March 28th, 2009 by Questions

hello, Im wondering if owing money on a payday loan would be considered misrepresentation?I am considering bankruptcy in the next month and am wondering if this will prevent that?Due to a error on my payroll I was unable to pay the amount back,and havnt as yet been able to come up with the funds.Also wondering regarding other debts,right now Iam months behind on everything.Mostly i have just been able to pay rent,and utilities,does this constitute misrepresentation?>

Posted from: Newfoundland and Labrador


One Response to “Misrepresentation?”

, A licensed trustee said:

If you continue to obtain payday loans after this then I’d say you’re doing it deliberately and that might get you into trouble. If you have decided to file for bankruptcy then it is inappropriate to try and repay the current payday loan – it is an unsecured debt like all your others.

Confused? You should be – payday loans are quite capable of aggravating an already bad situation. It sounbds like they’ve added some stress to yours…

Contact a local trustee, tell them what you’ve done and they should be able to give you options for waht to do next.

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