Last night you heard from the woman who borrowed two thousand dollars in November from a micro credit facility - and then - by March - ended up owing - 5,500 dollars in interest, fines, and other fees. That's largely because she didn't pay on time - and tonight the lender, which is named Bathsheba Limited, has put out a statement.
They say they are a licensed moneylender regulated by the Central Bank and, quote, "the fees and interest we charge are strictly regulated (by law)....to not exceed 48% per annum, while Regulation 12 limits administrative fees to a maximum of 16% of the principal amount within any 30-day period....Crucially, Regulation 13 caps the combined interest and administrative fees on any loan at 100% of the principal amount." end quote.
They add, quote, "We are firmly of the view that every instance where recourse to the courts becomes necessary represents, fundamentally, a failure. Nevertheless, the principle of liquidated damages mandates that parties responsible for causing financial loss must bear the full extent of resulting costs.
Regarding the matter currently before the court involving Ms. Dennison, we respectfully refrain from substantive comment. It is noted, however, that Ms. Dennison entered into three loan agreements, of which two were repaid. A comprehensive settlement, including the waiver of all interest and fees, was previously agreed upon in principle; however, the matter ultimately proceeded to trial at her request." End quote.
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