ABOUT US

Interest Rates Advisory Centre Limited (IRAC) is a unique financial consultancy in Kenya. It was set up as a limited liability company in July 2001 and began offering services to the public in September 2001.

Since its establishment, IRAC audits banking facility contracts and reconciles them with bank accounts. IRAC then recalculates the interest that the financial institution has charged the client.

The consultancy is a multidisciplinary team incorporating Bankers, Lawyers and Advocates of the High Court of Kenya, Mathematicians, IT consultants and software developers. Today, we are the acknowledged repository of unique expertise in verification of bank liability in loans, overdrafts, mortgages and hire-purchase agreements. Our practice covers all licensed banks and financial institutions under The Banking Act and The Central Bank of Kenya (CBK) Act numbering more than 50 institutions.

Arbitrators and practicing lawyer’s assist in dispute resolution and in litigation by increasingly consulting IRAC.

In the several hundred cases IRAC has handled so far, the interest charged by BANKS on Loans, Overdrafts and Mortgages is wrongly calculated in more than 90%. In the recent we have provided an Independent, Objective and Confidential interest recalculation of outstanding balances and we have come across many cases of overcharging amounting to millions.

IRAC is the home of independent, objective and confidential;

Finance Cost Assurance Services (Overdraft Interest Confirmation) for Corporates.
Interest Recalculation of Mortgages, Business and Personal Loans.
Interest Recalculation for all interest-earning accounts.
In Duplum Check and Monitoring Services.
Litigation support.

Banks make mistakes. Everyone does. This is why bank statements invite you, at the bottom or back of your bank statement, to point out any errors that you may have spotted.

Not everybody has the capacity to query a bank statement or to spot even obvious errors. This is because it is a difficult, labour-intensive and time consuming exercise.

Interest Verification Service

IRAC’s business model is premised on one fact; that banks, like any other business concern, make mistakes in their handling of Loans, Overdrafts, Mortgages and other accounts. Banks, as a matter of fact, invite the lender to verify the transactions as reported on the bank statements of account.

Finance Cost Assurance Service

The software behind FCAS has been developed in Kenya over a period of 7 years. It is specific to Kenya’s banking environment. It caters for and can deal with every and any possible operational permutation practiced by any bank in Kenya. It has been developed by lawyers, mathematicians, accountants and auditors. It is, simply stated, the most robust bank interest verification and recalculation software available to any concern operating in Kenya, in East and Central Africa and in all English Common Law jurisdictions based on the English mercantile traditions.

Data Analysis/Interest Verification

With all entries into the account verified, IRAC then re-computes the interest on the Overdraft and Loan Accounts to ensure it is mathematically accurate and legal in conformity with your Banking Facility Letter/s and with The Banking Act and The Central Bank of Kenya Act. First, IRAC recommends that a Historical Verification of your credit facilities is carried out in order to certify that the account activity from inception to date, as reported by your bank, corresponds with the terms of the contract(s), other binding correspondences had and with the Laws of Kenya. This process ensures that you have the correct position on your current outstanding liabilities. Once the Historical Verification is complete, a continuous process of re-check, the periodic Finance Costs Assurance Service ensures that bank’s errors are uncovered early, on a monthly basis.

Why Litigation?

Interest Recalculation, Finance Cost Assurance and reconstruction of financial facilities is a complicated process. Everything turns on the interpretation and meaning of contractual documents and the applicable law governing these contracts. If and when a dispute between a Client and a bank goes to litigation, the basis of the Interest Recalculation becomes critical.

Security

IRAC understands the highly sensitive nature of the work involved. Strict confidentiality during the entire period of engagement is therefore maintained. On initial engagement with the client, a confidentiality agreement is signed. (The Mutual Non-disclosure Agreement) For security during data transmission between the client and IRAC, soft copies of the contractual documents and account statements are transmitted through Compact Disks or Flash Disks. Agreed on passwords will be employed to ensure only authorized persons get access to the information therein. Transmission of hard copies of the said documents will only be between the authorized persons.

Service Output - Report Generation

This is in hard and/or soft copy. The following is a listing of the various reports generated as a result of the Finance Costs Assurance process; - Interest recalculation sheets in detailed or summary form of the period verified. - Interest comparison sheets between the interest charged by the bank and the recalculated interest. This highlights points of overcharge/undercharge. - Interest rates comparison sheets. - Legal Reports like the In-Duplum Reports. - Various output presentation formats like graphs and charts. - Useful management reports. IRAC recommends that the soft copies outputs be in Portable Disk Format (pdf). Further, agreed on passwords will be required to ensure only authorized persons get access to these reports.

WHY US?

In the thousands of cases IRAC has handled so far, the interest charged by banks on Loans, Mortgages and Overdrafts is wrongly calculated in more than 90% of the cases analyzed.

These interest overcharges have many causes. They range from innocent mistakes to systemic inefficiency. IRAC has even documented fraudulent conduct by some lenders.

Banks make mistakes. Everyone does. This is why bank statements invite you, at the bottom or back of your bank statement, to point out any errors that you may have spotted.

Our
Experts

This is because it is a difficult, labour-intensive and time consuming exercise.

Not everybody has the capacity to query a bank statement or to spot even obvious errors.

clients who trust us

BANKS

All Licensed Banks

“We have been working with the firm for over 15 years. They handle all of our company needs and we’ve never been let down. Highly recommended.”

INDIVIDUALS

borrowers

Common Law Jurisdictions

Applying English mercantile law traditions.

SPEAK WITH US FOR FREE

Take up the challenge posed by your bankers, and query your bank statement by Contacting IRAC.

+254 722 316 111