California PayDay Lender Settlement: Oct. 1, 2012 Deadline

By Sean Coffey, Program Manager at ForeclosureHelpSCC

Have you heard about the payday lawsuit and settlement against Money Mart and Loan Mart?

The San Francisco City Attorney, Dennis Herrera, sued Money Mart and Loan Mart for “unfair and fraudulent business practices” in making payday loans in California.

As part of the settlement, Californians who received short-term installment loans between 2005 and 2007, and oversized loans in 2005, may be eligible for restitution for much of the interest, fees, and finance charges that they paid. There is $7.5 million in funds for the settlement, and eligible consumers may receive between $20 and $1,800 each.

Deadline Fast Approaching
The deadline to apply for restitution under this program is October 1, 2012, so there is not much time left for consumers to apply.

How do I apply?

There are three ways you can get more information or apply to receive restitution:

  1. You can fill out a claim form on the SF City Attorney’s website.
  2. You can call the City Attorney’s Money Mart Settlement Hotline: 866-497-5497
  3. You can email moneymartsettlement@sfgov.org

Reminder: Independent Foreclosure Review Deadline is December 31, 2012
And, as a reminder, if you are a homeowner who had any “foreclosure actions” on your primary residence between January 1, 2009 and December 2010, you may also want to learn more about the Independent Foreclosure Review program. This agreement with 14 banks and servicers also has a deadline that is fast approaching: December 31, 2012. For more information about this program, visit our earlier blog piece on it, or visit the website: independentforeclosureeview.com

Please note: All content included in the ForeclosureHelpSCC blog is provided for information only and should NOT be considered legal or tax advice. If you have any questions, please feel free to contact us on our hotline: (408)-293-6000, or visit our website: www.foreclosurehelpscc.org

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