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Class action lawsuit against Arrowhead in WI

Date: Mon, 10/05/2009 - 08:42

Submitted by puddlejmpr
on Mon, 10/05/2009 - 08:42

Posts: 1634 Credits: [Donate]

Total Replies: 15


I wanted to post this before but I didn't have time. But there is a class action lawsuit pending for residents of WI against Arrowhead Investments.

It is for ALL customers who entered into a loan agreement in the state of Wisconsin between Dec 21,2001 And Dec 21, 2007.

Terms of settlement are

1. Arrowhead will pay $180,000 (should be more I think)

2.In exchange for payment, the class and the state will release arrowhead from all individual,class,and state claims alleged in complaints

3. Arrowhead will close all pending loans of wisconsin based customers with a zero balance, and will not sell the debt of any WI customer to a third part collector

4. arrowhead will file satisfaction of any judgments obtained in efforts to collect outstanding debts from Wi customers

5. Arrowhead will not solicit or extend loans to any WI customers for a peroid of 5 years, after which it may do so under the supervision of the DFI

6. Arrowhead will contact consumer reporting agencies to which it or it's agents reported negative info. concerning WI customers and instruct them to delete such information.


If you had a loan with arrowhead during this time and did not recieve a letter about it you can write to: Consumer Law Litigation Clinic, University of Wisconsin Law School, 975 Bascom Mall, Madison, WI 53706

The settlement may not be much, but at least it's a start


Not a problem :)

the hearing is on Feb. 12, 2010.

I am not expecting to get anything, but at least I know I won't be bugged by them anymore :) Thats payment enough. But payment of all the interest I paid would be good. But there won't be enough money left after the lawyers get their chunk


lrhall41

Submitted by puddlejmpr on Mon, 10/05/2009 - 08:47

( Posts: 1634 | Credits: )


Well I just got my notification in the mail regarding this..I guess I will wait to see what happens. I paid arrowhead a lot of money, and it said if you paid more that the original amount borrowed you will receive a future cash payment...I think I'm about to dig out my old statements..lol


lrhall41

Submitted by PinkLady on Mon, 10/19/2009 - 11:57

( Posts: 1720 | Credits: )


I live in Tx and had 12 loans. Signed up to consolidate them with PLD in May. Now after being reassured for months by PLD that the lenders would participate (even though they keep calling me at home and work telling me they don't cooperate with debt consolidation companies) I have received a letter telling me that 2 companies are being "removed from the program" and are now my responsibiltiy to pay them. What do I do now? Cancel the whole program? I wasn't behind at all when I signed up and now I am 6 months past due with at least 2. And maybe more because I can't seem to get a straight answer from PLD. Anyone have any suggetion?


lrhall41

Submitted by on Mon, 10/19/2009 - 13:54

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[QUOTE=bob bobson;485221]what did arrowhead do in this situation - why are they being sued?

I have removed your signature, as solicitations are against TOS rules.
Please read TERMS OF SERVICE for a more detailed description regarding advertising. Shazzers[/QUOTE]

In the papers I received it states; the loan contracts violate provisions of the Wisconsin Consumer Act, The federal Truth in Lending Act, and Wisconsin common law unconscionability.


lrhall41

Submitted by PinkLady on Tue, 10/20/2009 - 09:21

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They may only be paying $180,000 to the class participants, but the amounts being written off will be the big hit. I did not read these amounts anywhere, but I wuold guess that they will be giving up $2million+ in outstanding principle that has just become uncollectable. Also remember that any fees they were to collect added to court costs. This is huge and could put this companies future in question.


lrhall41

Submitted by PDLOwner on Sat, 10/31/2009 - 09:35

( Posts: 1049 | Credits: )


Quote:


2.In exchange for payment, the class and the state will release arrowhead from all individual,class,and state claims alleged in complaints

. . . .
Quote:

But payment of all the interest I paid would be good. But there won't be enough money left after the lawyers get their chunk


That enjoinder releasing them from individual claims only pertains to actual class participants (usually you fill out some sort of claim form). If you didn't actually submit to that class action lawsuit, you could still sue them in tort and seek your actual damages.


lrhall41

Submitted by DebtCruncher on Sat, 10/31/2009 - 13:51

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[QUOTE=DebtCruncher;490060]. . . .


That enjoinder releasing them from individual claims only pertains to actual class participants (usually you fill out some sort of claim form). If you didn't actually submit to that class action lawsuit, you could still sue them in tort and seek your actual damages.[/QUOTE]

This sounds like a great idea until you crunch the numbers and find that you legal fees will cost more than 99% of the settlement offers.


lrhall41

Submitted by PDLOwner on Sun, 11/01/2009 - 06:01

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