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Compensatory Rate Of Interest

Compensatory Rate Of Interest

Cs sought statutory interest at the contractual price charged by D (29% each month); the Judge rejected Cs’ 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: Cs’ second argument had been that Cs will have used the surplus funds to settle other HCST loans – 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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