If you took out an online payday loan from a company affiliated with AMG Services, you may be getting a check in the mail from the FTC. The $505 million the FTC is returning to consumers makes this the largest refund program the agency has ever administered.
The FTC sued AMG and Scott A. Tucker for deceptive payday lending. When consumers took out loans, AMG said they would charge a one-time finance fee. Instead, AMG made multiple illegal withdrawals from peoples’ bank accounts and charged hidden fees. As a result, people paid far more for the loans than they had agreed to.
In 2016 the FTC won a court case against AMG and Scott Tucker. Then in 2017, a jury convicted Tucker and his attorney of crimes related to the lending scheme. The FTC and Department of Justice are using money obtained in both court actions to give refunds to consumers.
Here are answers to questions about AMG refunds.
Who will get a refund? Checks are being sent to consumers who took out loans between January 2008 and January 2013 from these AMG-related companies: 500FastCash, Advantage Cash Services, Ameriloan, OneClickCash, Star Cash Processing, UnitedCashLoans, and USFastCash.
How many people will get refunds? More than 1.1 million people will get refunds.
How does the FTC know who to send the checks to? The FTC and a refund administrator have used AMG’s business records to identify eligible consumers and calculate their refunds.
I’m eligible for a refund. What do I need to do? If you borrowed from one of the lenders listed above between January 2008 and January 2013, you don’t need to do anything. The checks are being mailed to eligible consumers automatically. There is no application process. If you borrowed from one of those lenders before January 2008, please call 1-866-730-8147.
How can I get more information? Visit the FTC’s AMG refund page or call 1-866-730-8147.
Three tips from the FTC:
- If you get a check, deposit or cash it within 60 days.
- The FTC never asks people to pay money or give information to cash refund checks. If someone asks you to pay to get a refund from the FTC, it’s a scam.
- The FTC has advice if you’re thinking about a payday loan or an online payday loan.
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In reply to Will this windfall of money by taxlady
The FTC doesn't give tax advice; you can talk with the IRS or a tax professional about that. I can tell you that the FTC will not be sending people an IRS Form 1099 related to the partial refund checks.
In reply to The FTC doesn't give tax by FTC Staff
In reply to IF IT STATES THAT IT IS A by CGRIMM41
The letter you got from the FTC said your check is a partial refund. It says that because the amount of your check is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. The FTC has sent out all the money that is available.
In reply to is there a way to find out, by annaintexas
You can call the company that the FTC hired to manage the refund process at 1-866-730-8147.
In reply to This is all so unfair. Payday by Lavendertones
In reply to Yes, I said the same thing. by ANN
All the checks said partial refund, because each check was less than the total amount a person paid to AMG Services, Inc. when it illegally charged them undisclosed and inflated fees. The FTC sent 1,179,803 refund checks, and it sent out all the money that is available.
We said you should cash or deposit the check within 60 days, because the FTC created a designated account for the AMG refunds. It is not a permanent account. Most people are able to cash or deposit a check within 60 days.
In reply to This is all so unfair. Payday by Lavendertones
In reply to Hello by eddiebrown2011
The letter you got from the FTC said your check is a partial refund. It says that because the amount of your check is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. The FTC has sent out all the money that is available.
In reply to My deceased sister received a by Cadisrn
If you got a check made out to someone who is deceased, and you are in charge of that person's estate, you can call Rust Consulting, the company that the FTC hired to manage the refund process. Call 1-866-730-8147. They will explain what to do.
In reply to My husband received his check by Stella Otis Mom
You can call the company that the FTC hired to manage the refund process at 1-866-730-8147.
In reply to OMG ! I think I ripped it and by Achand0918
You can call the company that the FTC hired to manage the refund process at 1-866-730-8147.
In reply to Mine said that it was a by Gotit
In reply to Thr letter with the check by Chief
The letter you got from the FTC said your check is a partial refund. It says that because the amount of your check is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. The FTC has sent out all the money that is available.
In reply to How do they determine how by Jo
The partial refund amounts were calculated based on the amount you lost from illegally charged fees on loans you took before January 2013 with a company affiliated with AMG Services. Each person will get a refund for a percentage of their loss.
In reply to Memo said "partial payment" by Pennylane
The letter you got from the FTC said your check is a partial refund. It says that because the amount of your check is less than the total amount you paid to AMG Services, Inc. when it illegally charged you undisclosed and inflated fees. The FTC has sent out all the money that is available.
In reply to The letter you got from the by FTC Staff
In reply to I had to apply for a reissued by rayetteq
In reply to Did they tell you you had to by Danifwood
Pagination