GHANA HOME LOANS LTD (PLAINTIFF) vs. VIVIAN ADJEI (DEFENDANT)

The Plaintiff entered into a written contract with the Defendant dated 8th February, 2011, in which the Plaintiff approved a facility in the sum of USD67,500.00 to the Defendant at the request of the Defendant. The rate of interest agreed to by the parties is 12% per annum. The facility was to be amortized over the period of the facility commencing from the date of disbursement. It is alleged that the parties further agreed that in the event of a default, the rate of interest applicable to the facility will be 18.50% per annum. The inability of the Defendant to service the said facility as agreed to in the contract of 8th February, 2011 has brought the parties to Court with the Plaintiff asking for the following reliefs: 1. That the Defendant pays the Plaintiff the amount of USD66,526.75 being the outstanding balance on the loan facility granted to the Defendant. 2. Interest on the said amount from 19th October, 2011to date of final payment at a rate of 18.50% per annum. 3. Cost...