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

Receiving a statement of account allows you to see where you are at in terms of reimbursing your loan.

Statement of account every month

You may ask the lender to send you a statement of account once a month. It must be provided free of charge within 10 days after receiving your request.

All lenders are required to send you a statement of account, except for pawnbrokers who abide by the following condition. The amount you received, considering the contract entered into and all those entered into in the previous 30 days, was $500 or less.

Proof of reimbursement of the loan

What happens after you reimburse your loan in full? The lender must send you a release within 10 days following your final payment, free of charge. This is a document in which the lender acknowledges having received all amounts due.

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 borrowed 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 lender 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 lender has already sent you such a document;

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

    • the net capital (the amount borrowed), and
    • the credit charges (the cost of your loan);

  • 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 for your loan contains an error? Send a written notice to the lender.

Contents of the notice

Your notice must include the following information:

  • your name;
  • the amount for which you have found an error;
  • the reason you believe it is an error.

Response from the lender

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

What happens if the lender does not respond to your notice within 60 days after it was sent? The lender may not require that you pay the wrongly claimed amount.

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