The Loans: Residential school students say they've been hurt by law firm
Posters were put up in Honour Walk offices and in strategic locations around the towns where form fillers were working, advertising a five per cent discount on computers for “members of the residential school healing society.” A toll free number was listed on the poster as well as a Web site link: www.nationalcomputersdirect.com.That Web link is now defunct and there is no trace anywhere online of any company called National Computers Direct. But a corporate search reveals that the company is listed as “active” as of Nov. 29. The registered owner of the company is David Hamm.
That toll free phone number yields another very interesting connection to one of the healing society corporate officers. The number, which used to reach National Computers Direct, now reaches a Calgary-based company called Thermablade Hockey. A quick Google search of Thermablade Hockey reveals that David Hamm is the company’s CEO.
On the Web site, Hamm claims that $15 million has been invested in the company already and it owns $2 million worth of equipment. The company makes skates with heated blades and claims those blades allow tighter turns and more rapid acceleration than conventional skates. A number of former NHL players endorse the product on the Web site.
As we reviewed the files of IAP claimants on the Blood Reserve last summer, we noticed many loan agreements with two companies that were charging very high interest rates. The companies, Funds Now and Settlement Lenders, were lending money to former students against their IAP payments. We saw loan agreements charging interest rates as high as 29.9 per cent.
Several of the former students allege that right after they signed the Honour Walk papers and became Blott and Company clients, the law firm would arrange loans for them that were to be repaid when the client received the eventual compensation settlement. Frequently the lender would also sell the claimants big-screen TVs, laptop computers and other electronics.
payday advance loans google - News
Of the top 50 payday loan websites produced by a Google search last month, 40 displayed a representative annual percentage rate. Of those, 15 offered the same APR of 1737 per cent and another eight offered the same APR of 2120 per cent.
He reminded us that “there have been ongoing class actions against a number of these kinds of lenders, not in the residential school context necessarily but in the payday loan context, over the legitimacy and validity of their interest rates.”
The unlicensed lenders top rate of interest was about 2500% which is less than the annual percentage rates of some payday loan companies, businesses that advance small sums against the salaries of the low-waged. Advances grew 700 million to 1.9 billion
Financial Times (Comment): The growth of payday lenders reflects tough economic conditions and the withdrawal of credit to a proportion of poor Britons by our incredible shrinking banks. The Guardian (Comment): The agency's threat to downgrade the
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