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Bank interest inpunity

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Fundaah		#1 Posted : Tuesday, December 15, 2009 10:04:24 AM
Rank: Elder Joined: 11/19/2008 Posts: 1,267		A friend took a loan at an agreed rate of base rate + 1% from a certain bank. All of a sudden, the bank decided to set a minimum interest rate claiming that CBK has lowered the base rate too much.The banks argument was that it has the discretion to change the interest rate without notice. Does one have a legal redress against this bank's interest impunity? Can one get a court injunction to stop the bank from setting a minimum interest rate after one has taken the loan? What is the role of CBK in this Isaiah 65:17-Look! I am creating new heavens and a new earth, and no one will even think about the old ones anymore
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VituVingiSana		#2 Posted : Tuesday, December 15, 2009 10:24:55 PM
Rank: Chief Joined: 1/3/2007 Posts: 18,223 Location: Nairobi		@fundaah - The Bank's documents allow them that leeway. What was the basis of the Base Rate? I have no idea as to the assistance a lawyer can provide but there is an institution that can look through the Loan Docs as well do interest calculations. The name escapes me as well. kenyan banks set a lower limit but no upper limit on their loans. Not always fair. Greedy when others are fearful. Very fearful when others are greedy - *to paraphrase Warren Buffett*
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muganda		#3 Posted : Wednesday, December 16, 2009 5:50:22 AM
Rank: Elder Joined: 9/15/2006 Posts: 3,906		I've heard of some guys who call themselves IRAC - Interest Rate Advisory Centre - in some flats next to the Kenya AntiCorruption, CID, that road... Hear they were helping Kenyans with that old HFCK issue where interest was charged incorrectly and generally giving banks a hart time. Got their site http://www.irac.co.ke/
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