So, you’re thinking of filing a class action lawsuit against TD Bank. You’re not alone; countless people have faced this challenge. The question is: how do you go about filing such a lawsuit successfully? First, let me say that the class action lawsuit filed by thousands of consumers is here to stay. It has been an effective way of forcing the issue of predatory lending and abusive lending practices in this country to the forefront of the American public’s consciousness. Unfortunately, there are a number of class action lawsuit plaintiffs who are being steamrolled by TD Bank and their hired attorneys.
If you are one of the many class members who is being steamrolled, the only way to obtain the compensation you are entitled to is to file a complaint with the court. In doing so, you will be able to receive the much needed funds that you are entitled to under the terms of the current Fair Debt Collection Practices Act. Unfortunately, the banks’ ability to fight back has always been significantly less than the lawsuit funding courts provide. This is why filing a complaint is one of the most important aspects of the process.
Unfortunately, class action lawsuit funding entities are often willing to take a very small percentage of the money that the lawsuit plaintiffs receive because they understand that the lawsuit will bring them a ton of extra business in the future. This is fine for the bank whose top executives are receiving hefty settlement loans to pay off the bad debt. But it is not good for the rest of the class. For this reason, you should never use lawsuit funding to pay off extremely high interest rate bank loans or predatory non-standard home mortgage loans.
There are also problems associated with settlement loans and loan modifications that go beyond the fact that banks that participate in the lawsuit funding program may not have the financial resources to continue making their predatory loans and sale their predatory home mortgage loans. One of the most unfortunate realities of class action lawsuit funding is the fact that the banking industry is often one of the last to be notified when loan modifications and other restructuring strategies are being considered. This means that many of the class members who would benefit from receiving loan relief from their bank cannot find out about this fact until it is too late. Because the vast majority of loan restructuring negotiations take place between the attorney and the bank, this means that many class members will never even know that they may qualify for a settlement loan until it is too late and they have already been forced to default on their mortgages.
If you are part of a class action lawsuit against TD Banks and you think that you may qualify for a loan modification or other settlement loan, you need to make sure that you get in touch with an attorney as soon as possible. Most people do not realize that the banking industry will not let just anyone into the lawsuit until they have already been found to be “at fault” for some type of injury. If you are not sure whether you fit into this category, you should contact an attorney to find out. The paperwork involved in getting your lawsuit funded may be time consuming, but it is very important that you do not waste any time.
When you file a class action lawsuit against TD Banks, you should also contact your state attorney general’s office as well. Because there are many different types of lawsuits that can be filed in state courts, you need to make sure that you understand the specific requirements that you must meet in order to file such a lawsuit successfully. You should also contact your local bar association for information on how to proceed with the lawsuit. In addition to making sure that you meet the prerequisites, you should also make sure that your attorney has enough experience in handling cases similar to yours. Many attorneys will volunteer this information, but many will not do so unless you ask them specifically. If you do not feel comfortable with this part of the process, you should contact a qualified attorney to handle the entire class action lawsuit financing process for you.