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. v. Plain Green, LLC, et al., No. 3:17-cv-495 and the Bankruptcy Court for the Northern District of Texas in In re Think Finance, LLC, No. 17-33964 (“Think Finance Bankruptcy”).
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.
What is the status of the Think Finance case?
Let’s look at the detailed overview of the situation, and how it all developed until the Think Finance settlement. The litigation of the case with Think Finance started in November of 2017 and was settled on February 5th of this year.
What happened to Think Finance LLC?
The litigation of the case with Think Finance started in November of 2017 and was settled on February 5th of this year. Throughout that time, Think Finance LLC along with the six affiliated entities filed for Chapter 11 bankruptcy, in 2019. It was a long and arduous case.
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?
12, 2019 /PRNewswire/ -- On December 7, 2019, the business operations of Think Finance, LLC and its subsidiaries emerged from Chapter 11 bankruptcy proceedings as reorganized entities following approval of their joint Chapter 11 plan by the United States Bankruptcy Court for the Northern District of Texas.
Can MobiLoans sue you?
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 happened to Great Plains Lending?
As part the settlement, loans purchased by National Credit Adjusters from Great Plains, Plain Green (prior to June 1, 2016), and MobiLoans (prior to May 6, 2017) will be cancelled. These debts will not be reported to a credit reporting agency and any reports associated with these debts will be withdrawn.
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 Plain Green Loans sue me?
Washington – The Second Circuit Court of Appeals in a decision today against Think Finance and the officers of Plain Green Loans has made crystal clear that online tribal payday lenders must comply with state interest rate limits, licensing laws and other state laws, and can be sued through their officers for ...
Can you go to jail for not paying back a loan?
The short answer is no – you will not go to jail for failing to pay back your debts.
Can I go to jail for not paying online loans?
2. Can you be arrested and sent to jail if you fail to pay your debt? Many borrowers default on a loan every day, and the common question they ask is whether nonpayment of the loan will result in imprisonment. The answer is no.
How can I avoid paying payday loans legally?
To stop the next scheduled payment, give your bank the stop payment order at least three business days before the payment is scheduled. You can give the order in person, over the phone or in writing. To stop future payments, you might have to send your bank the stop payment order in writing.
Is there a Navient lawsuit?
The Navient student loan settlement is an agreement between Navient and attorneys general for 39 states and the District of Columbia to resolve lawsuits that accused Navient of: Giving high-interest loans to students who it knew likely could not repay the debt.
Where is my Bank of America settlement check?
Class members can expect settlement awards to be received by April 30, 2022. To view your check status, click here. Questions? Contact the Settlement Administrator at 1-855-654-0890.
Does plain green report to credit bureaus?
Keep in mind that applying with Plain Green will result in a hard credit inquiry, which may negatively impact your credit score. If your application is approved, the company will work to disburse your loan by the next business day.
Can a tribal payday loan company sue you?
Yes, in theory, a tribal payday loan company can sue you. However, this is typically very rare because there is speculation that suing in state court could jeopardize their sovereign immunity. But they can only sue you if you've violated your initial loan agreement and are in default.
How do I stop Mobiloans?
You may cancel a request for Mobiloans Cash at no cost to you by calling Customer Support at 877-836-1518 within five (5) days of requesting funds and, if you already received your Mobiloans Cash, you return the received Mobiloans Cash immediately as instructed by Customer Support.
Do payday loan companies call your employer?
Yes, a payday lender may contact your employer to confirm your employer, but they will always be very discrete about this and never mention where they are calling from.
When is the Think Finance settlement due?
The deadline for applying for the settlement was the 16th of September, 2019. The deadline for objection to the previously mentioned settlement was on the 18th of October, 2019.
What were the charges against Think Finance?
The violations charges included higher annual interest rates than allowed, lending to consumers without the right licenses, and various service and collection activities.
How much is Think Finance penalty?
In addition to this, Think Finance was made to pay a 7 dollar penalty. 1 dollar for each of their subsidiaries. The CFPB has stated however that consumers who have been misguided and taken money off will be compensated from the $39 million funds created as a result of the lawsuit action.
How much money did Think Finance make in 2013?
It also surpassed its 2013 revenue figures of 687 million dollars. Think Finance was considered to be the pioneer of innovative products that were aimed at consumers who were not getting the right lending services.
When did Think Finance file bankruptcy?
Throughout that time, Think Finance LLC along with the six affiliated entities filed for Chapter 11 bankruptcy, in 2019. It was a long and arduous case.
When was Think Finance formed?
It is a relatively new service in the US government, only being formed in 2011. They were formed in the wake of the passing of the Dodd-Frank Act in 2010. This came as a response to the 2007 to 2008 global financial crisis. With this in mind, it is clear why they went after Think Finance and affiliated entities.
Who were the victims of the Think fraud?
The victims of the fraudulent loans from Think Financial LLC and their affiliated entities were the customers of various banks and financial institutions that had received services from Think and company. Some of these banks and financial companies included MobiLoans LLC and The First Bank of Delaware.
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.
Additional business information
Additional Information: On 10/23/2017, the company filed for reorganization under Chapter 11 of the federal Bankruptcy Act, case number 17-33965.
Current Alerts For This Business
The following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government's allegations, which have not yet been proven.…
Business Details
This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.
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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.
Current Alerts For This Business
On 10/23/2017, the business filed for reorganization under Chapter 11 of the federal Bankruptcy Act, case# 17-33964-hdh11. This permits the business to continue to operate with court supervision while developing a plan of reorganization. Those with monetary …
Customer Complaints
Need to file a complaint? BBB is here to help. We’ll guide you through the process. How BBB Processes Complaints and Reviews
Local BBB
BBB Business Profiles may not be reproduced for sales or promotional purposes.
Parties Involved in The Think Finance Settlement
Think Finance Settlement: The Litigation Process
- The Consumer Financial Protection Bureau first filed its class-action lawsuit against Think Finance LLC towards the end of 2017. The lawsuit stated that the company, Think Finance, was involved in corrupt practices that had not only violated the rules and regulations placed by the CFPB act but also impacted consumers negatively. These laws were mea...
The Think Finance Settlement: What Happened?
- The Think Finance settlementstarted when the company created a website to manage those making claims that think and other lenders have violated loan regulations. The proposed settlement was planned to provide loan forgiveness for all covered loans. Class Members may also be eligible to receive a cash payment under the proposed settlement. The terms of the settl…
in Conclusion…
- There was a long litigation process before reaching the Think Finance Settlement in February this year. There are a few implications from how the case was allowed to unfold. Many people were not pleased to find out the $1 fine for each subsidiary Think Finance had to pay, however, CFPB stated that the amount was due to the bankruptcy matter. Or perhaps it could be because of the …