Hi Marion. The correct strategy for you will depend on your circumstances. On a limited income you could simply offer your creditors a set amount each month, based on what you can afford. You could advise them that you can’t afford to pay anything and stop paying them. They can’t garnishee your wages (because you don’t have any), but they can still pursue you for the money. You could also file bankruptcy. Here is a link to bankruptcy trustees in British Columbia who could meet with you (for free) to help you make your decision.

Hi Donna. You are correct that all lenders that have high interest rates cause problems. We see it with payday loan companies, and with finance companies. It is a significant percentage of people with debt who have these high interest loans. We are working on updating our xxx study so stay tuned for more detailed numbers.

In one of the articles I read you mentioned the percentage of people who filed for Bankruptcy who had taken out Payday Loans. I wonder if you have any numbers on people who may have taken out loans with Companies such as Citifinancial, Wells Fargo etc., I am sure a lot of people that you helped were victims of these Companies and their predatory ways.

Hi William. A judgment is a matter of public record, so if a creditor obtains a judgment in court, it does appear in court records, and on the debtor’s credit report.

I’m not a lawyer, so I can give you an authoritative answer on your question about posting someone’s name and photo on the wall of their store or window, but I would assume that doing so would violate privacy laws, and would probably be considered a form of harassment, unless the debtor agreed in advance to that treatment.

I don’t understand your comment that we will “not give you all of the facts”. In my follow up post on April 16: https://www.hoyes.com/blog/why-is-cash-store-filing-for-bankruptcy-protection/ I link to the 500 pages of court documents in this case, and I encourage everyone to read them.

The point is this: if you owe The Cash Store money they can attempt to collect it. In Ontario they are not currently permitted to offer new loans, which is causing them serious cash flow problems, necessitating their application for bankruptcy protection.