Predatory Lending Practices
Legal Representation in St. Louis
Predatory lending can be difficult to label because the term applies to so many situations, many of which are only legal in the loosest sense of the word. The line between poor practices and illegal practices can be hard to pin down. While there is no set legal definition of predatory lending practices, the FDIC and other financial authorities agree that most predatory practices benefit lenders by misleading borrowers or preventing them from paying off the loan, sometimes profiting from repossessed homes or cars.
If you have been the victim of predatory lending, leading to significant losses, The Buxner Law Firm is here to protect you. We help clients bring unfair loan agencies and lenders to justice, recovering money that rightfully belongs to our clients. Our work also helps make sure that other borrowers do not fall victim to the same practices, bringing awareness to certain unethical lending methods.
What Is Predatory Lending?
If a loan is designed to profit lender unfairly, by abusing the borrower or putting them in debt far beyond their ability to repay, it is likely a predatory practice. This can be accomplished through bloated interest rates, misinformation to keep lenders off balance, and “fine print” designed to mislead debtors.
In some situations, predatory lenders will unjustly take advantage of individuals and offer fraudulent loans that are significantly misrepresented. This includes practices where lenders exaggerate the affordability of a loan or a borrower’s ability to pay it back. Even with various federal and state laws in place to protect consumers, thousands of people fall victim to predatory lending practices each year.
Predatory lenders take advantage of consumers in many ways, including:
- Payday loans
- Overdraft fees
- Credit card fraud
- High fees and closing costs
- Payment increases over time
- Unreasonably high interest rates
- Misrepresentation of the contract
In many cases, consumers are robbed of their rights and privileges through misinformation. Most loan packages are presented as though they are set in stone—in reality, consumers have the ability to negotiate loans if they wish. Misinformation is a form of fraud, and is a widespread problem in the loan industry.
Overwhelmed by Debt? Call 314-863-6000!
Consumer debt is a significant issue today. As of 2015, American consumers are nearly $12 trillion in debt. Much of that debt is overwhelming due to unethical or illegal practices. At The Buxner Law Firm, we understand the need to quickly and effectively sort out complications that predatory lenders can cause.
If you are looking to take legal action or if you are involved in a class action, do not hesitate to contact The Buxner Law Firm as soon as possible. We offer free case evaluations to answer your questions and help determine the next step. If you are unsure if you have a case, calling us a no-cost way of finding out for sure.
Aggressive Advocacy for Clients
If you are in debt, you may not be aware of the various options that you have to help regain control of your finances. Aside from filing for bankruptcy, you can pursue lawsuits that could potentially provide you with damages to help recover costs associated with your fraudulent loan. At The Buxner Law Firm, we can help you.
For information about how The Buxner Law Firm provides the counsel that you need, do not hesitate to contact our firm right away and speak with a trusted St. Louis attorney from our team.