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Case ID: 2507 | Credit / Debt | 08/30/2004
A class action has been filed against payday loan businesses Credit Bureau of South Bend, Inc. and American Check Cashiers, Inc., and their owners on behalf of all persons who allege that the companies charged them interest rates far above those allowed by the federal Truth in Lending Act and the Indiana Consumer Fraud Act. The action seeks unspecified compensatory damages.
The action alleges that the companies make loans at excessive rates of interest, far above those allowed by the federal Truth in Lending Act and the Indiana Consumer Fraud Act. Payday loans are short-term, very high interest rate loans. The loans are typically two weeks in duration and carry annual percentage rates of 100% to over 1800%. The lender generally obtains a post-dated check as a means of repayment. At the end of the two week term, the customer has the option of continuing the loan for an additional period by paying the interest. The loans are typically rolled over on multiple occasions. Generally, companies which make payday loans do not advertise the annual percentage rates. Instead, they advertise that the loans cost, e.g., $15 per $100. The consumer does not see the annual percentage rate until he or she is presented with the money. These loans are generally made to consumers facing financial emergencies. Once a consumer obtains such a loan, they will often be unable to pay it off except from the proceeds of additional loans. Often, the loans force the borrowers into unnecessary bankruptcies. At Lawcash.com, it is our goal to keep you informed about important legal cases, class actions and settlements. Our lawyers offer free legal evaluations in tort cases, class actions, personal injury, and other lawsuits because we are dedicated to helping you resolve your legal complaints. Other Credit / Debt Cases of Interest The class has been certified in an action filed against debt collector Corporate Receivables, Inc. on behalf of all persons with Illinois addresses who, on or after September 17, 2001, were sent a letter seeking to collect an amount allegedly owed to Household. The action alleges that Corporate Receivables failed to state clearly the amount of the debt it was seeking to collect in violation of the federal Fair Debt Collection Practices Act.
A class action lawsuit has been filed against New York collection agent Riddle & Associates, PC. The suit alleges that the defendant engaged in abusive and deceptive collection practices that violated federal fair debt collection practices laws. The suit seeks to certify a national class and collect actual and punitive damages on behalf of the plaintiffs. A national class action has been filed in New York against collection agency DPL Associates Ltd on behalf of all consumers who have received collection letters from DPL that require consumers to dispute the validity of the debt in writing or do not give the consumer the name and contact information for the creditor that has employed DPL to pursue the debt. The consumers claim that these letters violate the federal Fair Debt Collection Practices Act.
Camden, New Jersey Foulke Management Corporation, which operates a number of car dealerships, has engaged in a series of bait-and-switch sales practices. The practices were so widespread and frequent that a couple filed a class action lawsuit against Foulke. A class action lawsuit has been filed against H&R Block, a national tax preparation company, in the Southern District Court of West Virginia for violations of federal banking laws. Class members seek damages, attorney's fees and costs of the litigation. A national class action has been filed in New York against Allianceone Receivables Management, Inc., formerly known as Triadvantage Credit Services, Inc. The action is brought on behalf of all U.S. residents who have received a collection letter from Allianceone or Triadvantage that contained language overshadowing the statutorily required notice to consumers of their right to dispute an alleged debt under collection. The action is brought under the federal Fair Debt Collection Practices Act and seeks statutory damages, injunctive and declaratory relief. |
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