Seterus has sent threatening letters to thousands of borrowers throughout the United States. This site is a source of consumer information for borrowers concerned with Seterus’s empty threats to accelerate the entire balance of the loan if it is not brought out of default. This means that if someone misses a payment, Seterus threatens to make the entire balance of the loan payable immediately.
Seterus is a debt servicer that services many different types of loans, including home and car loans. Seterus routinely sends letters to borrowers who have missed a payment and threatens to accelerate the entire balance of their loan if the loan is not brought out of default. In actuality, Whitfield Bryson & Mason LLP has reason to believe that Seterus has a policy to NOT accelerate the entire amount of the loan even if the borrower makes a payment of any amount, even a small one. These letters are empty threats that are designed to frighten consumers into paying amounts OVER what is actually required to avoid acceleration of the entire loan and potential foreclosure proceedings.
For example, a typical letter would read: “If full payment of the default amount is not received by us on or before the Expiration Date, we will accelerate the maturity date of your loan and accelerate the ENTIRE indebtedness of the loan”.
Whitfield Bryson & Mason LLP believes these letters are false and deceptive representations in violation of the FDCPA. If you or someone you know has received such a letter, contact Whitfield Bryson & Mason LLP today at 919-600-5000 or complete the form and let us evaluate your claim at no cost to you.