How to Fight a Bankers Healthcare Group Lawsuit
JULY 3, 2023
If Bankers Healthcare Group has sued you, it is strongly advisable that you consult with a consumer protection lawyer as soon as possible. Attorney Jim Turner has extensive experience dealing with creditors on behalf of Florida consumers. In a free consultation, he will explain your legal options, including how our firm can represent you in any lawsuit or claim brought by Bankers Healthcare Group. We are here when you need us. For more information, contact Debt Relief Law Center for a free consultation by calling or texting us at (888) 877-5103.
If you are being sued by Bankers Healthcare Group for a debt that you allegedly owe, you are probably wondering:
Why is Bankers Healthcare Group suing me?
What are my defenses to the Bankers Healthcare Group lawsuit?
Can I negotiate a settlement that is less than what I am being sued for?
Who is Bankers Healthcare Group?
Bankers Healthcare Group is a direct lender that provides financing, credit card and patient financing solutions to healthcare professionals nationwide. The company was founded in 2001 as Bankers Healthcare Group, Inc. by co-founding partners Bobby Castro, Eric Castro and Al Crawford.
Headquartered the South Florida, Florida, Bankers Healthcare Group, LLC also has office locations in Syracuse, New York and Midtown Manhattan, New York City.
In February 2015, Pinnacle Financial Partners acquired a 30 percent interest in BHG for $75 million. And, in February 2016, Pinnacle purchased an additional 19% of BHG for $144 million worth of cash and stock.
In April 2022, the company officially changed its name from Bankers Healthcare Group to BHG Financial.
During 2022-2023, Bankers Healthcare Group has sued 6 Florida consumers in Orange County, Florida and one person in Osceola County, Florida.
Why Am I Being Sued By Bankers Healthcare Group?
If you have received a summons from Bankers Healthcare Group, they are likely suing you because you defaulted on a loan you took out with them, or Pinnacle Bank, and they want to obtain a judgment against you. Such a judgment will entitle them to the remedy of garnishment of wages or even by putting a lien on your property.
Will I Have to Pay the Amount Bankers Healthcare Group Is Suing For?
In many of situations, an experienced debt relief attorney will be able to negotiate a settlement that results in a debt reduction. For example, if you owe $25,000, but you can pay $15,000 in a lump sum, Bankers Healthcare Group may be interested in accepting the immediate $15,000 rather than fighting the lawsuit. Or, the debt can be paid out over time.
What Are My Defenses to the Bankers Healthcare Group Lawsuit?
There are a number of defenses that a consumer/defendant may employ in response to a lawsuit brought by Bankers Healthcare Group. To fully understand which defense may apply to your case, it is essential that you contact an experienced and knowledgeable debt relief attorney. These defenses include, but are not limited to:
Predatory lending
Statute of limitations
Lack of Standing
Bankruptcy
Predatory Lending
Predatory lending typically means imposing unfair, deceptive, or abusive loan terms on borrowers. In many cases, these loans carry high fees and interest rates, strip the borrower of equity, or place a creditworthy borrower in a lower credit-rated (and more expensive) loan, all to the lender’s benefit.
Predatory lenders often use aggressive sales tactics and exploit borrowers’ lack of understanding of financial transactions. Through deceptive, unfair or deceptive practices, lenders convince a borrower to take out a loan that they will not reasonably be able to repay.
One physician who complained about Bankers Healthcare Group accused it of being a company that takes advantage of naive physicians with little financial sense.
This physician I got a loan of $30, 000 with 16% APR from BHG at the end of his fellowship year. He was having trouble finding jobs due to COVID, and he had built up a significant amount of credit card debt, and he was desperate. This physician lists the reasons why BHG is a predatory lending company:
(1) Exorbitant fees. He got a loan of $30, 000, and the document fees alone were $4,500, or 15% of the amount of the loan.
(2) Long lockout periods where you cannot pay off the loan. Initially BHG offered him a contract with a lockout period of 36 months. When he hesitated, they quickly negotiated down to 12 months.
(3) After a year of making payments, they started aggressively contacting him via phone calls, texts, and emails, encouraging me to re-finance. Even when he asked them to stop, they kept contacting him every few months asking me if he needed more money. When he said “no”, they offered to refinance his existing loan. He described this as a “a classic predatory lender tactic.” They said that since his salary and credit scores had gone up, they would be able to give him a better deal. This “better deal” was a new loan of $33, 000 to cover my remaining $27, 000 balance + $6000 in new document fees (these are in addition to the $4,500 he paid last year) + a renewed lockout period of 12 months (now that he was outside of my lockout period), at a slightly reduced 12.5% APR.
(4) When he hesitated, the BHG representative who called him with the offer kept calling him, using high pressure tactics and saying things like “we have to act fast to lock in this lower interest rate” and “If you sign within the next 2-hours we can get you the reduced rate, otherwise there’s no guarantee.”
(5) At this point he felt that he had finally learned his lesson and declined this horrible refinance offer, and he was able to find another bank that was willing to lend him the same amount of money at less than HALF of the interest rate, with 1/10th of the fees that BHG charged.
(6) When he tried to pay off his loan early, even though he was now past the 12-month lockout period, they still said his contact was “non-cancellable,” but that they would be “willing to accept a payoff” at a sum that was $400 higher than my remaining loan amount. So even though he was outside of his lockout period, they STILL charged him a penalty for paying off earlier. At that point he was so desperate to be done with them that he paid the extra $400 to “get out of their claws.”
In his comments about BHG, this physician states: “Overall, I believe that BHG is a predatory loan company that exploits physicians in training.”
Statute Of Limitations In Florida
In Florida, the statute of limitations on a written instrument is 5-years from the date of default. On an installment obligation, each installment payment has its own statute of limitations. In other words, the five-year statute of limitations applies to each installment as it becomes due and not to the entire obligation.
Lack of Standing
In order to bring an action on a debt, the plaintiff must prove that it is the legitimate owner of the debt on which it is suing. Therefore, if the plaintiff is not the originator of the loan, it must show, by admissible evidence, the it acquired the debt though transfer, assignment or otherwise.
Hiring A Florida Consumer Rights Attorney
If you or someone close to you is being sued by Bankers Healthcare Group for a debt that may or may not be owed, it is essential that you hire an experienced and knowledgeable debt relief attorney. If you have received a collection notice or are being sued for a matter pertaining to Bankers Healthcare Group, call or text us at (888) 877-3103 for a free, confidential consultation today.
Summary
If you or someone close to you is being sued by Bankers Healthcare Group for a debt that may or may not be owed, it is essential that you hire an experienced and knowledgeable debt relief attorney. If you have received a collection notice or are being sued for a matter pertaining to Bankers Healthcare Group, call or text us at (888) 877-3103 for a free, confidential consultation today.
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