Phone: (709) 579-4000
Toll Free: (888) 579-3262

I am here because:

I took out a $500 payday loan, repaid it a couple of times at outrageous rates and then lost my job. I couldn't repay the last time, so now a lawyer representing the payday loan company is threatening to sue for $4,500 in damages. Definitely need some legal advice here please.

 

A: You have a valid defence in that (presumably) you have been paying a criminal interest rate, which is anything greater than 60% per annum including fees.  In addition, the government of this province has decided not to regulate payday lending and has instructed the police to investigate.  I have been contacted by the police myself in connection with payday lenders we have files on, and I think they will take an interest in the matter if you were to complain.  We settled a class action claim against Money Mart but our usual line of business is accident and injury law.