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 this is the price C needed to spend to borrow cash) and stated this process ought to be limited to commercial situations.

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

Comprehensive judgment text available right here: Kerrigan v Elevate

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

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