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Compensatory Interest

Compensatory 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 rate C needed to spend to borrow cash) and stated this method must be on a commercial situations.

224: Cs’ second argument had been that Cs could have utilized the extra funds to settle other HCST loans – there could be more merit to that particular argument, however it is better explored regarding the facts of the specific situation.

Comprehensive judgment text available right right here: Kerrigan v Elevate

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

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