This member is now alleging that as the lease for his flat states that arrears interest at 4 per cent a year above base rate is payable on any service charges not paid by the due dates 01 April and 01 October then as his Landlord we need a consumer credit licence if we accept instalments from him as an alternative to a county court claim for his arrears?
Province/Country relating to question : UK
Thanks for your question. Please remember to rate my answer SMILEY FACE OR ABOVE so that I am credited for my time.No.This is a contractual term and in fact they would be entitled to 8% interest pursuant to S.69 of the County Courts Act.It is not a loan. It is a contractual debt that attracts statutory or contractual interest on late payment. Please remember to click *** SMILEY FACE *** or above so that I am credited for my time. Thank you. Important: If you feel the need to rate as one of the lower two scores, it counts as negative feedback so please reply to me via the REPLY with any further questions you may have. I will be happy to assist you further.
Called to the Bar in 2007
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