Easyfinancial Services v. Billard

Easyfinancial Services v. Billard

The claim was dismissed because the lender breached s.17 disclosure obligations by failing to disclose the amount actually received, the prior unpaid balance and the true cost of borrowing (including LPP premiums which the court found were mandatory under the loan agreement); interest was therefore unenforceable and the claimant failed to prove the outstanding principal amount.

Citation
2010 NSSM 4
Parties
Claimant: Easy Financial Services; Defendant: Fathom Billard
Court
Nova Scotia Small Claims Court
Jurisdiction
Canada
Judgment Date
26 January 2010
Procedural Posture
Small Claims Court Consumer Loan Collection / Adjudication/decision (final)
Outcome
Claim dismissed
Legal Topics
Disclosure Requirements Under S.17 Consumer Protection Act, Enforceability of Loan Protection Program (lpp) Premiums, Interest Rate Enforceability and S.347 Criminal Code, Proof of Outstanding Principal, Payday Loan Consolidation/refinance
Source Language
English
Consumer Protection Contract Law Insurance Law Criminal Law (usury) Debt Collection Disclosure Requirements Under S.17 Consumer Protection Act Enforceability of Loan Protection Program (lpp) Premiums Interest Rate Enforceability and S.347 Criminal Code +2 more

Case Brief

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Parties

Easy Financial Services

Claimant

Fathom Billard

Defendant

Procedural Posture

Small Claims Court Consumer Loan Collection / Adjudication/decision (final)

Legal Issues

  1. 1 Whether lender complied with s.17 disclosure obligations
  2. 2 Whether LPP premium was voluntary or part of the cost of borrowing
  3. 3 Whether interest charged was enforceable given non-disclosure and potential criminal rate

Ratio Decidendi

The claim was dismissed because the lender breached s.17 disclosure obligations by failing to disclose the amount actually received, the prior unpaid balance and the true cost of borrowing (including LPP premiums which the court found were mandatory under the loan agreement); interest was therefore unenforceable and the claimant failed to prove the outstanding principal amount.

Court Disposition

Claim dismissed

Orders

  • Claim dismissed