Compensatory Interest

Cs sought statutory interest at the contractual price charged by D (29% every month); the Judge rejected Cs’ first rationale (that this is the price C needed to pay to borrow cash) and stated this method ought to be limited to commercial instances.

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

Complete judgment text available right right here: Kerrigan v Elevate

Overview by Ruth Bala, counsel for the creditor.

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