During Litigation Support, IRAC gives a Mathematical Interpretation of your legal arguments. Actual amounts solidly founded on facts can then be pleaded before court. This ensures that your client obtains adequate compensation and where they need to pay, they only pay what they legally owe and not a cent more and .
Banks and Financial Institutions make mistakes. They also ignore the provisions of the law. In many cases, the debts stated as owing by Banks and Financial Institutions are inflated, wrongly computed, or in breach of applicable laws. For example,
- Section 39 of The Central Bank of Kenya Act, Cap 491 set the maximum interest rate chargeable at 16.50% per annum for Overdrafts and 19% per annum for Loans, from 27th March 1990 to 17th April 1997.
- Section 44 of The Banking Act, Cap 488 applicable from November 1989 requires the bank to seek prior written approval from the Minister before introducing or increasing any bank charges, fees and commissions.
- Section 39 of The Central Bank of Kenya (Amendment) Act 2000 set the maximum interest rate chargeable as the monthly Treasury Bill rate plus 4%, from Jan 2001 to July 2005 (55 months) published on every last Friday of the month.
- Section 84 of the Land Act requires that the chargor gives at least thirty days notice of the reduction or increase in the rate of interest and stating clearly and in a manner that can be readily understood, the new rate of interest to be paid in respect of the charge.
In May 2007, the In Duplum Rule was introduced by Section 44 A of the Banking (Amendment) Act 2006. This limits the amount that a Bank can recover from a borrower. However, the application of the In Duplum Rule is technical.
Throughout the period of analysis, IRAC helps you to Pin Point the periods of overcharge, quantifies and Clearly Matches these overcharges to the Exact causes of the overcharge. With the facts now mathematically interpreted, IRAC will appear as an Expert Witness in court.