Peoples Security Bank & Trust Settlement Pays about 1300 for PA Repossession Notices
The Peoples Security Bank & Trust Settlement Pays about 1300 for PA Repossession Notices settlement offers $1.15M in total, with individual payouts of $1.30K to eligible claimants who you had a pennsylvania address as of the date of repossession.. The deadline to file is September 21, 2026. Proof of purchase is not required.
Deadline: September 21, 2026
Total amount allocated for all claims
Estimated amount per eligible claim
No proof of purchase needed — anyone eligible can file a claim
No claim form is required to receive a payment. You generally should rely on the settlement administrator’s records identifying qualifying accounts and repossessions; if the loan had multiple borrowers, the payment is split equally among them. If you are requesting a different division as a co-borrower, or you are a legal representative for a deceased borrower, you must submit a signed written request and provide documentation to redirect the payment to the correct person (submitted to the settlement administrator by Sept. 21, 2026).
Settlement Summary
This class action centers on vehicle repossessions handled by Peoples Security Bank & Trust and Peoples Financial Services in Pennsylvania. Borrowers with a Pennsylvania address whose vehicle financing or installment contract was with these companies—and whose vehicles were repossessed between Sept. 15, 2008, and Nov. 7, 2017—may qualify for about $1,300 in settlement money if they received inadequate or missing repossession notices. Specifically, the lawsuit alleged that the notices failed to include key details required under Pennsylvania law, such as the intended method of selling the repossessed vehicle, the time and place of any public sale, and information about the borrower’s right to receive an accounting of the unpaid balance and related charges. The case was filed because the named plaintiff claimed these notice-and-disclosure requirements were not followed, potentially undermining borrowers’ ability to understand their debt, dispute amounts, or make informed decisions around the sale of collateral. While the companies denied wrongdoing, they agreed to a $1,152,673 settlement to avoid the expense and uncertainty of continued litigation; eligible class members get a pro rata cash payout, and notably, no claim form is required for most participants. The broader significance is that repossession and debt-collection practices are tightly regulated, and courts have increasingly scrutinized whether lenders’ paperwork complies with state commercial statutes (Pennsylvania’s Uniform Commercial Code), motor-vehicle-specific finance rules (the Motor Vehicle Sales Finance Act), and federal consumer credit protections (the Fair Credit Extension Uniformity Act), similar to other cases nationwide where borrowers seek relief for deficient repossession notices and disclosures; in this settlement, payments are expected after final court approval and are capped by the settlement’s funds, with attorneys’ fees and administration costs taken out first, leaving the remainder for qualifying borrowers as the vehicle repossession notices that failed to meet the required standards work their way toward compensation.
Entities Involved
Related Topics
Eligibility Requirements
- You had a Pennsylvania address as of the date of repossession.
- You financed a motor vehicle primarily for personal, family, or household use through Peoples Security Bank & Trust, or your consumer loan/installment sales contract was assigned to Peoples Security Bank & Trust or Peoples Financial Services.
- Your vehicle was repossessed (by the defendants or a third party they directed) between Sept. 15, 2008, and Nov. 7, 2017.
- You either received a repossession notice that did not include the required information (intended method of disposition, and time/place of any public disposition) and/or failed to state your right to an accounting of unpaid indebtedness and any accounting charge, or you did not receive a repossession notice.
Featured Investigations
Important Notice About Filing Claims
Submitting false information in a settlement claim is considered perjury and will result in your claim being rejected. Fraudulent claims harm legitimate class members and may result in legal consequences.
If you are unsure about your eligibility for this settlement, please visit the official settlement administrator’s website using the link provided above. Review the eligibility criteria carefully before submitting a claim.
Class Action Champion is an independent information resource and is not affiliated with any settlement administrator, law firm, or court. We provide settlement information as a service to help connect eligible class members with legitimate settlements.