| GENERAL |
| top |
| Q: | Can you explain the class action to me? |
| A: | Sure. The class action claims that all of the interest and other fees charged by Money Mart in Ontario on payday loans repaid by cheque exceed the 60 percent maximum annual interest rate set in the Criminal Code and are therefore illegal charges which Money Mart should be made to repay to its customers. Depending on the amount of the loan and the length of the loan, the charges for payday loans repaid to Money Mart by cheque can amount to annual interest rates which are several hundred percent or even several thousand percent. |
| WHO AND WHAT IS A CLASS MEMBER |
| top |
| Q: | Who is a Class Member |
| A: | A Class Member is anyone who repaid by cheque one or more payday loans obtained at any Money Mart location in Ontario between August 19, 1997 and September 9, 2007. |
| Q: | Do I have to sign up to be a Class Member? |
| A: | No, you do not need to sign up to be a Class Member. You are automatically a Class Member if you repaid by cheque at least one payday loan from Money Mart in Ontario between August 19, 1997 and September 9, 2007.
An action that has been certified as a class action in Ontario includes every person who fits the definition of Class Member unless the person takes steps to be excluded from the class action by following the procedure set by the court to opt out of the action. The opt-out period in this class action has expired.
|
| Q: | If I repaid my payday loans with cash on the due date instead of money mart depositing my cheque, can I still join the class action? |
| A: | No. Anyone who repaid all of their payday loans made with Money Mart by cash is not a Class Member because the interest charged on payday loans repaid to Money Mart in cash on or before the due date was at a rate less than the 60% maximum annual interest rate set in the Criminal Code. But, if you repaid Money Mart for any payday loan by cheque in the period August 19, 1997 to September 9, 2007 you are a Class Member in relation to the payday loan you repaid by cheque. |
| RECOVERY |
| top |
| Q: | Does this mean that any fees and interest I paid to Money Mart on my payday loans repaid by cheque could be returned to me? |
| A: | Yes. If the class action is successful the court will be asked to order the return of all fees and interest paid in respect of all payday loans with Money Mart in Ontario between August 19, 1997 and September 9, 2007 that were repaid by cheque. You would be entitled to your proportionate share of the monies recovered less your proportionate share of the costs of the class action. You will not in any circumstances be required to pay any monies from your own pocket for taking part in this class action. Class counsel will only be paid if the class action is successful and only from the monies recovered from Money Mart. |
| WHAT DO I NEED TO DO |
| top |
| Q: | How will you track what may be owing to everyone, especially if people used different Money Mart locations or have moved since? |
| A: | Money Mart has loan information for each Class Member for each loan regardless of the store location, but these records may not be complete for all of the years between 1997 and 2007. Any individual records you have will serve to verify the accuracy of Money Mart's records or supplement it - so keep them. After trial, you may be required to produce them. |
| Q: | Should I try to obtain old cheques or other documents from my bank or other sources? |
| A: | Money Mart has provided some of its business records regarding the payday loans and we expect to receive more. It is not necessary for you to obtain information from other sources at this time. Should that become necessary, instructions will be posted on this website. In the meantime, keep any records you have on hand - you may need them after trial. |
| Q: | Is there any way to find out the total amount of fees and interest I paid Money Mart for my payday loans over the years? |
| A: | We have received some loan information from Money Mart and are in the process of analyzing it. More loan information will be produced to us as the class action proceeds. Ultimately the information we receive will be made available to Class Members who will be asked to verify it and, if necessary, provide further information. |
| Q: | If I have moved/changed my name since using Money Mart, what should I do? |
| A: | If your address information or name has changed or changes in the future, it is especially important that you review and continue to monitor this website, www.moneymartclassaction.com, to keep up to date with the class action. Because Money Mart's records won't have your up-to-date information, there is a risk that you may not be tracked down. After trial, you will be required to advise a person appointed by the court of your address and other identifying information. It is up to you to keep up-to-date on what is happening in the class action. |
| KEEPING UP-TO-DATE |
| top |
| Q: | How can I know what is happening in the class action? |
| A: | You should review and continue to monitor the website www.moneymartclassaction.com from time to time to keep up to date with developments in the class action. Once the trial of the issues is held or if there is a settlement, a notice will be published similar to the certification notice. |
|
| top |
| Q: | How long will the class action take? |
| A: | Class counsel has examined representatives of Money Mart and its parent company. Motions were heard in early spring 2008 and dismissed. Following resolution of any appeals of these motions, class counsel will ask the court for an early trial date. The court has said it will use its best efforts to schedule the trial as quickly as possible. |
