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Nicholas Financial Debt Collection Settlement: $750K

Lawsuit Filed

Open for Claims

Closed

April 25th, 2024

Nicholas Financial Debt Collection Settlement

Did Nicholas Financial, Inc., repossess your property? You might be eligible for benefits from a class action settlement that resolves issues around improper notices for loan collections and property sales.

Stay Informed and Get Involved! Browse our list of Class Action Lawsuits and Open Class Action Settlements you may be able to join!

Claim Form

Click Here to Submit a Claim

PLEASE REMEMBER: You are submitting your class action settlement claim under penalty of perjury. Your claim form will be rejected if you submit a settlement claim for payout with any fraudulent information. If you are not sure whether or not you qualify for this class action settlement, visit the class action administrator's website above. NOTE: If you do not qualify for this settlement do NOT file a claim. You can check out our other open class action settlements you may be eligible for.

Who's eligible?

You may be eligible for the Nicholas Financial settlement if you meet ALL of these conditions:

Received a presale notice or post-sale explanation from Nicholas Financial Inc. between April 1, 2015, and December 1, 2022.

However, you are NOT eligible if any of the following apply:

Nicholas Financial obtained a final deficiency notice against you. This means they took legal action to recover the remaining balance on your loan after repossessing the collateral.
You filed for bankruptcy after the collateral sale date and your case was discharged. Bankruptcy discharge eliminates your legal obligation to repay certain debts.
Nicholas Financial sold your loan before February 21, 2024.

Proof of Purchase

N/A

Settlement At a Glance

Settlement Amount

TBD

Claim Form Deadline

05/15/2024

Exclusion Deadline (Opt-Out)

05/01/2024

Final Approval Hearing

05/15/2024

Additional Information

Nicholas Financial is settling a debt collection class action lawsuit for $750,000. The suit alleges they mishandled notices during loan collections and car repossessions in Missouri. Here's who gets a piece of the pie:

Did you get a notice from Nicholas Financial about a repossessed car between April 1st, 2015 and December 1st, 2022?
Did they never take you to court to get the remaining balance after the repossession?
Didn't file for bankruptcy after they took your car (and have it discharged)?
And your loan wasn't sold by Nicholas Financial before February 21st, 2024?

If you answered yes to all those questions, you might be eligible for a payout. Nicholas Financial will also write off $86.1 million in debt owed by those in the settlement and try to remove that info from your credit report.

While Nicholas Financial denies wrongdoing, they've agreed to the settlement to avoid further court battles. There's no need to file a claim form, but you can opt out if you don't want to be included. Those who stay in will automatically receive a settlement payment, though the exact amount is still unknown.

Think you might have a case? If you believe you've been affected by a similar situation, browse our list of Class Action Lawsuits and Open Class Action Settlements you may be able to join!

Stay Informed

Class Action Settlement Website:

https://www.nficlassaction.com/

Claims Administrator:

NFI v Gross c/o Settlement Administrator
PO Box 23369
Jacksonville, FL 32241
1-314-227-7659

Legal Representation

Case Name:

Nicholas Financial, Inc. v. Jeremiah T. Gross

Class Counsel:

Martin L Daesch
Jesse Rochman
Craig W Richards
ONDERLAW LLC

Defense Counsel:

Amy T Ryan
Jonathan R Shulan
Daniel R O’Brien
ARMSTRONG TEASDALE LLP

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