Can I include a pay day loan in my Consumer Proposal or Bankruptcy?

by Joel Sandwith on September 26, 2013

Yes!  Unfortunately this is a more common question than ever before – there are a lot of people with payday loans out there.

Just in case you aren’t familiar with them, payday loans are short term high interest ways to borrow money.  For example, you borrow $100, in a week or two you pay back $120.  In small doses this is not ‘fatal’ but if you borrow hundreds of dollars today, how are you going to live next week when you use your whole paycheck to pay it back?  Generally my clients seem to have several, if they have one, because they are using one to pay back the other.  Very dangerous cycle in my observation.

Anyway, they have no special standing or exclusion from what we do.  If I can help you with bankruptcy or a proposal, it will deal with the payday loans in the same way.

Have questions about which debts we can help with?  Give me a call, toll free at 310-PLAN (7526-no area code required) or locally here in Sarnia at 519-344-1058.  The call is free, the meeting is free.

 

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