Did Bankers Healthcare Group (BHG) contact you about a debt you owe? It’s important to understand your legal rights as a borrower, as well as how to proceed when a lender or debt collector contacts you. With the increasing number of Bankers Healthcare Group lawsuits, it’s crucial to be informed. Keep reading to find out how to proceed if BHG contacts you and you owe them money, and what to do if you face a potential Bankers Healthcare Group lawsuit.
Who is Bankers Healthcare Group?
Bankers Healthcare Group, known as BHG Financial, is a personal and business lender that offers personal loans, small business loans, and startup loans. Founded in 2001, the company states that it provides innovative financial solutions backed by data and analytics.
Is Bankers Healthcare Group Legitimate?
BHG is a legitimate company that provides personal and business funding. Al Crawford, Eric Castro, and Bobby Castro founded BHG in 2001, and it has offered more than $18 billion in loans to more than 170,000 companies.
However, just because BHG is a legitimate lender doesn’t mean that some have not had challenges with BHG. Public information accuses BHG of predatory behavior, including excessive interest rates, aggressive repayment and collection practices, and quickly suing borrowers.
When you’re considering borrowing money from any company, it’s important to read customer reviews and learn about their reputation, in addition to understanding all terms and condition on the loans, or funding services they offer.
Overview of Bankers Healthcare Group
BHG specializes in offering both personal and business financing. First, it offers personal loans of up to $200,000 with terms as long as ten years. It advertises that you can have your loan funds within five days and use the money for purposes like debt consolidation, home improvements, family planning, and large purchases.
BHG also offers small business and startup loans in amounts of up to $500,000 and terms as long as 12 years. BHG offers funding on business loans in as little as three days. Borrowers can use funds to start a business, provide working capital, help fund an acquisition, and more.
Bankers Healthcare Group Reviews and Complaints
BHG has an A+ rating from the Better Business Bureau (BBB) and an average customer review of 4.46/5 stars. However, it has also received 65 complaints in the past year and more than 450 in the past three years.
BHG has also received about a dozen complaints with the Consumer Financial Protection Bureau (CFPB) within the past couple of years. Some recent complaints speak to difficulties repaying their loans, partially due to excessive interest and fees, along with a lack of support from the company.
Understanding How Bankers Healthcare Group Operates
BHG specializes in offering high-dollar loans to individuals and businesses. Though BHG generally lends to borrowers with high incomes and good credit, people have reported excessive interest and fees, along with aggressive collection tactics. These added loan costs have made it difficult for borrowers to repay their loans. BHG may also be quick to turn to litigation for lack of payment.
Dealing with Bankers Healthcare Group
If you’ve received a personal or business loan from BHG, they could contact you regarding your repayment. If that happens, it’s important to know how to proceed.
What Should I Do If I Receive a Letter or Call from Bankers Healthcare Group?
If BHG contacts you about a debt, proceed carefully. The first step you should take is to confirm the communication is legitimately from BHG. Make sure the contact information on your letter matches what’s on the company’s website. And if you aren’t sure, you can even contact the company to verify they contacted you.
The next step is to determine why BHG is contacting you. If they’re contacting you about a debt you owe, you should request written validation of the debt before taking any next steps.
Handling Communications from Bankers Healthcare Group
It’s important to document all of your communications with BHG. Maintain copies of any letters or emails the company sends you. And if you have any phone calls with BHG, carefully thoroughly document the date and time of the phone call, the name of the person you spoke with, and the substance of the conversation. These records may be important later on.
Knowing Your Rights Against Bankers Healthcare Group
The Fair Debt Collection Practices Act (FDCPA) puts certain rights in place to protect consumers against unfair debt collection practices and limits certain actions on the part of lenders and debt collectors. This relates to personal debt and not business debt.
First and foremost, the FDCPA prohibits debt collectors from engaging in certain unethical and unfair debt collection practices, including harassment, threats, and lies.
You also have certain rights when dealing with debt collectors. Your rights include receiving written notice about your debt, disputing your debt, and being represented by an attorney. You also have the right to some privacy, meaning debt collectors can’t share information about your debt with others and can’t continue contacting you after you’ve asked them not to (though they can still take legal action against you).
The Legal Side of Bankers Healthcare Group
Common Legal Issues With Bankers Healthcare Group
Like other lenders, BHG has the right to take legal action against borrowers who don’t repay their debts. Unfortunately, reports indicate that BHG quickly turns to litigation and sues debtors rather than working with borrowers to help them catch up on their payments.
People also report that BHG imposes excessive interest rates and fees, which makes repayment difficult. Additionally, there are reports of BHG engaging in aggressive, and at times excessive, repayment and collection efforts.
Remember that if BHG sues you or contacts you about your debt, you have the right to legal representation. An attorney can communicate with BHG on your behalf and can represent you in any legal proceedings, including a Bankers Healthcare Group lawsuit. Legal counsel can be crucial in navigating these complex situations and protecting your rights.
What Happens If You Get Sued by Bankers Healthcare Group
If BHG sues you, they will first serve you with an official complaint, which is a legal document that outlines the lender’s claims against you. It’s important to review these documents carefully and consider seeking the help of a debt collection attorney.
Once you receive the legal complaint, you must respond within a certain timeframe, usually between 20 and 30 days, or the court may enter a default judgment against you. You can agree with the allegations, but you can also deny them or raise counterclaims against BHG.
Once you respond to the claim, the case will enter the discovery phase, where the two parties share relevant information. There may be an opportunity to negotiate or settle the case without having to go to court. But if that’s not possible, you’ll have to proceed with the trial and judgment. It is best to consult with a debt help attorney about any legal matter related to debt you are accused of owing.
How to Negotiate with Bankers Healthcare Group
Check to Make Sure Bankers Healthcare Group Isn’t a Scam
If you’re contacted by BHG, the first thing to do is make sure it isn’t a scam. While BHG is a legitimate company, the communication you’re receiving may not be legitimate. First, debt collection scams are, unfortunately, quite common. It’s important to make sure whoever is contacting you is legitimately representing BHG.
Next, it’s important to make sure the debt itself is legitimate, which you can do by requesting written verification from BHG.
Strategies for Negotiating with Bankers Healthcare Group
Once you’ve confirmed the debt from BHG is legitimate, there are steps you can take to negotiate to, hopefully, avoid court and eliminate the debt in a way that’s fair to you. Here are some steps to follow to negotiate your debt:
- Understand your debt: First, it’s important to understand your debt and what you owe. Review the debt verification and agreements from BHG and compare it to your original loan documentation to ensure you know how much you owe and why.
- Know your rights: As you prepare to deal with BHG, familiarize yourself with your rights as a consumer and what debt collectors can and can’t do.
- Hire an attorney: You don’t have to go through this process alone. Consider hiring a debt help attorney to represent you in your negotiations.
- Come up with an offer: It’s helpful going into negotiations to know how much you’re willing to pay. This can help start the conversation on the right foot and help you come to a fair agreement.
- Document all communications: Make sure everything from your negotiations with BHG is in writing, especially if you come to any repayment agreement.
- Finalize the agreement: Once you’ve come to an agreement with BHG, you can finalize the deal. Make sure to follow through on your end by repaying what you’ve agreed to.
How to Protect Against Bankers Healthcare Group
Steps to Take If You’re Contacted by Bankers Healthcare Group
If you’re contacted by BHG, it’s important to take steps to protect yourself. Here are a few steps to help you get started:
- Verify the communication and debt: Confirm both that the communication from BHG and the debt are legitimate. BHG must provide you with written verification of your debt.
- Consult an attorney: If you don’t feel comfortable moving forward alone, consider hiring a debt collection attorney to represent and guide you.
- Decide on your next steps: Decide how you want to proceed against BHG, whether it’s paying the debt, negotiating a settlement, or going to court.
Filing a Complaint against Bankers Healthcare Group
If you feel BHG has violated your rights under the law or has acted unfairly or unethically toward you, consider filing a complaint. You can file complaints with official legal channels, including the Federal Trade Commission, State Department of Finance or Banking and/or your state’s Attorney General. You can also file complaints with the BBB or CFPB, both of which may contact the company on your behalf and maintain complaint databases.
Bankers Healthcare Group Phone Number and Address
If you need to contact BHG with general inquiries or have questions or concerns about your debt, you can contact them at 866-588-7910 or customerservice@bhg-inc.com. Monday through Friday, 8:00 a.m. to 9:00 p.m., or Saturday, 9:00 a.m. to 12:00 p.m.
The company’s corporate headquarters is located at 201 E. Las Olas Boulevard, #2450, Fort Lauderdale, FL 33301. The company’s financial headquarters is 201 Solar Street, Syracuse, NY 13204.
Finally, you can contact BHG using the online form on the company’s website.
How Can a Debt Settlement Attorney Help?
A debt help attorney can guide you through your communications with BHG and other lenders. An attorney can negotiate with BHG on your behalf or represent you in a trial, which is especially important if you’re facing a Bankers Healthcare Group lawsuit.
Tayne Law Group has experienced debt relief attorneys who may be able to help you with your debt situation, including potential Bankers Healthcare Group lawsuits. If BHG has contacted you about your debt, call today to learn about your rights. Tayne Law Group offers a free phone consultation with one of our experienced team members. You can contact our offices by calling (866) 890-7337 or filling out our short contact form. We never share or sell your information, and all conversations are confidential.
FAQs
What Happens If You Default on a Bankers Healthcare Group Loan?
If you default on a BHG loan, the company may contact you to collect what you owe. BHG may also take legal action to collect your debt and seek judgments, garnish wages, freeze bank accounts or other legal remedies to collect a debt you may owe to them.
Who is BHG Owned By?
BHG, which was founded by Al Crawford, Eric Castro, and Bobby Castro, is now partially owned by Pinnacle Bank.
What is the Minimum Credit Score for a BHG Personal Loan?
BHG doesn’t disclose its minimum credit score, but it reports that its borrowers have an average FICO score of 744. This indicates you likely need good credit to qualify.
