YOUR LENDER IS NOT ALLOWED TO RECOVER INTEREST THAT EXCEEDS THE UNPAID LOAN!
This is one of the major reasons why the amounts demanded by the bank have to be confirmed. Where it is established that the amounts demanded are substantially exaggerated, the auction or receivership can be challenged and stopped.
IRAC has the tools and expertise to assist you when you need help urgently.
If you are receiving threatening demands from your bank, auctioneers and/or receivers, do not negotiate blindly. Before doing anything, you need to arm yourself with information & knowledge. From IRAC, you should obtain;
- A straight interest recalculation to check for bank errors
- An In-Duplum interest recalculation in terms of Section 44A of The Banking Act, which places a limit on the amount that the bank may recover from you,
- An interest recalculation excluding illegal fees, charges & commissions in terms of The Central Bank of Kenya Act and Section 44 of The Banking Act.
DO NOT NEGOTIATE BLINDLY. You need to know the issues that can assist you. You need to READ MORE on this ..…