What Happens If You Get Lendmark Financial Class Action Lawsuit?
The Lendmark Financial Class Action Lawsuit was filed against Lendmark when they were deemed to be in violation of the Fair Debt Collection Practices Act. This lawsuit charged Lendmark with fraud, negligence, and abuse of process. As we all know, this act outlines the rules and regulations that must be followed in order to collect debts. Lendmark’s general practice and their own policies were found to be in violation of the FDCPA. According to the allegations in the lawsuit, over the last few years Lendmark has implemented policies which are actually unfair and deceptive.
These policies include telling debtors that they do not have to repay certain fees and imposing large processing fees. They have also instructed their agents to disregard certain legal agreements such as the agreements regarding the collection of third party debts. Additionally, these policies have also instructed them to skip or delete documents that may have been signed by third parties. These actions were found to be in violation of the FDCPA.
The Lendmark Financial Class Action Lawsuit further claims that Lendmark has not provided any kind of warnings to consumers about these problems and has even gone so far as to block notices and complaints from becoming public.
Lendmark has also refused to make any type of payment to consumers who have filed suits or claimed the Fair Debt Collection Practices Act violations. The lawsuit further claims that despite not receiving a settlement in the past two years, they still refuse to settle the claims of individuals who have claimed wrongs. The company is also refusing to make any type of reasonable settlement out of court. They have ignored court orders and continue to pursue their own lawsuits against individuals who are unable to pay off their accounts.
The details of the lawsuit are detailed and lengthy. The complaint states that Landmark has created a wide disparity between what the average consumer believes is fair and what is actually required by law. It also claims that Lendmark has made false statements and misleading claims in advertisements and correspondence. These claims were also found to be completely false in their financial planning advertisements.
When this type of financial class action lawsuit is finalized, a class representative will be appointed to manage the lawsuit and make sure that the individual is able to repay his or her debt in a timely manner.
In the event that the individual is unable to pay off their accounts, the suit says that the company will then proceed to liquidate all of its assets, which include selling the company’s assets. This will allow them to pay back the creditors that are owed money, but at a drastically reduced rate. If no settlement can be reached, the suit says that the company will then have to go through a bankruptcy proceeding. There is also the possibility that no settlement will be reached and the suit could wind up going to trial.
This type of financial class action lawsuit has a lot of potential for a plaintiff who wants to receive compensation for the damages he or she has suffered because of Lendmark.
The company has a poor customer service history, which has made many people become angry with the company. In addition, the company has received a number of complaints about the way in which money was lent out to certain clients without them even being aware of the loans until after they had already signed the contract to purchase goods. Many people also say that they are treated unfairly by Lendmark and that they are not receiving the fair treatment that they deserve.
Many customers of Lendmark are hopeful about winning their lawsuit against the company, but they should also know that any money that Lendmark does not return to the plaintiffs may not be recovered at all.
If the money owed is for a settlement amount, the bank or lending institution that gave the money to Lendmark may agree to accept a settlement if the terms are met. If the money owed is for a loan, the bank will often negotiate with the plaintiff before a lawsuit ensues.
Many people who have received one of these financial class action lawsuits are quite disappointed with the outcome.
This is not only because the company did not live up to its representation of the loan, but also because they did not receive any money at all. If you think you are eligible for this type of lawsuit, you should contact an attorney as soon as possible.