The “AWL settlement fund” has recently become a hot topic in financial circles. Agreed upon in 2022, this fund emerged from a class-action lawsuit against American Web Loan (AWL), resolving allegations of the company's unfair and deceptive lending practices. The settlement fund, valued at $141 million, aims to provide monetary relief to affected borrowers.
AWL Settlement Fund: The Overview
The AWL settlement fund is a beacon of hope for those borrowers negatively impacted by AWL's lending practices. This fund will be disbursed in two primary forms: cash payments and loan forgiveness.
Cash Payments and Loan Forgiveness
Borrowers who obtained a loan from AWL between January 1, 2009, and December 31, 2017, could be eligible for cash payments. Additionally, those still in debt to AWL might qualify for loan forgiveness.
|Cash Payments||Loan Forgiveness|
|It depends on the loan amount and duration||Based on the outstanding amount and loan duration|
Eligibility for the AWL Settlement Fund
To qualify for the AWL settlement fund, borrowers must meet specific criteria. They should have taken out a loan from AWL within the specified period and either still owe money or have repaid but were affected by AWL's practices. Furthermore, they must file a claim by December 31, 2023.
Filing Your Claim
Filing a claim for the settlement fund can be done online at www.awlsettlement.com. Alternatively, potential claimants can contact the settlement administrator at 1-877-868-6825 for assistance.
Critical Dates for the AWL Settlement Fund
It's essential to keep track of the key dates associated with the AWL settlement fund:
|2019||Class-action lawsuit filed against AWL|
|2022||Settlement agreement reached|
|2022||Settlement was approved by the court in July|
|2023||Deadline to file a claim on December 31|
Additional Information about the AWL Settlement Fund
Epiq Solutions, the settlement administrator, will handle the AWL settlement fund. They will determine the cash payments or loan forgiveness amounts and send checks or letters to eligible borrowers. Updates can be found on the settlement website, www.awlsettlement.com.
1. What is the AWL settlement fund?
The AWL settlement fund is a $141 million settlement agreed upon by AWL in 2022 to settle a class-action lawsuit alleging unfair and deceptive lending practices.
2. Who can claim the AWL settlement fund?
Borrowers who took out a loan from AWL between January 1, 2009, and December 31, 2017, may be eligible to claim from the AWL settlement fund.
3. How can I claim from the AWL settlement fund?
Claims for the AWL settlement fund can be filed online at www.awlsettlement.com before December 31, 2023.
4. What does the AWL settlement fund offer?
The AWL settlement fund offers two forms of relief: cash payments and loan forgiveness, depending on each borrower's circumstances.
In conclusion, the “AWL settlement fund” offers a significant opportunity for financial relief to those affected by AWL's lending practices. If eligible, borrowers are encouraged to file a claim promptly to benefit from this settlement.
- AWL Settlement Fund: The Overview
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- Cash Payments and Loan Forgiveness
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- Eligibility for the AWL Settlement Fund
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- Filing Your Claim
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- Critical Dates for the AWL Settlement Fund
- Additional Information about the AWL Settlement Fund