Is the Think Finance settlement real?
The first settlement (called the “Think Finance Settlement”) was finally approved in 2019 by the U.S. District Court for the Eastern District of Virginia in Gibbs, et al.
What happened to think finance?
In late 2019, Think Finance emerged from Chapter 11 bankruptcy proceedings and reorganized its company structure. The Think Finance name and company were dissolved. While its subsidiaries continue to operate, they are no longer under the umbrella of Think Finance.
What happens if you don't pay Mobiloans?
Fixed finance charge — If you don't repay the total amount drawn on your line of credit in the first billing cycle, which is about two weeks long, Mobiloans charges a fixed finance charge.
Can Great Plains Lending sue me?
Unless you exclude yourself, you are a member of the Settlement Class, and that means that you cannot sue, continue to sue, or be part of any other lawsuit against or recover any additional monies from the Released Parties concerning the claims relating to your Great Plains, Plain Green, or MobiLoans loan(s).
What is the Think Finance suit?
On February 5, 2020, the Bureau filed a proposed stipulated final consent order against Think Finance, LLC and six of its subsidiaries (collectively, “the Think Finance Entities”) to resolve the Bureau’s lawsuit, which the Bureau filed on November 15, 2017. The Bureau alleged that the Think Finance Entities engaged in unfair, deceptive, and abusive acts and practices in violation of the Consumer Financial Protection Act in connection with the illegal collection of loans that were void in whole or in part under state laws governing interest rate caps, the licensing of lenders, or both.
What is the Think Finance Entities complaint?
District Court for the District of Montana in 2018, alleged that the Think Finance Entities operated as a common enterprise that affiliated with tribal lenders in the offering and collection of online installment loans and online lines of credit to consumers nationwide. The Think Finance Entities, the Bureau alleged, made deceptive demands and illegally took money from consumers’ bank accounts for debts that consumers did not actually owe because the loans were either partially or completely void under the law of 17 states. The Bureau also alleged that the Think Finance Entities provided substantial assistance to two debt collection companies that were also engaged in the illegal collection of loans.
Why did Think Finance Entities take money from consumers' bank accounts?
The Think Finance Entities, the Bureau alleged, made deceptive demands and illegally took money from consumers’ bank accounts for debts that consumers did not actually owe because the loans were either partially or completely void under the law of 17 states.
What is the Think Finance settlement?
— The Consumer Financial Protection Bureau (Bureau) today announced a proposed settlement with Think Finance, LLC, formerly known as Think Finance, Inc., and six subsidiaries (collectively, the “Think Finance Entities”), to resolve the Bureau’s lawsuit, which the Bureau filed on November 15, 2017. The Bureau alleged that the Think Finance Entities engaged in unfair, deceptive, and abusive acts and practices in violation of the Consumer Financial Protection Act in connection with the illegal collection of loans that were void in whole or in part under state laws governing interest rate caps, the licensing of lenders, or both.
What is the Think Finance Entities complaint?
District Court for the District of Montana in 2018, alleged that the Think Finance Entities operated as a common enterprise that affiliated with tribal lenders in the offering and collection of online installment loans and online lines of credit to consumers nationwide. The Think Finance Entities, the Bureau alleged, made deceptive demands and illegally took money from consumers’ bank accounts for debts that consumers did not actually owe because the loans were either partially or completely void under the law of 17 states. The Bureau also alleged that the Think Finance Entities provided substantial assistance to two debt collection companies that were also engaged in the illegal collection of loans.
What is the consent order for Think Finance?
The Bureau’s proposed consent order is a component of the global resolution of the Think Finance Entities’ bankruptcy proceeding in the Bankruptcy Court for the Northern District of Texas, which includes settlements with the Pennsylvania Attorney General’s Office and private litigants in a nationwide consumer class action. Consumer redress will be disbursed from a fund created as part of the global resolution, which is anticipated to have over $39 million for distribution to consumers and may increase over time as a result of ongoing, related litigation and settlements.
Why did Think Finance Entities take money from consumers' bank accounts?
The Think Finance Entities, the Bureau alleged, made deceptive demands and illegally took money from consumers’ bank accounts for debts that consumers did not actually owe because the loans were either partially or completely void under the law of 17 states.
