Overcharged payday loans will be refunded to customers

Refund process to begin December 11 for people overcharged for loans.

Some residents of Kitimat may be eligible for the total $1 million of refunds being paid out by Cash Store Financial.

The company, which runs The Cash Store and Instaloans, of which there is a store in Kitimat, has been ordered to stop charging illegal fees and repay customers who were overcharged for payday loans.

The refund process is set to begin on December 11, and will be overseen by an independent auditor and Consumer Protection BC.

Once the process begins Consumer Protection BC expects refunds to be credited beginning in February.

Consumer Protection BC says Cash Store Financial is responsible for the implementation of the refund process, which includes advertising, mailings and other public notices.

Anyone who obtained a payday loan from The Cash Store or Instaloans between November 1, 2009 and March 23, 2012 may be eligible for a refund. Each refund will require a claim form which will be available from Cash Store or Instaloan locations. Claim forms will also be available at www.paydayloanrightsbc.ca.

Any funds that remain unclaimed, after all efforts to reach eligible consumers are exhausted, will be held by Consumer Protection BC for a further six years, during which time, claims for refunds may be submitted directly to Consumer Protection BC.

Further questions about lending can be directed to Consumer Protection BC toll free at 1-888-564-9963 or info@consumerprotectionbc.ca.

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