South Carolina Predatory Lending Attorneys

Predatory lending is a blanket term for the practice of forcing or tricking people into taking out very bad loans. The term includes a wide range of practices used by unscrupulous lenders; examples could be loans with an interest rate of 500%, repeated, unnecessary refinancing or lending to someone who the lender knows cannot afford the payments. The companies and people behind these types of loans often get consumers to agree to them through unscrupulous tactics like bullying, manipulation, intimidation. Common targets include the elderly, particularly people who are isolated or infirm; people with bad credit or very short credit records; the poor; non-native speakers of English; and anyone who does not understand how aboveboard lending should work. These practices are illegal under federal and state laws.

If you or someone you care about has been the victim of predatory lending, contact the Louthian Law Firm today at 1-866-410-5656 or online for a free evaluation of your case.

The most common types of predatory loans are home and real estate loans. Because homes are almost always very valuable, predatory lenders target homeowners, especially older people who have built significant equity (value) in their homes over decades. Younger people who cannot yet afford a home or have bad credit may also be targets. Car and truck buyers are another popular target for predatory loans; people who sign on to an unfair auto loan may be legally bound to pay several times what the vehicle is worth. Targets for predatory loans can lose thousands and thousands of dollars, their savings, cars and jewelry, and sometimes end up evicted from homes their families have owned and occupied for decades. It may take years and many thousands of dollars to recover from an unethical, illegal loan that took just a moment to sign.

Fortunately for South Carolinians, our state passed a law in 2004 that gives us some of the strongest protection in the nation from these abuses. The South Carolina High Cost and Consumer Home Loans Act prohibits certain abusive practices, requires some loan information to be disclosed to the borrower in writing, and caps specific types of interest and fees. For more information about this law, you can read its text or contact the South Carolina Department of Consumer Affairs. Please also see the nonprofit, nationwide Center for Responsible Lending.

If you or someone you love is a victim of predatory lending, you have the right to sue the unscrupulous lender to recover your money and punish them for their wrongdoing. You should speak to the Louthian Law Firm as soon as you think you may have a lawsuit, to ensure that our attorneys can start working on your case as soon as possible. We offer free, confidential consultations to victims, who are often working with limited resources, and we never take any fees unless and until we win the case. For a free, no-obligation case evaluation, call us today at 1-866-410-5656.

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Consumer Finance Litigation Article

Sub-prime loans and other predatory lending practices have been on RPWB’s (co-counsel law firm) radar for years; in 2007, we are seeing a greater-than-ever impact on consumers. With this year’s sub-prime meltdown and increase in predatory lending, households near and far are feeling the effects – and it’s a blow that shows no signs of slowing down.

From its beginnings, RPWB has battled for homeowners by seeking redress from predatory lenders. Often, lenders would securitize huge groups of loans to insulate investors from any wrongdoing by the lender – leaving the borrower trapped in a predatory loan with unfavorable terms, leading to default and ultimately foreclosure.

The Consumer Finance Litigation Group, under the leadership of Dan Myers and Hoyt Rowell and supported by Chris Tuck and Bobby Wood, is leading the way to support victims of this type of unfair practice and others – helping consumers to earn restitution.

“Basically, when times were good all kinds of players got in looking for easy money, and the easiest way to get it is to ignore the potential consequences to the consumer,” said Hoyt Rowell. “That is where RPWB and its co-counsel play a role, in identifying where and how it happened and how to fix it for the consumer.”

IDENTIFYING CONSUMER FINANCE CLASS ACTION

It’s fairly easy to identify a sector of the consumer finance industry that is being abuse, but it’s much harder to develop the factual and legal background to bring a case to remedy that abuse. RPWB specifically looks for cases that contain a set of facts that support a legal challenge to a widespread practice.

For example, a mortgage company that split fees with a company that referred business to it could be liable under the Real Estate Services Practices Act (RESPA), or a credit card company that “cross marketed” with another company by selling the financial information of its customers without their permission could be liable under the Fair Credit Reporting Act (FCRA). Where the practice is standardized and a large number of consumers are victimized in the same way, class actions may be appropriate to enforce consumers’ rights.

“The days of George Bailey – when the guy who approved your loan knew you as a person – are gone,” said Dan Myers. “Big finance companies need to standardize their practices, since they only understand borrowers as numbers and percentages, not as people. The flip side is that when they standardize illegal practices, they harm everyone they deal with.”

AN ACTIVE, EXPERIENCED DEFENDER OF CONSUMER RIGHTS

Once the basic fact pattern is known, the decision on how to approach the case must be made. Class action or mass tort? State or federal law? National class or separate state actions? Where to bring the case? These are the kinds of decisions RPWB excels at making, bringing along the firm’s unparalleled expertise.

RPWB attorneys have been appointed class counsel in numerous state and federal cases involving predatory lending, with more than $140 million in settlement benefits for victims of consumer fraud. For example, RPWB served as class counsel in the settlement of Dundon v. U.S. Bank National Association, ND, which paid a total of $30 million in settlements to class members for violations of Illinois law.

RPWB is constantly pursuing claims on behalf of borrowers who made excessive profits in violation of state and federal law. And looking ahead, the need to prosecute these types of claims shows no signs of stopping – RPWB will be ready to lead the way.

South Carolina Predatory Lending Attorney Disclaimer: The predatory lending, predatory mortgage lending, predatory lending law or other legal personal injury information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer or attorney client relationship. Further communication with our attorneys through the website and email may not be considered as confidential or privileged. Any results set forth herein are based upon the facts of that particular case and do not represent a promise or guarantee. Please contact a Columbia South Carolina personal injury lawyer at the Louthian Law Firm, P.A. for a consultation on your particular personal injury matter. This web site is not intended to solicit clients for matters outside of the state of South Carolina.