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Work out the yearly interest: take the amount you’re claiming and multiply it by 0.08 (which is 8%).
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Work out the daily interest: divide your yearly interest from step 1 by 365 (the number of days in a year).
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Work out the total amount of interest: multiply the daily interest from step 2 by the number of days the debt has been overdue.
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)