[1] The appellants were the defendants in the COURT below. The first defendant had entered into two (2) hire purchase agreements dated 31 March 1998 (the first agreement) and 29 August 1998 (the second agreement) with the plaintiff. The second and the third defendants were the guarantors. For ease of reference, in this judgment, parties will be referred to as they were in the High COURT.

[2] Under the first agreement, the monthly instalment was to be settled over a period of three and a half (3 1/2) years while for the second agreement, it was supposed to be settled over a period of three (3) years. Both the agreements provide that interest at the rate of 0.065% calculated on a daily basis is to be paid, on monies payable to the plaintiff, which may from time to time be overdue.

[3] The first defendant had defaulted in making the monthly repayments as agreed. The first agreement was only settled in D