The sum of the principal and interest over the life of the loan are then divided by the number of scheduled loan payments to determine each monthly payment. has referred this claim to outside counsel who are not its regularly salaried employees and therefore is entitled to recover attorney’s fees in 1 A precomputed loan adds all the interest that will be due over the term of the loan to the principal amount. Said obligation is past due and defendants owe a balance of $6,757.12 plus interest in accordance with the terms of the agreement until date of judgment, then balance plus interest at the rate of 6.00% until paid. On January 22, 2019, Mariner Finance filed a complaint against the Keys claiming the Keys were past due on the Note: 3. In addition, the Note contained a clause requiring payment of reasonable attorney’s fees if the Keys defaulted: If we place this in the hands of an attorney, not our salaried employee, for collection, you agree to pay the reasonable fees of our attorney. The loan was for $7,129.65, with a precomputed finance charge1 of $4,360.55 based upon an interest rate of 24.45%, for a total loan of $11,490.20. BACKGROUND On April 24, 2018, the Keys signed a Note, Security Agreement & Arbitration Agreement (“Note”) with Mariner Finance for a personal loan. For the following reasons, we affirm in part, reverse in part, and remand for further proceedings regarding the attorney’s fee. MAZE, JUDGE: Appellants, Jennifer and David Key (“the Keys”), appeal the order denying their motion to vacate the default judgment entered against them in favor of Appellee, Mariner Finance, LLC (“Mariner Finance”). 19-CI-00065 MARINER FINANCE, LLC APPELLEE OPINION AFFIRMING IN PART, REVERSING IN PART, AND REMANDING ** ** ** ** ** BEFORE: COMBS, DIXON, AND MAZE, JUDGES. APPELLANTS APPEAL FROM DAVIESS CIRCUIT COURT HONORABLE JOSEPH W. 2019-CA-1785-MR JENNIFER KEY AND DAVID KEY v. TO BE PUBLISHED Commonwealth of Kentucky Court of Appeals NO.
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