Default under regulated agreements
13Interest on default sums
After section 86E of the 1974 Act (inserted by section 12 of this Act) insert—
86FInterest on default sums
1
This section applies where a default sum becomes payable under a regulated agreement by the debtor or hirer.
2
The debtor or hirer shall only be liable to pay interest in connection with the default sum if the interest is simple interest.