Stubie-One:

basa48:

As you say the matter of the definition of interest rate is interesting. I cannot perceive which part of CCA 1974 they are looking at. For my part I am more interested in whether interest paid to an unenforceable account can be reclaimed since it could be argued there was never any rate of interest agreed.

That was what I was trying to say.

Clearly didn't do it very well

Never mind, we are on the same wavelength.

S

This is an interesting point as if the agreement is unenforceable it was on the first day and as much as it is on the 700th day. Therefore the arguments that we run is that the money is recoverable capital and interest. However this point has not been before the courts.