Tuesday, May 6, 2014

Cash not Now!


“Vermont Attorney General William H. Sorrell launched a sweeping effort to address the growing problem of illegal and predatory online lending. “Online lenders are taking advantage of thousands of low and moderate income Vermonters. They offer illegal short-term, very high-interest loans via the internet.” said Attorney General Sorrell. “These predatory loans are designed to entrap consumers in long-term debt. Fortunately, we have strict lending laws to combat such schemes and we are announcing an aggressive, comprehensive effort to keep these lenders out of Vermont”  (press release April 23, 2014)

As part of this effort the Attorney General’s office finalized settlements with the top three largest known lenders and one payment processor, resulting in at least $1,000,000 in potential refunds and loan forgiveness to over 1,600 eligible Vermont consumers, and $90,000 in payments to the State.  Vermonters eligible for a refund will be receiving a letter from the Vermont Attorney General’s Office with more information.  If you would like to contact the Attorney General’s Consumer Assistance Program for more information, call 1-800-649-2424 or go to www.atg.state.vt.us.

For more information about securing a loan through a local financial institution or other tools for financial management, contact Lisa Jensen, Working Bridges Resource Coordinator at 922.6297 or lisaj@unitedwaycc.org

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