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Donegal Ltd Vs Govt of Zambia- DCAs and interest on original loan


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Court cuts vulture fund's claim | Business | The Guardian

 

This case might be useful to bear in mind for legal or negotiating purposes when dealing with DCA who have bought your debt.

 

In Feb 19 th Last year British court made a ruling that Donegal ltd A vulture fund ( DCA being equivalent for consumer debt) which had claimed $55 icluding interest and charges million dollars from the Govt of Zambia for a defaulted debt of $30m that they bought for $3.2m in 1999 from the Govt of Romania, were only able to enforce $15m. This may be worth referring to when a DCAs starts adding interest and costs to original face value of the debt they bought and not to amount that they paid for it.

Edited by Sir Broke
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