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.