Things you must know about Bankruptcy and pay day loans
1. Payday advances are addressed differently in Chapter 7 and Chapter 13 Bankruptcy.
Many people filing a a bankruptcy proceeding usage either Chapter 7 or Chapter 13. Chapter 7 is really a liquidation of un-secured debts which often takes about 4-6 months. Chapter 13 reorganizes the debt right into a payment that is consolidated that may endure 3-5 years. Continue reading “Things you must know about Bankruptcy and pay day loans”
Marketed as instalment loans, unsecured loans, pnes of credit or financial obligation consopdation loans
On January 29, the federal government of Ontario circulated its assessment paper on managing Alternative Financial Services (AFS) and high-cost credit, en titled “High-Cost Credit in Ontario: Strengthening Protections for Ontario Consumers” (Consultation Paper).
What you ought to understand
Growing in appeal, AFS are high-cost economic solutions provided away from conventional financial institutions pke banking institutions and credit unions. Typical AFS offerings consist of pay day loans, instalment loans, pnes of credit, and automobile name loans. The Consultation Paper seeks input on estabpshing a credit that is high-cost, pcensing high-cost credit providers, managing costs, costs and costs, and imposing disclosure, coopng-off period and commercial collection agency needs, and others. Continue reading “Marketed as instalment loans, unsecured loans, pnes of credit or financial obligation consopdation loans”