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The New Year brings new opportunities to seek restitution for wrongs committed in previous months and even years. Take a look at this monthâs list of class-action settlements to see if any of these offers will let you add some cha-ching to your pocket as you ring in 2021.
UnityPoint Health: Data Breach
Anyone who was affected by UnityPoint Health data breaches in 2017 and 2018 may be eligible for up to $7,000 plus a year of free credit monitoring and identity theft protection.
Also known as Iowa Health System, the lawsuit claims UnityPoint was hit by a data breach that began in November 2017. The multi-hospital delivery and health care system purportedly found the ongoing breach in February 2018, but failed to notify affected persons until April or even July of 2018.
The lawsuit alleges that more than 1 million names, addresses, phone numbers, billing information and health information were exposed, costing patients and consumers time and money to cancel credit cards and fight identity theft and fraud.
UnityPoint denied wrongdoing, but agreed to a $2.8 million settlement. UnityPoint Health said it contacted all affected consumers whose personal information was exposed during the 2017 and 2018 data breaches.
File your valid claim by March 2, 2021 to receive a year of free credit monitoring and up to $1,000 in âordinaryâ expenses, including a maximum of three hours of time valued at $15 per hour and documented out-of-pocket expenses you incurred due to the data breaches, such as postage fees and internet charges. You also may claim up to $6,000 in âextraordinaryâ expenses related to identity theft or fraud caused by the data breaches, including false tax returns and interest on loans you had to take out because of canceling your credit card accounts.
Kalispell Regional Healthcare: Data Breach
You could be eligible for expense reimbursement, cash payments and free credit monitoring services as the result of a $4.2 million class-action settlement.
In October 2019, Kalispell Regional Healthcare notified patients that hackers were able to access employee email accounts and used those accounts to access the personal data of patients.
In response, a lawsuit alleged Kalispell didnât do enough to protect against hackers. The company did not admit to any wrongdoing, but agreed to settle for $4.2 million.
Cyber thieves reportedly gained access to the following patient data:
- Â Â Names and addresses
- Â Â Medical record numbers
- Â Â Dates of birth
- Â Â Telephone numbers
- Â Â Email addresses
- Â Â Medical history and treatment information
- Â Â Dates of service
- Â Â Treating physicians
- Â Â Medical bill account numbers
- Â Â Health insurance information
- Â Â Social Security numbers
If you were notified by Kalispell Regional Healthcare that your personal information might have been compromised, you could be eligible for reimbursement of up to $15,000 in expenses related to the breach. You also may be eligible for up to five hours of time at the rate of $15 per hour.
In addition to reimbursement, you can choose between five years of Experian credit monitoring services valued at nearly $720 and an alternative cash payment of up to $100. Exact cash payment amounts will vary but will not exceed $100.
Claim forms are due by Feb. 25, 2021.
BMW: Failing Coolant Pump
If you owned or leased specific 2007 through 2019 models of BMW vehicles, you could claim up to $1,000 in reimbursements.
A class-action suit alleged the affected vehicles were equipped with electric coolant pumps that once they failed, caused engines to overheat, resulting in the need for expensive repairs. The lawsuit further alleged BMW knew of the problem but did not fix it or reimburse owners and lessees for resulting repairs.
Car owners and lessees may receive a maximum of $1,000 in out-of-pocket repair costs for parts and labor required to replace one failed electric engine coolant pump and a thermostat, if such replacement was needed within the first seven years or first 84,000 miles the vehicle was in service. In addition, BMWâs New Passenger Vehicle Limited Warranty may be extended to seven years or 84,000 miles.
BMW also will replace an electric coolant pump that fails for one year after the settlement becomes effective, no matter how old the vehicle is or how many miles it has on it.
We have the complete list of models covered and all the details you need to make a claim by the Feb. 18, 2021 deadline.
10/17/19 @ 9:00 PM
12/31/20 @ 1:55 PM
12/29/18 @ 8:07 PM
12/21/20 @ 4:02 PM
Sports Research: Deceptive Supplement Labeling
If you bought Sports Research Corporationâs Premium MCT Oil products or Turmeric Curcumin C3 Complex products, you could be eligible for a portion of a settlement over allegations of deceptive labeling practices.
The premium-priced products that were labeled âpacked with beneficial fatsâ and capable of fostering ânaturalâ energy purportedly were falsely advertised. The MCT Oil merchandise contained 14 grams of saturated fat that did not allow it to be considered âhealthyâ as part of a diet. In addition, the ânaturalâ energy supposedly induced by the use of raw coconut materials allegedly underwent processing.
The MCT Oil products were also promoted as containing antibacterial, anti-microbial and anti-viral properties, while the Turmeric Curcumin C3 products were marketed as anti-inflammatory products that provided antioxidant benefits.
If you bought Sports Researchâs MCT Oil products or Turmeric Curcumin C3 products between Jan. 9, 2016 and Jan. 9, 2020, you could be eligible for either a $7 voucher to be used toward the purchase of any Sports Research product or $3 cash.
File your valid claim by Feb. 23, 2021 to receive your healthy dose of restitution.
Chime Digital Bank Service Disruption
Were you unable to access your Chime deposit account between Oct. 16-19, 2019 because of a service disruption? If so, you could be eligible for a portion of a $1.5 million class-action settlement.
The intermittent outage lasted for several days, according to the lawsuit, which resulted in late bill payments and disrupted purchases. The suit also says Chime failed to warn users of the outage and only communicated via Twitter.
Chime did not admit to any wrongdoing, but agreed to the class action settlement.
Compensation is divided into two tiers. Tier one allows consumers who suffered a loss due to the service disruption to receive a cash payment up to $25 with no proof of such loss. Tier two provides payments up to $750 for those who can provide documentation.
We have all the details and how to file your claim by the Feb. 15, 2021 deadline.
BMW: Defective Timing Chain
Former owners and lessees of certain 2012 to 2015 models of BMW vehicles could be eligible for reimbursement for allegedly defective timing chain components.
A lawsuit that alleged certain BMWs equipped with N20 and N26 engines were prone to experiencing damage and needing costly repairs because of defective timing chains.
BMW owners and lessees may qualify for either a reimbursement program or a prospective repair program.
The reimbursement program provides between 40% and 100% reimbursement for vehicle repairs depending on the mileage at the time of service. No cap exists for repair reimbursement if the repairs were completed at a BMW center. However, repairs done at an independent service center are capped at $3,000 for timing chain modules and oil pump drive chain modules and at $7,500 for engines.
A separate program provides reimbursement for future repairs. Some of these claims will be covered under vehiclesâ existing warranties while others will be reimbursed for between 40% and 75% of the total repair costs. Vehicles must be taken to a BMW center.
Expenses are only eligible for reimbursement if the damage was caused by failure of the timing chain or oil pump drive chain modules. Vehicles that have over 100,000 miles or have been in service for over eight years are not eligible.
Check out the details, the list of covered vehicles, and the claim form that must be submitted by the estimated deadline of March 18, 2021.
Navy Federal Credit Union: Unfair NSF Fees
Navy Federal Credit Union has agreed to a $16 million settlement over allegations it charged unfair non-sufficient funds (NSF) fees to its customers.
Navy Federal customers who were charged two or three NSF fees on one transaction between Jan. 28, 2014 and Oct. 27, 2020 may be eligible for cash payments or account credits.
Multiple fees purportedly were incurred when a merchant presented a transaction for payment several times after an initial rejection. With each attempt, Navy Federal allegedly tried to process the payments again, which resulted in an additional NSF fee. This practice of charging the additional NSF fees violated Navy Federalâs own terms of its agreements, according to the suit.
Exact awards will depend upon the number of NSF fees charged and the number of customers who agree to participate in the settlement.
No claim form is required because cash payments or account credits automatically will be distributed, but you have until Feb. 24, 2021 to object to the settlement or to ask to be excluded from it.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
You’ve tried debt payoff strategies, balance transfers, consolidation, and evenÂ debt management; you’ve begged your creditors, liquidated your assets, and pestered your friends and families for any money they can afford, but after all of that, you still have more debt than you can handle.
Once you reach the end of your rope, the options that remain are not as forgiving asÂ debt managementÂ and they’ll do much more damage to yourÂ credit scoreÂ than debt payoff strategies. However, if you’ve tried other forms ofÂ debt reliefÂ and nothing seems to work, all that remains is to consider debt settlement and bankruptcy.
Debt settlement is a very good way to clear your debt. It’s one of the cheapest and most complete ways to eradicateÂ credit cardÂ debtÂ and can help with most other forms ofÂ unsecured debtÂ as well. Bankruptcy, on the other hand, is aÂ last resortÂ option for debtors who can’t meet thoseÂ monthly paymentsÂ and have exhausted all other possibilities.
But which option is right for you, should you be looking for aÂ debt settlement companyÂ or aÂ bankruptcy attorney?
Similarities Between Bankruptcy and Debt Settlement
Firstly, let’s look at the similarities between bankruptcy and debt settlement, which are actually few and far between. In fact, beyond the fact that they are bothÂ debt reliefÂ options that can clear your debt, there are very few similarities, with the main one being that they both impact yourÂ credit scoreÂ quite heavily.
A bankruptcy can stay on yourÂ credit reportÂ for up to 10 years and do a lot of damage when it is applied. It may take several years before you can successfully apply for loans and high credit lines again, and it will continue to impact your score for years to come.
Debt settlement is not quite as destructive, but it can reduce yourÂ credit scoreÂ in a similar way and last for up to 7 years. Accounts do not disappear in the same way as when you pay them in full, so future creditors will know that the accounts were settled for less than the balance and this may scare them away.
In both cases, you could lose a couple hundred points off yourÂ credit score, but it all depends on how high your score is to begin with, as well as how many accounts you have on yourÂ credit reportÂ and how extensive the settlement/bankruptcy process is.
Differences Between Bankruptcy and Debt Settlement
The main two types of bankruptcy are Chapter 7 and Chapter 13. The former liquidates assets and uses the funds generated from this liquidation to pay creditors. The latter creates aÂ repayment planÂ with a goal of repaying all debts within a fixed period of time using an installment plan that suits the filer.
Debt settlement, on the other hand, is more of a personal process, the goal of which is to offer a reduced settlement sum to creditors andÂ debt collectors, clearing the debts with aÂ lump sum paymentÂ that is significantly less than the balance.
Chapter 7 BankruptcyÂ andÂ Chapter 13 Bankruptcy
When people think of bankruptcy, it’s often a Chapter 7 that they have in mind. With aÂ Chapter 7 bankruptcy, all non-exempt assets will be sold, and the money then used to pay lenders. There are filing costs and it’s advised that you hire aÂ bankruptcy attorneyÂ to ensure the process runs smoothly.
Chapter 7 bankruptcyÂ is quick and complete, typically finishing in 6 months and clearing mostÂ unsecured debtsÂ in this time. There is noÂ repayment planÂ to follow and no lawsuits or wage garnishment to worry about.
Chapter 13, on the other hand, focuses on aÂ repayment planÂ that typically spans up to 5 years. The debts are not wiped clear but are instead restructured in a way that the debtor can handle. This method of bankruptcy is typically more expensive, but only worthwhile for debtors who can afford to repay their debts.
Filing for bankruptcy is not easy and there is no guarantee you will be successful. There are strictÂ bankruptcy lawsÂ to follow and theÂ bankruptcy courtÂ must determine that you have exhausted all other options and have no choice but to file.
Bankruptcy will require you to see aÂ credit counselor, which helps to ensure that you don’t make the same mistakes in the future. This can feel like a pointless and demeaning requirement, as many debtors understand the rights and wrongs and got into a mess because of uncontrollable circumstances and not reckless spending, but sessions are short, cheap, and shouldn’t cause much stress.
HowÂ Debt Settlement Works
The goal of debt settlement is to get creditors to agree to aÂ settlement offer. This can be performed by the debtor directly, but it’s often done with help from aÂ debt settlement company.
The debt specialist may request that you stop making payments on your debts every month. This has two big benefits:
1. More Money
You will have more money in your account every month, which means you’ll have more funds to go towards debtÂ settlement offers.Â
The idea of making largeÂ lump sum paymentsÂ can seem alien to someone who has a lot of debt. After all, if you’re struggling to make $400 debt payments every month on over $20,000 worth of debt, how can you ever hope to get the $5,000 to $15,000 you need to clear those debts in full?
But if you stop making all payments and instead move that money to a secured account, you’ll have $4,800 extra at the end of the year, which should be enough to start making those offers and getting those debts cleared.
2. Creditor Panic
Another aspect of the debt settlement process that confuses debtors is the idea that creditors would be willing to accept reduced offers. If you have a debt worth $20,000 and are paying large amounts of interest every month, why would they accept a lump sum and potentially take a loss overall?
The truth is, if you keep makingÂ monthly payments, creditors will be reluctant to accept aÂ settled debtÂ offer. But as soon as you start missing those payments, the risk increases, and the creditor faces the very real possibility that they will need to sell that debt to aÂ collection agency. If you have a debt of $20,000, it may be sold for as little as $20 to $200, so if you come in with an offer of $10,000 before it reaches that point, they’ll snap your hand off!
Types of Debt
AÂ debt settlement programÂ works best when dealing withÂ credit cardÂ debt, but it can also help to clear loan debt,Â medical bills, and more. Providing it’s not government debt or secured debt, it will work.Â
With government debt, you need specific tax relief services, and, in most cases, there is no way to avoid it. With secured debt, the lender will simply take your asset as soon as you default.
Debt settlement companiesÂ may place some demanding restrictions on you, and in the short term, this will increase yourÂ total debtÂ and worsen yourÂ financial situation. In addition to requesting that you stop makingÂ monthly payments, they may ask that you place yourself on a budget, stop spending money on luxuries, stop acquiring new debt, and start putting every penny you have towards the settlement.
It can have aÂ negative impactÂ on your life, but the end goal is usually worth it, as you’ll beÂ debt-freeÂ within 5 years.
Pros andÂ Cons of Debt SettlementÂ and Bankruptcy
Neither of these processes are free or easy. With bankruptcy, you may pay up to $2,000 for Chapter 7 and $4,000 for Chapter 13 (including filing fees and legal fees) while debt settlement is charged as a fixed percentage of the debt or the money saved.Â
As mentioned already, both methods can also damage yourÂ credit score. But ultimately, they will clear your debts and the responsibilities that go with them. If you’ve been losing sleep because of your debt, this can feel like a godsendâa massive weight lifted off your shoulders.
It’s also worth noting thatÂ scamsÂ exist for both options, so whether you’reÂ filing bankruptcyÂ or choosing a debtÂ settlement plan, make sure you’re dealing with a reputable company/lawyer and are not being asked to pay unreasonable upfront fees. ReputableÂ debt settlement companiesÂ will provide you with aÂ free consultationÂ in the first instance, and you can use the NACBA directory to find a suitable lawyer.
Bankruptcy and Debt Settlement: The End Goal
For all the ways that these two options differ, there is one important similarity: They give you a chance to make aÂ fresh start. You can never underestimate the benefits of this, even if it comes with a reducedÂ credit scoreÂ and a derogatory mark that will remain on yourÂ credit reportÂ for years to come.
If you’re heavily in debt, it can feel like your money isn’t your own, your life isn’t secure, and your future is not certain. With bankruptcy and debt settlement, yourÂ credit scoreÂ and finances may suffer temporarily, but it gives you a chance to wipe the slate clean and start again.
What’s more, this process may take several years to complete and in the case of bankruptcy, it comes withÂ credit counseling. Once you make it through all of this, you’ll be more knowledgeable about debt, you’ll have a better grip on your finances, and your impulse control.Â
And even if you don’t, you’ll be forced to adopt a little restraint after the process ends as yourÂ credit scoreÂ will be too low for you to apply for newÂ personalÂ loansÂ and high limitÂ cards.
Other Options for Last DitchÂ Debt Relief
Many debtors preparing for debt settlement or bankruptcy may actually have more options than they think. For instance, bankruptcy is often seen as a get-out-of-jail-free card, an easy escape that you can use to your advantage whenever you have debts you don’t want to pay.
But that’s simply not the case and unless you have tried all other options and can prove that none of them have worked, your case may be thrown out. If that happens, you’ll waste money on legal and filing fees and will be sent back to the drawing board.
So, regardless of theÂ amount of debtÂ you have, make sure you’ve looked into the followingÂ debt reliefÂ options before you focus on debt settlement or bankruptcy.Â
AÂ debt consolidationÂ loanÂ is provided by a specialized lender. They pay off all your existing debts and give you a single large loan in return, one that has a lowerÂ interest rateÂ and a lowerÂ monthly payment.Â
Your debt-to-income ratio will improve, and you’ll have more money in your pocket at the end of the month. However, in exchange, you’ll be given a much longer-term, which means you’ll pay more interest over the life of the loan.
AÂ Debt ManagementÂ Plan
Debt managementÂ combinesÂ counseling servicesÂ withÂ debt consolidation. AÂ debt managementÂ planÂ requires you to continue making yourÂ monthly payment, only this will go to theÂ debt managementÂ company and not directly to the creditors. They will then distribute the money to your creditors.
You’ll be given aÂ monthly paymentÂ that you can manage, along with the budgeting advice you need to keep meeting those payments. In exchange, however, you’ll be asked to close all but oneÂ credit cardÂ (which can hurt yourÂ credit score) and if you miss a payment then your creditors may back out of the agreement.
Balance Transfer Card
If all your debts are tied intoÂ credit cards, you can use a balance transferÂ credit cardÂ to make everything more manageable. With a balance transferÂ credit card, you move one or more debts onto a new card, one that offers a 0% APR for a fixed period.Â
The idea is that you continue making yourÂ monthly payment, only because there is no interest, all the money goes towards the principal.
Home Equity Loans
If you have built substantial equity in your home then you can look into home equity loans and lines of credit. These are secured loans, which means there is a risk ofÂ repossessionÂ if you fail to keep up your payments, but for this, you’ll get a greatly reducedÂ interest rateÂ and a sum large enough to clear your debts.
Bottom Line: The Best Option
Debt settlement and bankruptcy are both considered to beÂ last resortÂ debt-reliefÂ options, but they couldn’t be more different from one another. Generally speaking, we would always recommend debt settlement first, especially if you have a lot of money tied up inÂ credit cardÂ debt.
If not, and you can’t bear the idea of spending several months ignoring your creditors, missing payments, and accumulatingÂ late fees, it might be time to consider bankruptcy. In any case, make sure you exhaust all other possibilities first.
Debt Settlement vs Bankruptcy: Which is Best? is a post from Pocket Your Dollars.
When you’re a first-time home buyer approaching the finish line in the journey to your new home, you want nothingÂ to go wrong, right?
Thatâs why weâve put together a home closing checklist, which outlines your action points in those few days leading up to settlement. Keep this closing process list handy to know you’ve done what you need to in order to close the deal.
1. Get all contingencies squared away
Most purchase agreements haveÂ contingenciesâthings that buyers must doÂ before the real estate transaction is official, explainsÂ Jimmy Branham, a Coral Springs, FL, real estate agent at the Keyes Company. These are the most common contingencies that are part of your new home closing process:
- Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request that it be fixedâor you can back out of the sale. Itâs rarely advisable to waive an inspection contingency. Although the averageÂ home inspection costsÂ $300 to $500, itâs a drop in the bucket considering the costly home issues you might uncover, saysÂ Claude McGavic, executive director of the National Association of Home Inspectors.
- Appraisal contingency:Â With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting yourÂ earnest money deposit, saysÂ Bishoi Nageh, president of the Petra Cephas Team at Mortgage Network Solutions, in Somerset, NJ.
- Financing contingency:Â This contingency gives you the right to back out of the deal if yourÂ mortgage approval falls through. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage.
2. Clear the title
When you buy a home, you âtake titleâ to the property and establish legal ownershipâa process thatâs confirmed by local public land records. As part of the closing process, your mortgage lender will require a title search, and you’ll need to purchase title insurance to protect you from legal claims to the house.
Sometimes distant relativesâor an ex-spouseâmay surface with a claim that they actually own the home, and that the seller had no right to sell it to you in the first place. But clearing title will ensure this doesnât happen, saysÂ Marc Israel, president and chief counsel of MiT National Land Services, a title company in New York City.
As the home buyer of this piece of real estate, youâre entitled to choose the title company. You can get recommendations from your real estate agent, mortgage lender, and friendsâjust be sure to check out the license and reputation of each company online.
3. Get final mortgage approval
You’ve made that down payment, but before you can go to the closing table, yourÂ home loan must go through the underwriting process. Underwriters are like real estate detectivesâitâs their job to make sure you’ve represented yourself and your finances truthfully, and that you havenât made any false or misleading claims on your loan application.
The underwriterâemployed by your mortgage companyâwill check your credit score, review your home appraisal, and ensure that your financial portfolio has remained the same since you were pre-approved for the loan.
Since underwriting typically happens shortly before closing, you donât want to do anything while youâre in contract thatâs going toÂ hurt your credit score. That includes making a down payment on a car, boat, or similar large purchase that has to be financed.
4. Review your closing disclosure
If you’re getting a loan, one of the best ways to prepare is to thoroughly review yourÂ closing disclosure, also known as a HUD-1 settlement statement.
This official document outlines your exact mortgage payments, the loanâs terms (e.g., the interest rate and duration), and additional fees youâll pay, called closing costs (which account for anywhere from 2% to 7% of your homeâs price).
Youâll want to compare your closing disclosure to the loan estimate your lender gave you at the outset. If you spot any discrepancies, ask your lender to explain them.
5. Do a final walk-through
Most sales contracts allow buyers to do aÂ walk-through of the homeÂ within 24 hours before closing. During this stage, you’re making sure the previous owner has vacated (unless youâve allowed aÂ rent-back arrangementÂ in which they can stick around for a period of time before moving).
Youâre also double-checking that the home is in the condition agreed upon in the contract. If your home inspection revealed problems that the sellers had agreed to fix, youâll want to make sure those repairs were made.
6. Bring the necessary documentation to closing
Make sure you have the following items when you head to the closing table:
- Proof ofÂ homeowners insurance
- A copy of your contract with the seller
- Your home inspection reports
- Any paperwork the bank required to approve your loan
- A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the propertyâs title and mortgage.)
Plan to sign a ton of paperwork. An attorney or settlement agent will guide you through the process. When youâre done, youâll collect the keys, and you’re finally home free!
The post Closing on a House Checklist: 6 Things Home Buyers Must Do Before They Move In appeared first on Real Estate News & Insights | realtor.comÂ®.