The Ameriquest Multistate Settlement payment disbusion has been delayed once again, for at least a month. I personally, have no faith in the new date, as a Rust consulting representative was kind enough to point out to me this evening, they are under no mandate to disburse payments by any given deadline, or as she put it, "We can pay you whenever we want."
Rust Consulting is the firm that was hired to administer the multistate settlement, and have been paid $7.5 million USD.
They dangle "anticipated" dates in front of us and then change them on the very date they had set has a delivery date, then hide behind vague excuses and the cover of the wording, noting the term "anticipated".
I spoke to a rep 2 weeks ago, after the 1st delay, and was assured that I would receive my payments no later than Novermber 26th.
Today on Noveber 26th, they put a notice on the Multistate website stating that due to "Unanticipated Circumstance" they are now anticipating payments to be mailed in late December.
I immediatley called the phone number (1-800-420-5875) and waited 45 minutes on hold to speak with a representative. The rep could offer nothing of substance, only reiterating "Unanticipated Circumstances" robotically.
The people that are entitled payments are in need of them. The process was supposed to be "simple and efficient", how could they not realize (again) until the day we were supposed to have the checks in our hand that there was an "Unanticipated Circumstance"?
This firm is incompetent and I implore you to contact your congressmen, attorney generals and local news and demand some oversight.
We've been hurt enough by the process, give us what's due.
I have included copies of e-mail that I sent to my congressmen and another copy of an e-mail I sent directly to Rust Consulting. Please feel free to use them.
=== Email to my Conrgessmen ==
Since many New Englanders are affected by the Ameriquest MultiState Settlement, it would be helpful if someone could find out why the Settlement payments are once again delayed by at least another month.
This is the 3rd delay in restitution payments, and comes announced the day checks were scheduled to arrive.
I personally spoke with a Representative of the administrative company that is overseeing the payment distribution process (Rust Consulting), just three weeks ago,; when the last scheduled date was delayed, and the representative informed me that we would have our checks by November 26th.
I just spoke with a representative again, and was informed that the administration agency can, Take as long as they want to get the restitution payments delivered.
The people that are scheduled to receive these payments are in need of these funds and in reality, the funds are trivial compared to the negative effects of the loans that triggered this suit.
Now, Rust Consulting is stating that checks will be mailed out by the end of December, and anyone that put any faith in the previously scheduled dates announcement, can forget about using this greatly needed money towards Christmas or to help with their existing mortgage payments (most of which have already reset to higher rates).
Rust Consulting is being paid 7.5 million dollars to administer this Settlement, yet they continuously fail to meet deadlines, offer reasonable explanations, or treat the participants with courtesy or respect on the telephone.
Whos to say that come the end of December, they wont defer payment deliveries until the end of January, and then February; ad infinitum.
The participants of this settlement are entitled to this money, there is no excuse for last minute delays in the settlement process, and certainly there should be an explanation, is there no oversight to this process?
I am certain there are people out there that were counting on this money to pay back their mortgage arrears and stop foreclosure proceedings, yet only to be let down by the very process which was enacted to remedy the problem.
I was under the understanding that the confines of the settlement process was to structured as easy and efficient. Has Rust Consulting already collected their 7.5 million dollar payment for the administration of this settlement?
== Email to Rust ===
I would like to know, what specifically were the "unanticipated circumstances" that have caused the delay (once again) of the Ameriquest Settlement disbursment payments?
The people that are entitled to these payments, are long overdue on this process.
You float "anticipated" dates around, only to change them on the "anticipated" date.
Please note that anticipated is synonomous with expected.
Many of the people receiving these payments are in desperate need of this money due to the burden thrust upon them from the circumstances that effected this settlement.
Taking this matter lightly is an extreme dereliction of the responsabilities entrusted to your organization to administer the settlement in a "timely and efficient" manner.
It is reasonable to assert that we (the participants) demand an explanation, and are not warranted nor desired of the vague excuses given for each delay thusfar.
Has your firm already collected the 7.5 million dollar administrative fee for handling (I use the term loosely) this arrangement?
Why should we believe that this will even be the last delay, or that we will ever obtain the monies entitled to us by this lawsuit?
The Rust representative I spoke with on the phone was kind enough to point out that Rust Consulting is under no set timeline to distribute the payments and can "take as long as we want."
Such a commited sentiment is appaling to the very responability you committed to by undertaking this task.
I will be making a formal complaint to my State Attorney General, My Congressmen and the Better Business Bureau; I will also aggresively encourage others to do the same.
Providence, Rhode Island