Drivers Handbook 2010 Ontario Canada

Amortization of the loan to the French. According to the Court of Bari is unlawful.

The Court of Bari, Section detached Rutigliano, with the decision of 29 October 2008 established the illegality of the loan to the French. Interest
agreed in excess of what lawyers should be determined in writing, otherwise they are due to the extent legal, in accordance with what is established by art. 1284 of the Civil Code. This is the principle on which, among other things, it based the decision of the Court of Bari, October 20, 2008, No 113.
The writing, the agreed interest, is procedural request, failing which the penalty is that the invalidity of any other form.
times, and is most often the case, the best interests of the statutory rate (Ultralegali) are determined according to the custom of the formula (illegal) "use the streets" (interest rates usually refer to the terms offered by banks on the square). In the sentence in comment
the focal point of dispute to the bank is that the contractually agreed rate was lower than the (effective rate) applied to the semi-annual installments, and determined by a special CTU (expert witness) ordered by the court . In this case the Judge found that the annual rate equivalent to the nominal half-year was higher than that agreed upon. For example, where he had contracted that the annual rate was 13.8%, was then applied to half the rate of 6.9% (13.8: 2) as would have applied the semi-annual equivalent rate of 6.6771%, which led to the bank's customer a greater outlay in each installment paid.
The judge ruled that the depreciation in French means the interest return to a greater extent, because it applies the compound interest, using an actuarial formula, evading the regulatory provisions that wants the simple interest.
The ruling under review in the calculation of a profile is free from defects, and this simply because the judge found the application of an effective rate different from that agreed upon in practice, regime because of compound interest, such as a nominal annual rate of 12% is not equivalent to a six-month rate of 6%.
In the reality of practice, especially because sometimes the calculation of interest from the bank account can be complex, it is always best, before legal challenges, verify the correctness of what has been agreed, or if action is taken to challenge to use CTP ( expert witnesses ) who has specific expertise on the subject and actuarial techniques.
look the other cases and, most importantly, the court of legitimacy