Dealing With Payday Loans

Summary

Payday loan debt can be stressful, but options are available. Contact the lender to negotiate a repayment plan, seek advice from credit counseling services, or explore legal aid services in Ontario. You can also file a complaint with the Financial Services Regulatory Authority of Ontario if the lender violates the law. Consider bankruptcy or a consumer proposal for more drastic measures.

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I live in ontario canada. I have been owing some money to payday loan firms. They are threatening legal action is there anything i can do
****, dealing with payday loan debt can be stressful, but you have options:
- Communication: Contact the payday loan company to negotiate a repayment plan.
- Consumer Protection: Ontario has laws to protect borrowers. Payday loans are regulated by the Payday Loans Act.
- Credit Counseling: Seek advice from a credit counseling service.
Have you already tried negotiating with the payday loan firms?
I am not in a position to pay so what can I do to protect myself from legal action
****, here are a few steps you can take to protect yourself:
- Seek Legal Aid: Ontario offers legal aid services to those who cannot afford a lawyer. They can provide free or low-cost legal advice.
- File a Complaint: You can file a complaint with the Financial Services Regulatory Authority of Ontario if you believe the payday lender has violated the law.
- Consider Bankruptcy or Consumer Proposal: These are more drastic measures but can provide relief from debt.
Have you looked into any legal aid services available in your area?