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Interest on Money Owed?

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S

Sherryh

Guest
I am taking someone to small claims court in Florida for money that they owe me. Can I charge interest on this money and if so, what is the maximum interest rate I can charge? Also, the defendant is in the military. Does this present any problems I should be aware of? Thanks!
 


D

David J. Miller

Guest
Please explain more details about the debt. How was it incurred and is it a result of a contract either written or oral.

The fact that he's in the military presents only one problem, he may have learned hand-to-hand combat.
 

I AM ALWAYS LIABLE

Senior Member
Sherryh said:
I am taking someone to small claims court in Florida for money that they owe me. Can I charge interest on this money and if so, what is the maximum interest rate I can charge? Also, the defendant is in the military. Does this present any problems I should be aware of? Thanks!
My response:

If your contract was written, but did not specify a legal interest rate, you cannot ask for interest to be added to the amount of your claim.

However, if you win and obtain a judgment for the amount owed to you, interest at the legal rate in your State begins to accrue from the date judgment is rendered, and until the judgment and interest is eventually paid in full.

IAAL
 

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