Do you have questions about your instalment sale contract’s statement of account? Here is what you need to know.

Obtaining a statement of account allows you to see where you are at in terms of reimbursing the financed amount.

Monthly statement of account

You may ask a merchant to send you a statement of account once a month. It must be provided to you free of charge, within 10 days following your request.

Contents of a statement of account

A statement of account must include the following information:

  • the date of the statement of account;
  • the balance of the net capital (the portion of the financed amount you have left to reimburse):

    • as of the date the contract was entered into, in the case of the 1st statement of account you receive,
    • as of the date of the preceding statement of account, if the merchant has already sent you such a document;

  • the amount required to pay off your total obligation, as of the date of the preceding statement of account;
  • the date, the nature and the amount of each payment:

    • since the contract was entered into, in the case of the 1st statement of account you receive,
    • as of the date of the preceding statement of account, if the merchant has already sent you such a document;

  • the balance of the net capital (the portion of the financed amount you have left to reimburse) after each payment;
  • for each payment you have made, the portion that corresponds to:

    • the net capital (the financed amount), and
    • the credit charges (the fees added to the financed amount);

  • the amount required to pay off the entire amount you owe (the balance owing), as of the date of that statement of account or another date, if you have so requested.

What should you do if a statement of account contains an error? Send a written notice to the merchant.

Contents of the notice

Your notice must include the following information:

  • your name;
  • the error you have noted and the amount in question, if applicable;
  • the reason you believe it is an error.

Response from the merchant

Within 60 days after sending this notice, the merchant or the financial institution must notify you, in writing, of the correction made. A merchant or financial institution that refuses to correct the error must provide you with an explanation as well as documents in support of the refusal.

What happens if the merchant does not respond to your notice within 60 days after it was sent? The merchant loses the right to require that you pay the amount you believe was wrongly charged.

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