Can't pay back pay day loan Money Mart Oshawa Ontario?

    
    
Can%26#039;t pay back pay day loan Money Mart Oshawa Ontario? I am about to have an outstanding debt with Money Mart (in Oshawa Canada). The cheque is going to bounce...I%26#039;m an idiot, I know.
Single mom trying to make ends meet, while paying a $40,000.00 student loan.
The check I gave them has a stop payment on it. It did when I gave it to them.
I have used a stop payment cheque with them before, but have always been able to pay it back before they put in in my account.
Anyone know what will happen to me ifI can%26#039;t pay this, and the cheque already has a stop payment?
Would they make payment arrangements with me?
Can I go to jail?

Best Answer

you cant go to jail for that.....lol if that was the case 95% of the country would be in jail!
Asker's Rating:
Thanks =)

Other Answers (1)

  • Read the pay day contract, normally a default in payment results in a mass of penalties, interest and additional charges.

    If you are in a mess try to apply to OSAP for interest relief, or for a waiver of payment for a few months. The normally only grant this when you are fresh out of school, however they may be willing to make some accommodation.

    See if you can arrange through a bank to take out a line of credit, or to resolve some of you student loads and outstanding loans at a lower interest rate that would be advisable.

    For the love of god, avoid pay day loans. Seek credit counseling (there are a host of free ones in Ontario), budget plan and things will turn around.
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