why did i get a check from think finance settlement

If you have received a check from the CFPB, it is because we have taken an enforcement action against a person or company for violating a consumer financial protection law, and you are eligible for compensation as a result of this violation. This check may come in the mail directly from the CFPB or from the defendant that we sued.

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.

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 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).

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 ...

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.

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.

What happens if you don't pay back a tribal loan?

If you don't repay your loan, the debt collector or payday lender may try to take you to court and force you to pay. If the ruling falls in their favor, or you don't dispute the claim or lawsuit, the court will declare a judgment or order against you. The collector or lender will then be able to garnish your wages.

What happens if you don't pay back Cashnetusa?

Depending on the specific payment agreement/creditor, late or missed payments can lead to negative marks on credit reports.

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 I close my bank account and default on a payday loan?

If you close the checking account to keep the lender from taking what you owe, the lender might keep trying to cash the check or withdraw money from the account anyway. That could result in you owing your bank overdraft fees. The payday lender might send your loan to collections. Then there will be more fees and costs.

How long does an unpaid payday loan stay in the system in Florida?

Florida law sets the statute of limitations for unpaid debts at five years. This means that if you do not pay back your payday lender, the lender has five years to use the court system to collect the debt.

Is plain green a payday loan?

Plain Green is an online lender that offers short-term installment loans for people with less-than-perfect credit who need cash quickly. While Plain Green loans aren't technically payday loans, they're similar.

What happens if you win a lawsuit and they can't pay?

The sheriff or constable will bring you a copy of the execution and take your car or put a lien on your house. If the creditor wants you to pay them money, they can take you back to court on a Supplemental Process to “garnish your wages.” They can take money out of your paycheck before you get paid.

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.

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 happens if you don't pay back a Think Finance loan?

For those loans, NCA will stop all direct or indirect collection activity and will not further assign, sell, or transfer any loans. Additionally, NCA will not report any debt where the original creditor was Great Plains, Plain Green and MobiLoans to any consumer reporting agency. If such debt has been reported to a credit reporting agency, NCA will request that the reporting be withdrawn.

Where is the unique ID number on a check?

If you received a check, your Unique ID# is listed at the top right hand corner of the check letter.

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.

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 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.

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 .

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.

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.

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Parties Involved in The Think Finance Settlement

Think Finance Settlement: The Litigation Process

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...

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