Q.What happens to any debt that I owed to Money Mart on April 30, 2009 that ws still outstanding on December 31, 2009?
A. Repayment of debt is a personal decision that each settlement class member has to make. If you do not pay off your outstanding debt to Money Mart that was incurred by April 30, 2009, you will be released, that is, your debt will be forgiven. Any settlement class member who receives the benefit of this forgiveness of debt will not receive any transaction credits under the settlement.
Q. Am I entitled to transaction credits if I owed a debt to Money Mart on April 30, 2009 that was still outstanding as of December 31, 2009?
A. Only those settlement class members who don’t have debts owed to Money Mart forgiven as a term of the settlement will be eligible to receive a share of the $30 million in transaction credits to be distributed pro rata to settlement class members. So, if you owe a debt to Money Mart that was outstanding on April 30, 2009 which is forgiven as a result of the settlement, you will not receive a pro rata share of the $30 million in transaction credits. The amount of the pro rata transaction credits a settlement class member who does not have debt to Money Mart forgiven as a term of the settlement will receive will depend upon the fees paid on his/her payday loan/fast cash advance transactions repaid by cash compared to the fees paid by all settlement class members eligible for transaction credits on all their payday loan/fast cash advance transactions repaid by cheque.
