Consumers to start getting refunds from The Cash Store, Instaloans

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Consumers to start getting refunds from The Cash Store, Instaloans
Topic Started: Dec 11 2012, 12:18 PM (154 Views)
Deleted User	Dec 11 2012, 12:18 PM Post #1
Deleted User	I thought that anyone using The Cash Store, might be intererested in the following. Quote: Consumers to start getting refunds from The Cash Store, Instaloans As you may know, Consumer Protection BC is the organization responsible for licensing and regulating British Columbia’s payday lending industry. Last March, we ordered Cash Store Financial Inc. (the parent company of The Cash Store and Instaloans) to stop charging illegal fees and to repay customers who were overcharged. Today we issued a press release stating that eligible consumers may start receiving refunds as soon as February 2013. You can read the press release here as well as the Supplemental Compliance Order issued by Consumer Protection BC, which outlines the details of refund process. For commonly asked questions and answers about the refunds, as well as a visual representation of the process highlights, please visit www.paydayloanrightsbc.ca. Are you, or someone you know, considering taking out a payday loan? Here are some of your rights as a consumer: 1. The total fees charged to you must never be more than 23% of the amount borrowed – no matter what. 2. You must receive a copy of the loan agreement at the time you sign it, and the agreement must list all the charges, terms and conditions of the loan. 3. You have the right to change your mind and cancel the loan by the end of the following day without paying any charges. 4. You can repay a loan before the due date and you must not be charged extra for doing this. 5. Payday lenders may not issue consumers more than one loan at the same time, nor can they roll a loan over (meaning they cannot extend or renew a loan at an additional cost or give a new loan to pay out an old loan). 6. Payday lenders may not issue a loan for more than 50% of what your paycheque or net income will be during the term of the loan. If you have more questions about BC’s payday lending industry, your rights as a consumer or need updates about the refund process, please visit www.paydayloanrightsbc.ca. About Consumer Protection BC: Consumer Protection BC is a not-for-profit corporation that was created to strengthen consumer protection in BC and enforce consumer protection laws. Our vision is confident consumers and trusted businesses in a thriving marketplace. We license and inspect specific industries, respond to inquiries through our Inquiry Centre, investigate alleged violations of consumer protection laws, and educate consumers and businesses about their rights and responsibilities under the law. For more information about our organization, please visit our corporate website at www.consumerprotectionbc.ca. Follow Consumer Protection BC on Twitter @ConsumerProBC, like us on Facebook and read our blog for valuable consumer tips and resources. Source: Email notification - no copywrite.
Deleted User


heatseeker	Dec 11 2012, 12:46 PM Post #2
Veteran Member Posts: 10,320 Group: Member Member #713 Joined: March 30, 2010	I feel sorry for anyone who falls into the grasp of these thieving reptiles. One of their favorite tricks is to insist that the loan be insured -- boosting the effective interest rate into the stratosphere. There is certainly a role for non-bank retail lenders, but outfits like this give loan sharks a bad name. Edited by heatseeker, Dec 11 2012, 12:46 PM.



Trotsky	Dec 12 2012, 02:04 AM Post #3
Big City Boy Posts: 38,319 Group: Member Member #79 Joined: September 8, 2005	Quote: 1. The total fees charged to you must never be more than 23% of the amount borrowed – no matter what. If THAT is called watching out for the consumer, look out! Are they still allowed by law to demand your first born?



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