Borrowers who took out loans in the past five years from CashCall, Inc. and Western Sky Financial, LLC may be entitled to recoup excess interest payments.
The state Department of Banking recently reached a settlement with the two companies, which were found to have charged excessively high interest rates to approximately 3,800 Connecticut residents, according to a press release.
Of those residents impacted, 70 are from Naugatuck, 12 from prospect and six in Beacon Falls, according to Kathleen Titsworth of the Department of Banking.
A town hall meeting will be held Wednesday from 5:30 p.m. to 7:30 p.m. at Kennedy High School, 422 Highland Ave., in Waterbury for residents to ask questions about the settlement and to determine if they may be eligible for a refund. Department of Banking staff will be available to help borrowers file their claims.
The department is notifying affected borrowers by mail, and a website has been set up at www.CTWesternSkySettlement.com to allow those consumers to file a claim for a refund or modification.
For more information, call the Department of Banking at (800) 831-7225.