Victims of Regency Financial Services Loan Modification Scheme Getting Refunds
Refund amounts are based on information victims gave law enforcement
Are you one of those who paid an up-front fee to Regency Financial Services in an attempt to get better terms for your auto loan?
If so, there's good news! The Federal Trade Commission (FTC) is mailing 288 checks worth more than $109,000 in total to the victims who fell for the company's loan modification scheme.
The FTC sued Regency and claimed that the company, along with CEO Ivan Levy, did not provide the services it promised and that it did not meet its "money-back guarantee," either.
The defendants agreed to a monetary settlement of the suit in July 2015. This settlement banned them from engaging in telemarketing as well as from selling products or services related to debt relief.
Regency's victims will receive full refunds, the amounts of which will be based on the information they provided to law enforcement. The average refund amount is $380.
If you receive a refund check, you should either cash or deposit it within 60 days.
Questions? Contact Rust Consulting, the FTC's refund administrator, at (866) 591-7249.