What Catherine Wanjiru's lawyers wrote to Kenya Women Finance Trust (KWFT);
On 26th July 2016 or thereabout you granted our client loan facility of Kenya Shillings One Million only (Kshs.1,000,000.00) which sum of money was to attract an interest of 20% per annum.
You created and registered a chattel mortgage over the milk dispensing Unit and Chiller Tank belonging to our client to secure the financial facilities granted to our client.
At all material time to this matter our client has consistently complied with her contractual obligations save for few instances when she fell in arrears for reasons well known to yourselves and of your own making.
You are entirely to blame for the financial quagmire our client found herself in as you blatantly breached your statutory obligation to review the interest rate from 20% per annum to a low 10% +4% in line with Amendments made to the Banking Act, facts of which are within your knowledge.
Despite your blatant violation of the law you proceeded to pile pressure on our client to illegally pay up levied interest rates which exponentially escalated the payment and listed our client with a Credit Reference Bureau in total disregard and violation of our client’s rights to access of credit.
On 4th September 2017 or thereabout you purported to kick start recovery process against our client without following due process.
On the foresaid date you arm-twisted and maliciously led our client to believe that you will suspend the illegal realization of the security if she pays Kenya Shillings Fifty Thousand only (Kshs.50,000.00), which amount she settled and have a balance of Kenya Shillings One Hundred and Four Thousand Six Hundred and Fifty only (Kshs.104,650.00) settled on or before 19th September 2017, which amount she has now settled, facts of which are within your knowledge.
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