MMI Money Management International & Money Management By Mail Class Action Lawsuit Settlement Reached.
A class action settlement has been reached in a class action lawsuit pending against Money Management International, Inc. and Money Management By Mail, Inc. (collectively “Money Management” or “MMI” or “Defendants”) in the United States District Court for the Central District of California (styled Janice Abat, Jeanne Rossean and Nancy Wilksen v. Money Management International, Inc. and Money Management By Mail, Inc., Class Action Case No. SACV07-1476-CJC (ANx)) alleging, among other things, that Money Management operated like a for-profit organization, that Money Management was in the business of credit repair but failed to follow the requirements of the Credit Repair Organizations Act (CROA), that Money Management was improperly collecting debts due to financial institutions, that MMI’s close relationship with financial institutions caused it to fail to act with complete candor towards consumers, thereby violating fiduciary duties it owed to them and that MMI was a debt collector within the meaning of the Fair Debt Collection Practices Act, but failed to disclose that status to consumers, according to the Money Management class action settlement notice.
The MMI Money Management International & Money Management By Mail class action lawsuit settlement class reportedly includes the following persons, unless otherwise excluded:
All individuals nationwide who have paid initial or monthly fees and/or made contributions to MMI for DMP services at any time from December 28, 2002 through November 4, 2010.
The MMI Money Management International & Money Management By Mail class action lawsuit settlement reportedly provides that MMI will make available to the estimated 415,000 Class Members $6.5 million to settle and compromise the Class Members’ claims for reimbursement or restitution of their fees and/or contributions (the “Gross Settlement Amount”) after payment of class counsel’s attorney’s fees (the “Net Settlement Amount”).
The Court has reportedly ordered that the final fairness and adequacy hearing will be held on February 28, 2011 at 1:30 p.m. (or such other time as the Court may, without further notice, direct), in Courtroom 9B, at the United States District Court for the Central District of California, located at 411 West Fourth Street, Santa Ana, CA 92701, before the Honorable Cormac Carney to finally determine whether the proposed MMI Money Management International & Money Management By Mail class action lawsuit settlement is fair, reasonable, adequate, and in the best interests of the class members.
For more information about the MMI Money Management International & Money Management By Mail class action lawsuit settlement, including information about how to participate in, be excluded from (or opt out of) or object to the MMI Money Management International & Money Management By Mail class action settlement, visit the MMI Money Management International & Money Management By Mail class action settlement website:
www.abatclass.com
If You Have Thoughts On The MMI Money Management International & Money Management By Mail Class Action Lawsuit Settlement, Share Your Class Action Settlement Comments Below.
I joined MMI and it is the biggest regret of my life – I can literally trace how everything got out of hand to my trusting in these people. I faithfully sent payments using the bill pay service through Wells Fargo until the declared they could no longer accept this, and then I found out that they had not negotiated anything with my largest creditor (MBNA) and therefore I was just getting further and further behind with them to the point I could never catch up – these debts were charged off and I am struggling to get a credit score above 610 5 years later.
I had used mmi also and paid them forty dollars per month, they did not negotiate with my largest creditors either and I was told they did, so the fees and interest kept piling up, with the balance higher than when I started because they were paying them less than the minimum and had never negotiated with them. I was very upset when I found this out, so I dropped out of the program and have been paying my bills on my own and doing better
Please go here to view the settlement and look on page 14 for the total amount of the settlement and lawyer fees. abatclass.com/docs/sa.pdf
BTW I received a huge check for $12.69. I can get about 3-3 1/2 gallons of gas with that.
I received a check for 32.90. How come everyone is different? I thought it was always split equally.
I received $16 from Chase. Is this all I will get or will we also receive a check from MMI?
I paid the initial fee plus $26 a month for four years and recieved a check today for the total amount of $18…wow..Sounds like the only people that made out were the lawyers. It sucks even more to find out diana recieved a $32 check!!
I was a member and one of the most important creditors was sent a check LATE and it cost me a late fee. I cancelled
I used MMI and was able to completely pay off $22,000.00 in credit card debt in lass than 4 years. My experience was positive, but I did find out that certain creditors “worked” with MMI and others did not. I dealth with the one that did not work with MMI on my own. I absolutely believe that the companies who “worked” with MMI were reaping benefits from MMI that other creditors were not privy to. I paid a $20 fee every month, which I did not mind, since I was desperately trying to pay off my bills after my divorce. I also believe that my experience was more positive than some folk’s because I was not delinquent on paying any bills prior to becoming a member of MMI and used them simply to get my interest rates lowered, thus lowering my monthly payments and the lenght of the debt. Lesson learned: PAY WITH CASH, DO NOT ALLOW ANYONE ELSE TO ABUSE YOUR CREDIT AND NEVER CHARGE MORE THAN YOU CAN PAY IN 3 BILLING CYCLES AGAIN UNLESS IT IS AN ABSOLUTE EMERGENCY. Best of luck to all!
So whatever happened at the final hearing that was set for February 28, 2011? I have checked with the website http://www.abatclass.com/court and there is no update???
I am wondering the same thing. I did read the settlement papers and BOY are the lawyers getting ALOT.
Still no news?
I also absolutely believe MMI and Chase were/are in cahoots…I’m sure my $11 settlement check will fix everything!
i wish i knew all tis before i try to lower my % in 2 credit card anwers no in the spot no even we will try
I heard that we maybe getting some money back, but that was the last of it. There has been no update on this issue. What is the update on this issue.
Scott
Yesterday I received a check for $22.
I received a check for $36 and am a little appalled because you know the lawyers got a lot of money from this lawsuit. I paid a lot of fees with MMI.
I remember having a good “relationship” with MMI, but I do recall them not being able to resolve a credit card debt I had with a credit card. Which I thought was weird because it had not gone into collections at that time and they never informed me that they were not paying on it, until I started getting collection calls. I paid $40.00 a month for the maintence fee and felt it was better than me trying to keep control. Its been 3 years since I have paid them off and my credit is still terrible. I just opened my first credit card last week to try to rebuild credit, but not reading all of this I remember what it was like to have so much debt and how careless I can become, perhaps credit cards arent for me.
i was with mmi for 4 yrs,my monthly fee was 25 dollars……in 4 yre we paid off 84,000.00 in debt….i kept very close contact with them every month…. i made sure the payment were made to each and every account…..i told them who i wanted tp pay and how much….after 4 yrs my credit is excellent,and yes i do not want or need any credit cards…..for the 4 yrs i learned to buy what we needed not what we wanted…..yes the settlement was not hitting the lottery, but at least for others their is something out there to help people who truly need it…..
I paid the $40 monthly fees without fail for YEARS and all I get is this BS $11 check? These slimy lawyers laugh all the way to the bank and the world’s resort beaches on this one! Guess I should have just sold my soul to the devil years ago, since as a lawyer you can always BUY a spouse and BUY a conscience later on. That’s why I am sure there are special parts of hell that are reserved for just such blatantly exploitative fecal leeches.
I received a check yesterday for $16 from Chase. Does anyone know if this is the only check we will receive, or will MMI be sending a check also.
I too received a check this week for $13.00 and confused regarding the dollar amount for each consumer. From reading the report the settlement was for $6.5 million for approx. 415,000 consumers.
I received a check for $35.89. Sorry, looks like I’ve received the most so far:( At first, I thought the check was a scam & was just about to write a consumer complaint to my attorney general’s office but decided to google the case number to see if it was fake.
Lo and behold, MMI’s name pops up and featured in an article. If the settlement $$ is from Chase Bank, and this article names defendent only as MMI, why aren’t we receiving the money from MMI? Also, the letter is really abrubt…”don’t call the court! cash promptly!” all this demanding verbage made me nervous thinking it was some ID theft scam to get my bank account #.
Man, yall all got more lucky then I did. I recieved only $3.71 on 5-19-11, whats going on?
The big check I received today was for $3.75. Seems the only thing we did was help a bunch of lawyers.
As of today June 6th I have received nothing…I started with MMI two years ago and my fees are $50.00 per month. Question for anyone who might know. If I decide to cancel MMI (and save myself $50 a month) do all the creditors go back and reinstate the higher interet rates I was paying prior to MMI??
I received a check of $ 5.25 Dollar.
it has been 3 years still waiting for a refund check of $771.00…you never can talk to anyone on the phone all lines are always busy…when they call you you talk to a recording instead of a real person….they leave you a phone number to be reached yet they have voice mails and don’t get back to you…about ready to see my lawyer….
already sent a letter to chase and a letter to mmi still waiting for my refund check of $771.00…my lawyer says i have waited long enough and wants to start paper work on them….