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Compensatory Interest

Compensatory Interest

Cs sought interest that is statutory the contractual price charged by D (29% every month); the Judge rejected Cs’ first rationale (that it was the price C had to spend to borrow funds) and stated this process must be limited to commercial situations.

224: Cs’ second argument had been that Cs could have utilized the surplus funds to settle other HCST loans – there could be more merit to that particular argument, nonetheless it could be better explored in the facts of the specific instance.

Full judgment text available right right right here: Kerrigan v Elevate

Overview by Ruth Bala, counsel when it comes to creditor.

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