What is the American financial Benefits Lawsuit? (2024)

What is the American financial Benefits Lawsuit?

The FTC is sending payments totaling more than $9 million to 22,562 people who paid money to American Financial Benefits Center, a student loan debt relief scam operated by Brandon Frere. The operation used several names including Ameritech Financial.

How much is the FTC refund check?

In addition, the FTC sometimes imposes a minimum check amount that excludes some consumers who otherwise would have been eligible. In general, the FTC does not mail checks of less than $10. In 2022, the FTC sent additional payments totaling more than $193 million dollars to consumers in 26 different FTC cases.

Will I get a refund from student loan forgiveness?

In most cases, you'll get a refund for any overpayments beyond 20 or 25 years. The extra payments made on forgiven loans will be refunded back to the most recent of these three dates: The date you reached the required number of payments for IDR forgiveness – 20 or 25 years of monthly bills.

How do I get my FTC settlement money?

How much are the checks for the FTC?

Breakdown of funds

Refunds are partial, the FTC told CBS MoneyWatch. While the average check amount comes out to $214.20, refunds range from $51.58 to as much as $4,361.72.

What do I do with my student loan refund check?

Spend it on essentials

This is not the wisest thing to do, and it can form poor financial habits. Students should spend their refund on things related to the cost of attending college, or something that will advance their future. Some of these costs include: Textbooks, notebooks, and other supplies.

Who is eligible for student loan refund?

To qualify for refund eligibility: Loans must be federal student loans from the Department of Education (not private or a refinance loan). The loans must be owned by the U.S. Department of Education (more on that later).

How do I know if I will get a PSLF refund?

You're entitled to a refund if the PSLF Waiver credits you for more than 120 qualifying payments on an existing Direct Loan. But if you made those payments towards a Federal Perkins Loan or FFEL Loan and then consolidated, you won't get a refund.

Who does the FTC benefit?

About the FTC

Our work to protect consumers and promote competition touches the economic life of every American. We are the only federal agency that deals with consumer protection and competition issues in broad sectors of the economy.

How long does it take for FTC to respond?

How long does it take for the FTC to respond to a FOIA request? Our goal is to respond within the timeframe outlined in the Freedom of Information Act, which is twenty working days, or approximately one month, but this may vary with the complexity of the request.

What is the FTC and progressive refund?

The Federal Trade Commission is returning more than $172 million to consumers who overpaid for merchandise they purchased using rent-to-own plans provided by Progressive Leasing.

Can you look up FTC complaints?

Our Legal Library puts the FTC's records and documents at your fingertips. You can find details about court cases brought by the Commission and search a trove of policy and guidance documents on a range of consumer and competition (antitrust) topics.

Are banks covered by the FTC?

The Federal Trade Commission enforces a variety of antitrust and consumer protection laws affecting virtually every area of commerce, with some exceptions concerning banks, insurance companies, non-profits, transportation and communications common carriers, air carriers, and some other entities.

What are the examples of FTC violations?

Every year the FTC brings hundreds of cases against individuals and companies for violating consumer protection and competition laws that the agency enforces. These cases can involve fraud, scams, identity theft, false advertising, privacy violations, anti-competitive behavior and more.

What is a R refund check?

An A/R Refund Check, also known as an Accounts Receivable Refund Check, refers to a financial instrument issued by a company to refund an overpayment or credit balance to a customer or client.

Do I have to pay back my financial aid refund?

This depends on whether the refund comes from a loan or a source of free money, like a grant or scholarship. Loan refunds are extra debt, and you don't want extra debt. Work with your school's financial aid office to return the excess to minimize your student loan debt later.

Why did my college send me money?

Grants and Student Loans

Typically, the school first applies your grant or loan money toward your tuition, fees, and (if you live on campus) room and board. Any money left over is paid to you directly for other education expenses.

How do I know if my student loans will be forgiven?

Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones. ED will continue to discharge loans as borrowers reach the required number of months for forgiveness.

Can I get a refund for student loans paid?

Student loan borrowers may be eligible for a refund of certain payments made, according to loan servicer statements. But only for a limited time. Millions of borrowers were thrust into repayment in October following the end of the long-running Covid-era student loan pause, which had been in effect since March 2020.

Has anyone received student loan forgiveness?

This brings total relief through PSLF up to $53.5 billion for almost 750,000 borrowers since October 2021. By contrast, only about 7,000 borrowers had received forgiveness through these programs at the start of the Biden-Harris Administration.

What if Mohela says I have 120 qualifying payments?

If your qualifying payment total is at 120 or more, you can opt into forbearance and stop making payments on your loans. If you continue making payments, any overpayments will be refunded if you have no additional outstanding loans. You can contact MOHELA to change your forbearance preference.

What happens after 120 payments on student loans?

If you've already made 120 qualifying monthly payments, you'll be notified that the entire remaining balance of your eligible Direct Loans will be forgiven, including all outstanding interest and principal.

Will Mohela refund payments?

MOHELA initiates the request to the government for approved refunds. The government sends refunds through the Automated Clearing House (ACH) or by check.

How much are the refund checks from FTC vs AMG?

Case Summary. The Federal Trade Commission, working jointly with the U.S. Department of Justice, is mailing 1,179,803 refund checks totaling more than $505 million to people who were deceived by a massive payday lending scheme operated by AMG Services, Inc. and Scott A. Tucker.

Will the FTC give you your money back?

Enforcement. The FTC enforces consumer protection laws to stop illegal business practices and get refunds to people who lost money. The chart below includes all active refund programs managed by the FTC. The FTC will never demand money, make threats, tell you to transfer money, or promise you a prize.