Settlement Coming In Lending Case
Thousands of people throughout California will be getting refund checks from Household Finance. California´s attorney general says the lending giant began sending out more than $92 million in refunds as part of Household´s national settlement of a predatory lending case.
Household Finance reached the deal last year with regulators in all 50 states. The company was accused of misrepresenting loan terms, deceiving consumers about credit insurance and charging exorbitant loan origination fees.
The checks will average more than $1,400 for the nearly 65,000 Californians participating in the settlement. That´s about 78 percent of all eligible Household customers in California. The rest can still sue the Illinois-based company.