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Law Capping interest rates
Rank: Elder Joined: 3/19/2010 Posts: 3,505 Location: Uganda
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quicksand wrote:MaichBlack wrote:newfarer wrote:MaichBlack wrote:newfarer wrote:“Notwithstanding the repeal of section 33 B, any agreement or arrangement to borrow or lend which was made or entered into...shall continue to be in force on such terms, including interest rates and for the duration specified in the agreement or arrangement,  now the new rate can go to 1001% who cares This is just a proposal. Not sure if Speaker Muturi will even allow it. You know who he will have to consult first... what happens if he doesn't allow it? with the mpigs neck high in debts,won't there be great resistance. I would reach malice and greed if Uhuru fails to agree with the amendment given that even the banks proposed this. They will never get two thirds majority!!! These are MPigs who are bought with 10,000/=!!! MPs who resist cause of their own high indebtedness to banks can be bribed by contractually backed frozen interest rates guarantees until the debt is cleared. Then they will do as they do best, sell Kenyans down the river. Kenyans,...get ready to be bent over. The shaft is coming and it will feel like an electric pole up the backside..special sympathies go to those with mortgages. mortgage is a no no for me.I personally have maintained a good credit rating with my bankers so I don't expect much shock should the sharks come calling.I have also substantially cleared the loan I had taken and can settle in full should at the fly wakiniletea ufala.I have enjoyed the ride. punda amecheka
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Rank: Elder Joined: 7/22/2009 Posts: 7,838
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newfarer wrote:quicksand wrote:MaichBlack wrote:newfarer wrote:MaichBlack wrote:newfarer wrote:“Notwithstanding the repeal of section 33 B, any agreement or arrangement to borrow or lend which was made or entered into...shall continue to be in force on such terms, including interest rates and for the duration specified in the agreement or arrangement, now the new rate can go to 1001% who cares This is just a proposal. Not sure if Speaker Muturi will even allow it. You know who he will have to consult first... what happens if he doesn't allow it? with the mpigs neck high in debts,won't there be great resistance. I would reach malice and greed if Uhuru fails to agree with the amendment given that even the banks proposed this. They will never get two thirds majority!!! These are MPigs who are bought with 10,000/=!!! MPs who resist cause of their own high indebtedness to banks can be bribed by contractually backed frozen interest rates guarantees until the debt is cleared. Then they will do as they do best, sell Kenyans down the river. Kenyans,...get ready to be bent over. The shaft is coming and it will feel like an electric pole up the backside..special sympathies go to those with mortgages. mortgage is a no no for me.I personally have maintained a good credit rating with my bankers so I don't expect much shock should the sharks come calling.I have also substantially cleared the loan I had taken and can settle in full should at the fly wakiniletea ufala.I have enjoyed the ride. Smart Kenyan!!! I remember when rates went up to 27% levels!!! Some Kenyans almost went nuts running around. A friend of mine became an expert debt collector. A certain company owed him money. He pushed them in ways they have never been pushed before. The day he was paid he went direct to deposit the cheque to pay a huge part of his loan!!! Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good returns.
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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newfarer wrote:“Notwithstanding the repeal of section 33 B, any agreement or arrangement to borrow or lend which was made or entered into...shall continue to be in force on such terms, including interest rates and for the duration specified in the agreement or arrangement, now the new rate can go to 1001% who cares That's a stupid proviso. Contracts should follow Statute not the other way round. In reality Bankers draft loan contracts to allow for change in monetary policy, law, interest rates and all else short of acts of God. Imagine if the law read "Don't kill, but if you agreed to kill each other, it's ok to kill". In other words the proviso tells the borrower to look at the fine print of the loan Contract. The Loan Contract obviously favours the Banker. Life is short. Live passionately.
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Rank: Elder Joined: 3/19/2010 Posts: 3,505 Location: Uganda
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sparkly wrote:newfarer wrote:“Notwithstanding the repeal of section 33 B, any agreement or arrangement to borrow or lend which was made or entered into...shall continue to be in force on such terms, including interest rates and for the duration specified in the agreement or arrangement, now the new rate can go to 1001% who cares That's a stupid proviso. Contracts should follow Statute not the other way round. In reality Bankers draft loan contracts to allow for change in monetary policy, law, interest rates and all else short of acts of God. Imagine if the law read "Don't kill, but if you agreed to kill each other, it's ok to kill". In other words the proviso tells the borrower to look at the fine print of the loan Contract. The Loan Contract obviously favours the Banker. who makes statutes? I thought the provision will be a statute if the bill is passed by the parliament and signed by the President punda amecheka
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Rank: Member Joined: 11/17/2018 Posts: 173 Location: Mars
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Boom! Kiambu Town MP Jude Njomo, who first introduced the caps, said there is "spontaneous" support to maintain the interest controls, and condemned what he called a "conspiracy by banks to fleece https://www.standardmedi...l-vote-on-loan-interests
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Rank: Veteran Joined: 9/18/2014 Posts: 1,127
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Quote:"We cannot allow banks to continue making abnormal profits. There is a narrative that SMEs are not getting loans. The problem is the government which has been borrowing heavily form the local market. The President should re-examine his position. As Parliament, we will vote with the conscience of every member," he added. I don't know whether these mps are just duplicitous or plain idiots. Since 2015 they've reviewed the debt ceiling upwards on two occasions but they blame GoK for using the same credit card that they happily issued - with zero resistance on deficit spending in the intervening period. Sigh. The main purpose of the stock market is to make fools of as many people as possible.
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Rank: Veteran Joined: 1/20/2011 Posts: 1,820 Location: Nakuru
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Aden Duale akikohoa MPs wata itika.... Dumb money becomes dumb only when it listens to smart money
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Rank: Member Joined: 1/1/2011 Posts: 396
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Fyatu wrote:Aden Duale akikohoa MPs wata itika.... True. See MK's comments from minute 5 onwards. https://www.youtube.com/watch?v=xnOSU8OfYPQ
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Rank: Veteran Joined: 4/30/2010 Posts: 1,635
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BREAKING NEWS: Interest rate caps are set to be repealed. This is following the @NAssemblyKE failure to raise a two-thirds majority to oppose President Uhuru Kenyatta's reservations on interest rate caps. https://t.co/egfHuRgRac
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Rank: Member Joined: 12/22/2015 Posts: 224 Location: Mombasa, Kenya
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[quote=FUNKY]BREAKING NEWS: Interest rate caps are set to be repealed. This is following the @NAssemblyKE failure to raise a two-thirds majority to oppose President Uhuru Kenyatta's reservations on interest rate caps. https://t.co/egfHuRgRac[/quote] Parte after parte Start!
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