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.
19 thoughts on “Lendmark Financial Class Action Lawsuit”
Crazy what one can run into for not doing extensive research and backgrounds on such businesses as such that has matter over your expenses especially at times like this of hardships and the pandemic. I have been a client since October 2020…my world was shook.
I just new I was going to be good in these folks hands because I enjoyed the fight an rep pleaded for me until I was at the Natomas office where the manager there was bein g promoted and something about her demeanor sent red flags however it was a long day already traveling 77 miles for a 3 day of bull crap that could have been settled over the phone. I have been compliant and still get treated like crap by her.
I asked her name don’t worry i wont be seeing her anymore but dies that give her the right to act so cocky. Thank goodness there are men like Gavin out of the Truxel location in Sacramento. He went above and beyond his off duty hours to ensure that I received the best of care.
I currently have a loan with this company and would like to be compensated as a victim.
William Leonard I know exactly how you feel. You should get ahold of me sometime. SMH
Hey Aaron how do I file a lawsuit about this company?
I missed this reply. Can you please email me at [email protected] with your contact information? I am still making payments on my loan. These people’s practices are horrific.
Hello Leonard did you hear back from Aaron . ?? I am trying to file a lawsuit to this sharks ..
I had a small.loan to fix my side of my home last year from Lendmark.
I had it refinance about 3x since the pandemic but still the IR is HIGH and the $280 Payment and the balance is MORE than the loan
Please how do I get involve?
Best Regards Darrin Bauford
Same. How can I get involved in this?
The paperwork that they drew up stated for collateral a John Deere tractor when I told the person it was a lawn tractor put out by John Deere, she said that didn’t really matter, Yes I should not have signed the paperwork.
when I put up “collateral ” f or my loan… They told me to takethe car to dollar general and park it so someone knows that it runs
alot of other tricky business only to borrow 5k and have to pay back 10k. I want to sue for the interest
I got a $4,000 loan for a transmission for my car, this was a little over a year ago, I was making $200-$250 payments on the required $162/mth payment and I still owe nearly $4000 I initially borrowed. I won’t make another payment and bet they will not get MY CAR, I dare them to try.
I’m a senior, and they put big interest rates on me, I didn’t even know about it until after I had signed, I’m payment was going to interest and I was fooled, it’s a terrible shame. I hope God gives them what is due to them.
During the pandemic, I temporarily lose my job ( decreased hours). I made Lendmark aware of it and I had the proof letter from Maryland Unemployment Insurance. They wanted to hear the balance on my card first before that accepted it. Thank God my job received the PPP loan in a few weeks later, if not I would have missed a payment.
How the H do I get out of my loan, they call me almost everyday when my payment is a 1-2 days late. Obviously I know I owe a payment but clearly if I has the money I would pay it. You can’t get something I don’t have. And they threatened to take my car since that’s the collateral. They are harassing me at least 2-3 times a month and I’m sick of it! I wish they would shut down!! They charge ridiculous interest rates and don’t show you and break it down until after you have signed .
I would like someone to contact regarding lawsuit against Lendmark
I too have been taken advantage of by landmark by adding $2800 into my loan by way of insurance policies for life, disability, and unemployment insurance. I got a $7000 car loan to pay off a previous nefarious lender and have been cheated by lendmark more than my previous ever could have. My car was stolen after paying $288 every month for 24 months, a total of $6912 on a 60 month loan. Geico cut them a check for $6912 (same amount i paid?) As the supposed payoff amount. That amount has changed 4 times according to lendmark. Thetotal amount of my loan after all interest for 60 months was $17280, on a $7000 loan I signed on for and authorized. I was laid off in November 2021 so was actually able to use the IUI insurance but only for “$850ish”. They cannot even tell me the exact amount here 2 months later. They appear to be trying to steal approximately $60000 from me. I need help in north Carolina. Please help anyone…
Should have said $6000 they are attempting to steal. I was shocked when I found out about 3 insurance policies being added into my loan. Unbelievable. My experience made me search them today which led to all these lawsuits. They are predators of the worst kind
Please help I had a loan with this company since 2018 for 12500 payment 370.00. The loan never goes down I am still at 11500 it never goes down no matter what you pay. This has to illegal 5 years on 2007 and the pay off is still the same. Misleading and fraudulent which keeps the customer stuck. We need help to do something about a company taking advantage of individuals who we’re mislead..
How can we be added to this lawsuit. I had made payments every other week and then got sick and hospitalized for about 6 weeks. My family was unaware of what bills I had or needed to be paid and once I was able to some what get back into the swing of things and still in recovery at the hospital – I realized my late payments.. I reached out on the APP they have and tried to make a payment but was not able to and sent messages. I had throat surgery and could not speak due to it. I finally was able to very little speak to some one after they called me and paid my balance to date. Even deferred my next payment out a month. Thought all was good. NOPE – come to find out they had filed a lawsuit to sue me and it was in a few days.. However I could not attend being hospitalized and now see it was postponed. I have since made another payment to them and paying a processing fee. ugh.. I asked about it first and was told Ill call corporate office to see why you cannot log in. Then was told since this is legal action you cannot pay on website nor see your information. I asked about getting a statement each month so I know and have records of my payments and an invoice to submit my payment. I was told again since this is legal action Lendmark cannot supply or send out any of that information.
So they at this time can still collect my money yet NOT send me any information about them or what I have paid or something to submit back to them.
WOW is all I can say.. I am trying to look to see if this is evenfair to the consumer.