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Attorney General Reminds Household and Benefical Borrowers of Deadline

ATTORNEY GENERAL LARRY LONG REMINDS HOUSEHOLD AND BENEFICAL BORROWERS OF SETTLEMENT CLAIM DEADLINE

(Pierre) – Attorney General Larry Long is reminding Household and Beneficial borrowers to submit their claim forms if they wish to receive settlement money.

“Time is quickly running out for those who wish to participate in the settlement,” said Long. “Claim forms must be received by the settlement administrator on or before October 24th.”

South Dakota, along with the other 49 states, reached a settlement last December with Household and Beneficial Finance under which Household and Beneficial paid a record $484 million to resolve allegations of unfair and deceptive mortgage and lending practices. South Dakota’s share of the settlement is $867,540.

Of the 940 eligible South Dakota borrowers, more than 750 have agreed to participate in the settlement and will receive checks in the coming months.

“Participation in the settlement is completely voluntary,” said Long. “However, if an eligible borrower wants to participate, they must return their claim forms now.”

To be eligible, a consumer must have received a mortgage loan directly from Household or Beneficial between January 1999 and September 2002. The settlement administrator sent letters to all eligible borrowers in August. The minimum payment participating borrowers will receive is $100.

Household and Beneficial 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 http://atg.sd.gov/Consumers.aspx or 1-800-300-1986.

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