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 this is the price C needed to spend to borrow cash) and stated this method 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, however it will be better explored from the facts of the specific instance.

Complete judgment text available right here: Kerrigan v Elevate

Summary by Ruth Bala, counsel for the creditor.

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