Cs sought statutory interest at the contractual price charged by D (29% each month); the Judge rejected CsвЂ™ first rationale (that it was the price C needed to pay to borrow cash) and said this method must be limited to commercial instances.
224: CsвЂ™ second argument had been that Cs will have used the surplus funds to settle other HCST loans вЂ“ there could be more merit to that particular argument, nonetheless it could be better explored from the facts of the specific situation.
Comprehensive judgment text available here: Kerrigan v Elevate
Overview by Ruth Bala, counsel when it comes to creditor.
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