Household-Beneficial Settlement
Background Information
Utah, along with Attorneys General from other states, investigated Household Finance, Beneficial Finance, and Household International for improper lending practices in connection with real estate loans made in Utah between January 1, 1999 and September 30, 2002. In connection with a lawsuit filed by Utah and other states, Household agreed to a settlement in December 2002.
The settlement includes:
A court order that Household and Beneficial change their lending practices and the disclosures they give to customers.
Payment of approximately $4.4 million for distribution to customers in Utah, and
Household's agreement to waive any prepayment penalties on loans outstanding at least two years. In other words, after two years, you can refinance any loan from Household or Beneficial without paying any prepayment penalties.
This Website has the following information available for review or downloading:
Court Documents: This collection includes the complaint (PDF), stipulation (PDF), and final judgment (court order)(PDF).
Distribution Plan: The distribution plan (PDF) explains what factors were used in determining how to distribute the settlement in Utah.
Explanatory Letter: A letter (PDF) from the Attorney General explaining the settlement and the choice each consumer must make if he or she wants to accept the settlement terms.
Settlement Website: The internet address is www.Household-Beneficial-Settlement.com. This Website contains additional information about the settlement.
Frequently Asked Questions (FAQ): A list of anticipated questions and answers regarding the settlement.
Contact Information:
You can contact the settlement administrator by calling 1-800-780-2156, visiting the Website at www.Household-Beneficial-Settlement.com , or by mail at
P.O. Box 3775, Portland, OR 97208-3775.
You can contact the Utah Attorney General's Office by E-mail at ijensen@utah.gov , by telephone at 801-366-0310, or by mail at
P.O. Box 140872, Salt Lake City, UT 84114-0872.