If a person was told the repayment of the loan would not be taken out of a bank account before a certain time, and then it was and the person is now being charged for a returned cheque, would the customer be held responsible for that fee? Or would Moneymart because they said it would not be taken out of the bank account untill a later time?
In BC Canada.
2007-01-19 20:33:30 · 2 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
They only called to let me know today. I have to go in tomorrow to deal with it. Can I pay back the loan and the intrest on it but not the charges? I am pretty sure they charge me $35 and so does the bank. That makes my $100 loan almost $200 to repay.
2007-01-19 20:48:15 · update #1
If you have a written agreement as to when payments would start then I am sure the company (Moneymart) would be responsible for the overdraft fee.
I would make sure you have a written agreement with Moneymart and then I would obtain a copy of your bank record showing the time and date they tried to withdraw money. I would also get a statement showing who penalties you had to pay. I would take this to Moneymart and try to get it resolved with one of their managers. I could not imagine them refusing to pay if you have all the documentations.
2007-01-19 20:41:08 · answer #1 · answered by Mr Mojo Risin 4 · 0⤊ 0⤋
It's cheaper to pay the bounce fee. You can dispute it, but will then be responsible for the legal fees.
You could trying calling your bank and explain the situation to them. Sometimes they will waive a bounce fee.
I have had this happen with credit card payments that are pre-authorized over the phone. I never pre-authorize anything now because of this. Loan companies are notorious for this.
2007-01-20 04:37:38 · answer #2 · answered by Raising6Ducklings! 6 · 0⤊ 0⤋