If you would like to verify whether a check from the CFPB is real, you can view our payments by case and click on the link for the case for which you received a check. You should then contact the payments administrator using the contact information listed. The administrator should be able to verify your check and determine if it’s real or a scam.
Full Answer
What is the settlement with Think Finance?
— 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.
Why didn't I receive a cash payment for my Think Finance settlement?
If you were entitled to payment from the first Think Finance Settlement, but did not cash your check, you will not be issued a cash payment for this Settlement unless you submit a request for payment to the Settlement Administrator. You can click here to make this request.
Will I receive a check for my portion of the settlement?
If the Settlement receives the Court’s approval, and if you are entitled to any payment, a check for your portion will be mailed to you automatically provided you cashed your check from the first Think Finance Settlement.
What should I do if I cashed a check from think?
You do not have to take any action if you cashed the checks you were sent from any of the prior Think Finance and Sequoia or TCV Settlements.
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.
What is the CFPB settlement?
The CFPB announced that it settled with Think Finance, LLC and six subsidiaries on February 5. The settlement follows protracted litigation beginning in November 2017 involving the CFPB’s allegations that Think Finance “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.” In particular, the CFPB contended that Think Finance made loans that were either partially or completely void under the law of 17 states.
What is a store token?
Store the authorization token that users receive when they login to the private areas of our Website. This token is specific to a user's login session and requires a valid username and password to obtain. It is required to access the user's profile information, subscriptions, and analytics;
Is the information provided herein applicable in all situations?
DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
How do I know if this check’s real or a scam?
If you would like to verify whether a check from the CFPB is real, you can view our payments by case and click on the link for the case for which you received a check. You should then contact the payments administrator using the contact information listed. The administrator should be able to verify your check and determine if it’s real or a scam.
What if I think I should have received a check?
You can check here or call (855) 411-2372, 8 a.m. to 8 p.m. ET, Monday through Friday, to learn more about our recent enforcement actions. Keep in mind that even if an enforcement action was brought against a company that harmed you, you might not be eligible to receive compensation. You can learn more about the process on our website .
When do you receive a claim form?
A claim form is used when we need additional documentation to verify that you are eligible for a redress payment.
Is a check from a payment administrator a scam?
You should then contact the payments administrator using the contact information listed. The administrator should be able to verify your check and determine if it’s real or a scam. If anyone claims that they can get you compensation, but asks for money upfront, it could be a scam.
Can I still take legal action?
Cashing the check you receive in the mail doesn’t stop you from making any further legal claims that may be available to you. While we can’t give you legal guidance, you may want to look for an attorney for advice.
