Do you know the consequences if we provide a debtor more than the allowable proportion of the web pay?
The amount of the borrower’s net pay, if a payday lender enters into an agreement with a borrower that exceeds 30% of the borrower’s net pay as prescribed by regulation, and the borrower has not misrepresented to the lender
- The debtor is certainly not accountable for any quantity charged as an expense of credit for the cash advance; and
- The lender must reimburse the borrower immediately, in money, on need by the debtor or even the director, for
- The sum total of all of the quantities compensated, and
- The worthiness of any other consideration given,