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Difference between revisions of "Payday Loans"
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If the client wants to cancel the loan and can raise the funds to do so, consider whether they can make use of the cancellation provisions. | If the client wants to cancel the loan and can raise the funds to do so, consider whether they can make use of the cancellation provisions. | ||
If the lender has made a rollover loan, discounted the initial advance, or charged an illegal or excessive amount, inform the client that they are responsible only for the principal amounts actually extended and can demand an immediate refund. If no refund is given, the most practical step is probably to report the matter to [https://www.consumerprotectionbc.ca | If the lender has made a rollover loan, discounted the initial advance, or charged an illegal or excessive amount, inform the client that they are responsible only for the principal amounts actually extended and can demand an immediate refund. If no refund is given, the most practical step is probably to report the matter to [https://www.consumerprotectionbc.ca Consumer Protection BC]. | ||
You should also consider reporting the matter to Consumer Protection BC if the lender has contravened the [http://canlii.ca/t/84mr Business Practices and Consumer Protection Act] in any other way. Consumer Protection BC can impose administrative fines or revoke licences if a lender repeatedly breaches the Act. If the client has suffered damages as a result of a breach of the Act, they may also wish to consider bringing a lawsuit against a lender under [https://www.canlii.org/en/bc/laws/stat/sbc-2004-c-2/latest/sbc-2004-c-2.html#sec171_smooth section 171] of the Act. | You should also consider reporting the matter to Consumer Protection BC if the lender has contravened the [http://canlii.ca/t/84mr Business Practices and Consumer Protection Act] in any other way. Consumer Protection BC can impose administrative fines or revoke licences if a lender repeatedly breaches the Act. If the client has suffered damages as a result of a breach of the Act, they may also wish to consider bringing a lawsuit against a lender under [https://www.canlii.org/en/bc/laws/stat/sbc-2004-c-2/latest/sbc-2004-c-2.html#sec171_smooth section 171] of the Act. | ||