crimsonbadger24 said:Thanks. I mean, that’s basically what I gathered from the news too, but man, it just sounded way too wild to be true... I guess after living in America for this long, you kind of start to think you've seen it all, right? :-)
Just one more thing, does anyone actually know when the deadline is to get these applications in? I’ve been scouring the web like a madman and honestly, I can't find a single thing about it anywhere online... it's like they just don't want us to know, I guess.
I think I saw somewhere that you probably shouldn't be going over, like, maybe a certain amount when it comes to costs, but honestly, I don't know, my memory is kind of shot today... $3333 So, wait, if they actually win their day in court, does that mean everything just gets handed back to them, or what? Is that how it works? I guess I'm just trying to wrap my head around the whole thing, maybe I'm overthinking it, but it feels like if the Supreme Court finally rules in their favor, they should be getting those funds back, right? Or am I totally off base here?
Look, I know this whole thing is probably going to drag on for years, but honestly, who cares? I’m totally down to kick off the legal process anyway. Even if it takes forever, maybe it’ll finally settle for my kids or even my grandkids down the line—not that I have much faith in our American justice system, knowing how things usually go around here! :-)
You can sue over the Currency until June 2023. Interest could certainly have been sued for up until June 2019, but due to a new Supreme Court interpretation that favors consumers, you can still sue for interest—though there is a slightly higher risk that it won't hold up, or that the court will rule the interest is past the statute of limitations.
If you took out a loan from Deutsche Bank or JPMorgan Chase, both the Currency and the interest are secure.
For other banks, you can always sue just for the Currency. The Currency amount is larger than the interest—sometimes even four times larger—so a significant portion isn't subject to the statute of limitations yet.
Once you find an attorney, they will guide you through the calculation. An accounting service handles the calculation of your loan overpayment. They charge about 500-$267. This is necessary just to determine the specific amount you need to sue for.
After you receive the calculation, you'll see how much was overpaid in terms of Currency versus interest. If the interest amount is negligible, it's best to drop it; if it's substantial, you might consider the risk of suing for both the Currency and the interest.
That is your call. You decide whether to sue for just the Currency or both.
As for costs, before a judgment is reached, you'll have to pay your attorney, the retainer for the expert witness, and court fees.
How much you pay an attorney depends on your agreement. It's better to pay them per action rather than a percentage; otherwise, you'll end up paying more than you would have under a per-action arrangement.
For example, if you sue for an amount less than $33, the fee per action for the attorney should be $417. This amount is set by the attorney fee schedule.
The process goes like this:
1. Filing the lawsuit ($417 pay your attorney)
2. Responding to the lawsuit filed by the bank's lawyers
3. It would then be wise for your attorney to file a motion to further respond to the bank's claims ($417 pay your attorney)
4. Pre-trial hearing—where the court essentially concludes the previous stage and orders an expert evaluation ($417 pay your attorney)
+ Following that hearing, you usually need to pay a $1,500-$667 retainer for the expert within 30 days, since you, as the plaintiff, are requesting the evaluation. This money goes to the government treasury. Then your case moves to the expert phase.
5. Once the report arrives, your attorney reviews it. Usually, the reports are fine; if everything looks good, your attorney needs to file a motion to amend the claim so the amounts align with the findings and opinions ($417 pay your attorney)
6. Main hearing. The main hearing is concluded, and a date is set for the announcement of the verdict ($417 pay your attorney)
+ You also need to pay court fees, which depend on the amount you are suing for. You'll have to pay fees for both the initial lawsuit and the final judgment. There is a possibility of getting a 50% discount if you pay immediately upon filing the suit and immediately after the judgment is handed down, so ask your attorney about that.
Those are the costs you'll face before a judgment is handed down. Occasionally, a hearing might get pushed back or you may need to contest an expert's report, but those are outliers. In those cases, you're looking at maybe one or two additional legal moves at most.
That brings the total estimated cost to roughly $2667.
The process moves fast now; judges aren't interested in dragging their feet since these disputes are straightforward. There shouldn't be any major surprises. Of course, the opposing side might try to dispute your consumer status or something similar, but that’s what your lawyer handles.
Once the initial ruling comes in, the bank almost always appeals. After they file, your attorney can draft a response, though it isn't strictly necessary. The appeal goes to a state appellate court here in the US. That’s where things slow down, as it can take a state appellate court about a year to issue a final decision.
After the appellate court rules, the bank will contact you to ask which account to deposit the funds into.
They pay out the amount you were overcharged by the bank, plus interest on those amounts, plus all legal costs (what you paid your lawyer during the proceedings, the expert witness retainer, and court fees), along with interest on those legal costs accruing from the date of the initial judgment.
You can coordinate with your lawyer to have the funds deposited directly into your account rather than theirs. If you agreed on a contingency fee or a performance bonus based on a lower initial retainer, you'll need to settle up with your attorney in full once the bank releases the payment.
That’s the gist of it. Sue them and get back what belongs to you. 🙂
