Over 15,000 Georgians who are eligible to receive payments from the Household Finance Settlement were mailed critical documents this week. To receive Settlement funds, eligible consumers must sign and return the “release form” by October 14, 2003. If a consumer does not return the release form postmarked by October 14, 2003, then the consumer will not receive any payment under this Settlement.
“Loan disclosures should be clear, accurate and straight-forward, and Georgians should only be charged the interest rate they were promised when they signed up for the loan, said Attorney General Thurbert Baker. “Today we start the process of Georgians claiming their fair share of what Household Finance owes them.”
The exact amount each consumer will receive depends on how many people choose to participate in the Settlement and other factors. Each release form indicates the minimum amount of money the consumer will receive.
Georgia consumers who may be eligible for restitution funds are any Household Finance customer who closed a loan with Household Finance between January 1, 1999 and September 30, 2002. If a Georgia consumer has an eligible loan, but has not received anything in the mail by the end of August 2003, then the consumer should contact the Settlement Administrator at 1-888-780-2156.
In October of 2002, Attorney General Thurbert Baker announced a landmark consumer settlement with mortgage lender Household Finance over its lending practices. Household agreed to pay up to $484 million to consumers nationally and over $9 million to Georgia consumers for alleged unfair and deceptive lending practices in the "subprime" market. The restitution amount is the largest ever in a state or federal consumer case.