Sarah Mirando  |  November 12, 2010

Category: Legal News

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New Horizons Credit Collection Settlement
By Sarah Pierce
 

credit cardsA proposed settlement in a class action lawsuit against Tighorn Financial Services, New Horizons Financial Services, Total Card and Monterey County Bank could affect thousands of Minnesota consumers who defaulted on their credit lines and received collection letters from New Horizons advertising its credit card program.

 

The New Horizons class action lawsuit accuses the defendants of violating the Fair Debt Collections Practices Act, which prohibits debt collectors from engaging in abusive, deceptive and unfair collection practices. The lawsuit alleges some Minnesota consumers who defaulted on their credit cards had their defaulted accounts purchased by one the defendants, which would then attempt to encourage the consumers through a collection letter to apply for a New Horizons credit card in order to pay off the consumer’s original defaulted account. Over 6,500 Minnesota consumers are believed to have received such letters advertising the New Horizons credit card program and are automatically included in the proposed class action lawsuit settlement.

 

As part of the New Horizons settlement, class members may be eligible to receive one the following benefits:

 

(1) If you were mailed a letter in the New Horizons program, Tighorn has agreed not to take any collection action and will not sell or transfer your same debt to another party.

 

(2) If you responded to the letter and signed up for a New Horizons credit card issued by Monterey County Bank, you will be compensated in the amount of $85. In addition, defendants will not take any collection action or sell or transfer the debt to another party, and Monterey County Bank will refund and return any transferred amounts paid, plus the initial annual fee plus any interest that has accrued on the transfer and initial annual fee. If you have used the card for new purchases, you will still be bound by the terms of the cardholder agreement.

 

The proposed New Horizons credit card settlement is still subject to approval at the Final Fairness Hearing scheduled on January 6, 2011.

 

If you received a letter concerning the New Horizons credit card program within one year after the class action lawsuit was filed, you do not need to do anything to receive your share of the settlement. If you wish to opt out, however, you must send a letter postmarked by December 15, 2010 indicating you wish to be excluded.

 

More information on the Tighorn, New Horizons & Total Card Class Action lawsuit Settlement, including further details on the settlement benefits and instructions for opting out, can be found at http://newhorizonsclassaction.com. 

 

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Updated November 12th, 2010

 

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One thought on New Horizons Credit Collection Settlement

  1. Alex Dixon says:

    I was miss lead by this company and told them that I did not want their card they told me that they auto resummited my application for me now they are charging me for a card I never wanted to start with. What can I do to fix this?

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