Olympia - Washington consumers eligible for restitution under the state's $21.15 million settlement with Household International have until Oct.14, 2003 to file a claim, according to Attorney General Christine Gregoire.
More than 12,000 Washington borrowers who secured loans from Household retail branches between Jan.1, 1999 and Sept. 30, 2002 are eligible for restitution and received claim information in August. To date, approximately 7,000 consumers have joined the settlement.
"There are still more than 5,000 borrowers entitled to restitution whom we haven't heard from," said Gregoire. "We hope to get money back to as many of them as possible."
Restitution payments for Washington consumers will range from $11.39 to $25,863.76, depending on the size of loans and the extent customers were harmed by Household's marketing and lending practices.
The $484 million national settlement with Household International, one of the country's top lenders in the sub-prime mortgage market, is one of the of the largest direct consumer restitution cases in U.S. history. The landmark agreement was reached in October 2002 after investigations revealed that Household and its subsidiaries engaged in predatory lending practices, misrepresented important loan terms and failed to disclose critical information to borrowers.
Consumers who want to join the settlement or believe they are an eligible borrower but did not receive a notice and claim form should contact the settlement administrator toll free at 1-888-780-2156.
More information on the settlement can obtained by calling 1-888-780-2156 or online at http://www.household-beneficial-settlement.com.