Genus Credit Management Arbitration Settlement

OK…so, some years ago, I was dumb enough to get myself blanketed with store charge cards; things went bad for me, and I found it difficult to keep up even the minimum payments. I heard about Genus Credit Management somehow, don’t even remember how, and contacted them. They contacted each of the credit cards, got the interest reduced, and combined them all into one payment that I made to them, so they could pay the companies. There was a fee for doing this, of course, but it worked out well for me, and after several years, I got all paid off and have not fallen back into the trap, nor do I intend to.

So… about a month ago, I got a notification in the mail from the American Arbitration Association, saying that Genus has been found guilty of ‘allegidly false and misleading statements about debt management plans’, and has agreed to pay $4,000,000 to those eligible to submit proof of claim.

They sent me the claim form, I am eligible, and have mailed it off.

Now… I KNOW I won’t get anything close to the $4,000,000, but any ideas what might be a ballpark figure I can expect? Did I waste a stamp sending it in? I have never been part of anything like this, so I am curious.

Whatcha all think? Am I gonna get a windfall? :wink:

Unlikely. It’s probably going to be something like $10 or less.

Fair enough… it’ll still buy me lunch! :slight_smile: I ain’t hard to please.

Hey, like dad always said, “If someone hands you money for nothing, take it!”

You sure it says “pay $4,000,000 to those eligible…” and not “pay up to $4,000,000 to those eligible…”?

In the latter case, the settlement may involve a fixed amount per claimant, with a cap. So it could be that if there are a whole lot of claims, they may run out of money before they get to your claim. It may also mean that they will pay some sliding amount based on the amount of debt they handled in your case, but again if you’re at the end of a long list it’s possible you get nothing.

It’s pretty much the same in the former case, but it means they’ve committed the total amount to claims settlement. Conceivably, if most potential claimants throw away the letter instead of filing a claim, you might get a whole lot more money. Unlikely, but possible.

The way I am reading it (and God knows I may be wrong…) they are paying out a TOTAL of $4,000,000, to be split by those eligible and who actually send in the form. So, in the highly unlikely occurance that I am the only one that sends my form in… I am suddenly $4,000,000 richer.

Who knows? It’s probably gona be a buck-ninety-eight, but it’s fun to dream.

This is a late response, but below is the information that I received in reference to the Genus settlement.

If you received this Notice, you are eligible to submit Proof of Claim and receive a payment from the Settlement. Each Class member who submits a valid Proof of Claim form will receive an equal share of the Settlement Fund after reduction for the Arbitrator-approved attorneys’ fees (not to exceed one-third of the Settlement Fund) and costs.

God only knows how much the attorney fees and cost are. :smack:

I think - based upon number of people who were sent letters - that if everyone sends their letter back we will get like 8.50 a piece - but thats not counting the lawyer fees

which might take it down to 4 dollars a piece

but hey - if i saw a five dollar bill on the ground i would pick it up

i filled out the form online - so i am not out the 42 cents to mail
i think the final date is july 27th - by that time i will have forgotten and probably toss it as junk mail :frowning:

You’re getting a coupon for $5 off the annual fee for a subprime card (expires in 6 months, not valid in Connecticut or within 50 miles of your mom).

Congratulations.

Wrong, oh wise one. I ended up getting a check for $40. Much better than a kick in the ass, I’d say.

Odd, I see this thread was from last year but I just got one of these letters. I’d have thought the arbitration would be over.

By the way, I never had to pay a fee. They waived it. So I guess that means I wouldn’t be eligible for anything.

I got another one, too, will be sending it in too!