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Think Finance Loan Repayment Scam Victims to Get $384 Million
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Consumers allegedly tricked by Think Finance into repaying loans they shouldn’t have are being repaid through distributions from the Consumer Financial Protection Bureau (CFPB).
The federal agency said Tuesday it has allocated more than $384 million to about 191,000 consumers who fell victim to Texas-based Think Finance, an online lender. The money was distributed by the CFPB through its victims aid fundalso known as the Civil Penalty Fund.
“Victims of financial crimes are often left without recourse, even when the companies that harm them are detained by law enforcement,” CFPB Director Rohit Chopra said in a statement. “The Victim Relief Fund allows the CFPB to help consumers even when bad actors have squandered their ill-gotten profits.
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Payments to consumers harmed by Think Finance’s practices will be sent starting May 14, the agency said. Those who consider themselves eligible can find more details on the CFPB website website. They can also contact the agreement administrator, Epiq Systems, with questions by email at info@cfpb-thinkfinance.org or by calling (888) 557-1865, a toll-free line.
Since its creation in 2010, the CFPB has distributed approximately US$19 billion to more than 195 million defrauded consumers in the form of monetary compensation, principal reductions, debt cancellation and other relief, according to the agency. Consumer complaints about financial products or services can be filed with the CFPB website or calling (855) 411-CFPB (2372).
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