Interest payment timescales

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04 Jan 2019 15:18 by joandjez Star rating. 48 forum posts Send private message

Hi

Just wondered if anyone had up to date timescales for payments of legal interest? I've been told it's 6-12 months but that's a bit vague.  Case was done and dusted in April 2018.

Thanks in advance.




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21 Sep 2019 09:07 by gambles Star rating in south yorks rotherha.... 12 forum posts Send private message

Hi everyone

has anyone any idea of timescales for the return of initial deposit.

finally the Supreme Court have ruled in our favour. The money has been now handed over to the courts for payment to our solicitor,how long does this process take?

also we have been told that the interest will probably take several more months.Anyone else had the same experience?

Has anyone had there interest paid back to them and if so what percentage does it work out too?

Any help would be most appreciated,  Either on here or by direct message.

Many thanks in advance

Mark



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21 Sep 2019 16:33 by ads Star rating. 3871 forum posts Send private message

Hi Gambles

Well done for your successful SC ruling and I hope you get your monies returned ASAP but in terms of timeframes I suspect this depends upon the workload of the courts in your specific region who have to uphold your recent successful final ruling.

The return of interest as awarded by the final ruling, has to be calculated by your legal team according to the legal interest rate for any given year. Your lawyer should be able to advise you on this depending on the specifics of your case. Each year of relevant backdated interest can have different applicable legal rates so your legal team will be able to calculate this for you, but return of interest and any applicable costs are managed thereafter in a separate court procedure which will obviously depend upon the workload of the courts in your region. These timeframes can therefore vary significantly.

Following your successful and final ruling your deposit monies ( principal) however should be returned to you once your legal team have requested the transfer and deducted their costs. Again they should be able to advise and provide a detailed breakdown of costs. Perhaps best that you ask for this level of detail to obtain transparency going forward. 

Could I ask, was this successful SC appeal ruling in relation to the interest that you were due ( were the Bank contesting this interest) and were you awarded interest backdated to date of deposit or some other date? Were you also awarded costs as well as interest? Does your lawyer consider that this successful SC ruling has now achieved SC doctrine for other claimants to benefit from going forward? (To achieve doctrine I think there has to be two identical successful SC rulings on the same specific clarification of law).

Sorry for the questions but it would help others to appreciate if these more recent SC rulings in favour of the claimant are relevant to their own ongoing fights for justice.

Many thanks.

 




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24 Sep 2019 11:41 by joandjez Star rating. 48 forum posts Send private message

So we've just heard that our money was paid to the court in July (wich took 15 months from the ruling). Apparently it could now take another 4-6 months for the solicitor to recieve it; any idea why?  Solicitor said that "in their experience" the whole thing was going to take 6-12 months so not exactly hopeful of seeing it any time soon....




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25 Sep 2019 11:03 by ads Star rating. 3871 forum posts Send private message

Some courts in the past were not returning monies in a timely manner but whether that is still the case has yet to be seen. It’s debatable whether this was due to courts “ hanging on to monies” for an unnecessarily long period or whether it was due to administrative delays on their part or delays on the law firm’s part, but  presumably this is still a post code lottery so to speak depending on the court backlogs for any particular region, since these timeframes can vary widely. Your legal team should be in a position to recognise the “ norm” for your specific region however and forewarn accordingly.

The disturbing aspect however is that there appears to be little ongoing monitoring in this regard from which to allocate adequate or extra resources where required to those courts under the greatest pressure.




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25 Sep 2019 12:00 by Chrissie1 Star rating in UK. 386 forum posts Send private message

Chrissie1´s avatar

Of course "all of that pressure must be an unbearable load" !!!



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28 Sep 2019 14:24 by ads Star rating. 3871 forum posts Send private message

Pressure in terms of volumes of cases being brought to court following proliferation of Bank appeals.... talk about catch 22 isn’t in it! And that is without counting those instances that require separate procedures to regain costs and interest even when successful final rulings have been achieved. And so the delays ( without adequate financial resource in place to gain timely justice) continue to grow ad infinitum I’m afraid. 




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