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Mariner Finance Legal Department

Published February 12, 2024

Navigating the Legal Side of Personal Loans: Insights from Mariner Finance's Legal Department

mariner finance legal department

Introduction

When facing financial difficulties, it can be overwhelming to navigate the legal side of things. Whether you are struggling with debt, facing a lawsuit, or dealing with loan repayments, it is important to understand your rights and options. One company that often comes up in these situations is Mariner Finance. This article will delve into their legal department, what it does, and how it may affect you as a borrower.

What is Mariner Finance?

Mariner Finance is a consumer finance company that offers personal loans and lines of credit to individuals. With over 450 branches in 24 states, they specialize in providing loans to those with less than perfect credit. They offer a variety of loan options, including debt consolidation loans, home improvement loans, and small business loans.

Understanding the Legal Department at Mariner Finance

The legal department at Mariner Finance is responsible for managing all legal matters related to the company's operations. This includes handling customer inquiries and complaints, managing potential legal issues, and ensuring compliance with relevant laws and regulations. The team is made up of lawyers, legal assistants, and other professionals with expertise in finance and law.

How Does the Legal Department Affect Borrowers?

When taking out a loan with Mariner Finance, borrowers may interact with the legal department during the application process or if any issues arise during the loan term. For example, if a borrower falls behind on payments and the loan goes into default, the legal department may get involved in the collection process. In this case, they may communicate with the borrower to negotiate a payment plan or take legal action if necessary.

Legal Action Against Mariner Finance

In recent years, Mariner Finance has faced legal action from regulators and consumers alike. In 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against the company for allegedly using deceptive and unfair practices to collect debts. The CFPB claimed that Mariner Finance disclosed personal information and made excessive collection calls to borrowers, among other violations. The case is still ongoing, and the outcome could have significant implications for both the company and its borrowers.

Protecting Your Rights as a Borrower

If you have taken out a loan with Mariner Finance and are concerned about your rights, it is crucial to understand the legal protections in place. The Fair Debt Collection Practices Act (FDCPA) and the Fair Credit Reporting Act (FCRA) both set guidelines for how lenders and collection agencies must behave when contacting borrowers. These laws protect against harassment, unfair practices, and unauthorized disclosure of personal information. If you believe your rights have been violated, you may have a case to take legal action against Mariner Finance.

Dealing with Legal Issues

If you are facing legal issues with Mariner Finance, it is essential to stay calm and seek professional guidance. It can be intimidating to deal with the legal department of a large financial institution, but it is vital to remember that you have rights. Seeking the help of a lawyer who specializes in finance and consumer law can provide valuable insight and assistance in navigating the legal process. Additionally, staying informed about the ongoing CFPB lawsuit can also help you understand your rights and options as a borrower.

Closing Thoughts

In summary, the legal department at Mariner Finance plays a significant role in managing legal matters for the company and interacting with borrowers. As a borrower, it is essential to understand your rights and the laws that protect you from unfair practices. In the event of any legal issues with Mariner Finance, seeking professional guidance and staying informed can help you navigate the situation effectively. Remember, you are not alone, and there is help available for those facing financial challenges.

 
 
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