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Attorney General Larry Long Announces Plan to Pay $867,535 To South Dakota Household Borrowers

ATTORNEY GENERAL LARRY LONG ANNOUNCES PLAN TO PAY $867,535 TO SOUTH DAKOTA HOUSEHOLD BORROWERS 

(Pierre) – Attorney General Larry Long announced today South Dakota consumers who have qualifying home loans with Household or Beneficial Finance will be able to claim settlement payments beginning this week. Notices are being sent to 940 South Dakota Household borrowers notifying them of their eligibility to share in the State’s settlement with Household International. This settlement was negotiated between Household International and the attorneys general of all 50 states and the District of Columbia. The settlement stemmed from an investigation into allegations of unfair and deceptive lending practices by Household. 

“We strongly encourage Household borrowers to look at filing a claim,” said Long. “This was a well negotiated settlement and offers a fair share to all South Dakotans who qualify.” 

Under the South Dakota settlement plan, each participating borrower will receive a pro-rata amount of the $867,535. Borrowers with higher loan balances will be eligible to receive higher payments than those borrowers with smaller loan balances. Those borrowers with multiple loans may qualify for multiple settlements and may receive more than one letter from Attorney General Larry Long. It is important that each claim is submitted separately to ensure refunds for each loan. The minimum payment amount is $100. Those borrowers who obtained a mortgage loan directly from Household from January 1999 through September 2002 will be sent letters beginning August 14th. Consumers who wish to participate in the settlement will have to complete and return a simple claim form. 

Household customers who have questions about the settlement can contact the settlement administrator via a toll-free number, 1-888-780-2156, or by logging on to www.household-beneficial-settlement.com. Consumers with any additional questions are encouraged to contact the South Dakota Division of Consumer Protection at www.state.sd.us/attorney/ or 1-800-300-1986. 

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