‘Take Back Your Cash’ Campaign Officially Launches in Ontario
TORONTO (July 5, 2016) – Money is now available from a successful class action settlement for anyone who took a payday loan from the Cash Store or Instaloans in Ontario after September 1, 2011.
Borrowers who took payday loans, including lines of credit, from The Cash Store and Instaloans will now be able to make a claim for a recovery of some of the fees and interest they were charged, following a decision by the Ontario Superior Court of Justice to approve a $10M class action settlement.
Today the ‘Take Back Your Cash’ campaign officially launches in Ontario. Borrowers with approved claims will be eligible to receive a minimum of $50, depending on claims volumes. Claimants may be entitled to even more money.
“We’ve made it as easy as possible for people to get their money back, but the challenge is to ensure borrowers come forward and file claims for their share of the settlement money,” said Jon Foreman, partner at Harrison Pensa and legal counsel to the class members in the case. “If you took a payday loan from these businesses after September 1, 2011 in Ontario, we want to hear from you.”
To help the borrowers to take advantage of the claims process as much as possible, disclosure of the Defendants’ records was approved by the court and handed over to Harrison Pensa and Ricepoint Class Action Administration, the court appointed claims administration firm which will be working on the campaign. Borrowers should watch for text messages, emails, and telephone calls over the next few weeks, explaining how to file a claim online at takebackyourcash.com. For information in French, claimants can visit reprendretonargent.com.
“Borrowers should not worry if they are missing loan documents. We have designed an efficient and easy process where former customers aren’t expected to know all of the exact details of their payday loans with Cash Store and Instaloans in order to make a request for a share of the settlement. Documentation or back-up information should only be needed in very limited circumstances”, Foreman says. “Considerable efforts have been made to reach the more than 100,000 claimants that are entitled to this compensation and we’re confident the great majority will be able to obtain what’s rightfully theirs.”
The claims period will be open until October 31, 2016.
Once received, the claims will be reviewed for accuracy, which takes time and requires careful work. Claimants will receive their cheques as soon as possible after the Claims Administrator has completed its review, likely in mid-2017.
About Harrison Pensa
Harrison Pensa is a full-service law firm based in London, Ontario, with expertise in business law, litigation and personal legal services including family, wills and estate, and personal injury law. It is also home to one of Canada’s foremost class action law teams with expertise in a full range of class action matters.