Spring Financial Inc. has signed an Undertaking with Consumer Protection BC to refund payments made by eligible borrowers who entered into a Secured Savings Loan (SSL) credit agreement with the business between April 8, 2016, and March 12, 2021. 

This result is due to a large volume of borrower complaints about the SSL product offered by Spring Financial.  Under the terms of the Undertaking, Spring Financial is responsible for carrying out a detailed refund process and is required to contact all eligible consumers by mid-August.  

If a borrower believes they are eligible for a refund and they don’t get the correspondence from Spring Financial, they are advised to contact the company directly.  

To read all the terms and details of the refund process, read the Undertaking in full 

An Undertaking is a written agreement and one of the enforcement tools available to Consumer Protection BC under the Business Practices and Consumer Protection Act. 

About Consumer Protection BC

Consumer Protection BC is a not-for-profit regulator responsible for overseeing certain industries and specific consumer transactions in the province. Their mandate is to license and inspect their regulated businesses, respond to consumer inquiries, investigate alleged violations of consumer protection laws, and classify all general release motion pictures. 

For more information about Consumer Protection BC, to read their recent enforcement actions, and to learn about  their inspection and complaint-handling processes, please visit their website at  www.consumerprotectionbc.ca. You can also follow them on Facebook, Instagram and YouTube or read their blog for valuable consumer tips and resources.