Interest recalculation

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. IRAC has developed a process that independently scrutinizes both your bank account and your contractual documentation. The IRAC Process verifies the accuracy of your lender's interest calculations from the first activity on the first day in your credit facility (Overdraft, Loan or Mortgage account etc.). This is a complex and time-consuming process. However, the benefits are invaluable when mistakes discovered run into thousands and millions of shillings. IRAC provides an easy, inexpensive way for you or your company to find out if your credit facility is being run accurately and in terms of your contract with the bank.

Pre- lending advice

IRAC also provides advice on banking issues, negotiation of terms of banking, what to look out for and verification of finance costs (interest charged and other finance costs).

In Duplum Analysis

The law prohibits the lender from recovering from the borrower interest exceeding the amount of principal at the time the account became non- performing. IRAC can perform an In Duplum recalculation on your facility and establish when the facility reached its In Duplum point and how much is now owed to the bank.

Negotiation, Mediation & litigation support.

IRAC’s reports have stood the test of the law as they have been accepted as expert evidence by the commercial division of the High Court of Kenya. Cases have been won based on this evidence. Some parties also opt to settle out of court on the basis of IRAC’s findings. IRAC’s reports highlight the points/periods of overcharged. This makes it easy to Negotiate as the problem areas are narrowed down to specific points. Needless to say, the premises of The IRAC Process are based on a plain reading of the law by experienced Advocates of the High Court of Kenya and Commercial Lawyers. Much as The IRAC Process is geared towards amicable settlement, IRAC ensures that our Client’s case is legally watertight.  If our client is Litigating, or is thinking about instituting legal proceedings against the bank/financial institution, IRAC's consultants provide a technical review service of the legal Pleadings to ensure their technical accuracy. Whenever necessary, we will appear as an Expert Witness on your behalf in Court or as time would now have it, at a Meditation or arbitration which is now the alternative way to settle disputes by the direction of the courts.

Debt Counseling services

- Interpretation of Bank facility offers.
- Interest projection & repayment planning.
- Advice on debts re-structuring/re-scheduling.

Expert Evidence and Witnessing

IRAC does not issue Reports and then leave you alone to help yourself as best as you can. Rather, IRAC stands by you every step of the way to a refund.