Has a lender charged you extra fees or suddenly increased your interest rate? Were the terms of your agreement changed without your knowledge? Do you feel like a lender has taken advantage of you?
The TILA gives consumers certain rights when dealing with creditors. They must explain what it will cost to take out the loan and when charges will be imposed. In addition, they must give you proper notice of changes in terms of credit card agreements or other open-ended contracts. Finally, you must be given this information in an easy-to-understand, standardized format so that you can make an informed decision before taking out a loan.
When a lender violates your rights, you may be entitled to up to $1,000 per violation or $2,000 if the violation involved a loan secured by your home. If you paid interest, fees, or other charges that you shouldn’t have or suffered other financial losses, you may also be able to recover all of that money.
To learn more about defending your TILA rights in New York, contact Cohen & Mizrahi LLP in Brooklyn or Queens to schedule a consultation.