Product: Money transfer, virtual currency, or money service

I believe that Solo Funds is : - Falsely advertising zero-cost loans - Misleading borrowers and lenders about the nature of " tips '' and " donations '' - Creating a " social credit '' score without proper safeguards - Misleading borrowers of the insurance product they are purchasing - Possibly creating a fake users posing as borrowers that purposely pay late - Keeping money repaid by the borrower if the borrower eventually pays late ( they don't forward the funds to the lender because the lender was already issued credits from the protection plan ) I came across a platform online called " Solo Funds ''. The company advertises that users can lend money to other users. I was interested and tried it out. 

On XX/XX/year> I added {$400.00} to my Solo Funds " wallet ''. I was then able to fund a loan requested by a supposed user of the platform. The principal amount of the money borrowed was {$300.00}. Solo Funds offers a funds protection plan in the even the borrower defaults on the loan. The protection will pay you back XXXX XXXX  of the loan balance. In this case the protection cost {$15.00}, I think. I assumed that even if the borrower was late and still repaid the loan a little late I would still get the funds back with a " tip '' of {$45.00}. Meaning I would pay {$310.00} total ( principal + protection ), and I would get a total of {$340.00} ( principal + lender tip ) back on the due date ( XX/XX/year> ). 

After I paid the {$310.00} I withdrew the remaining {$93.00} from my Solo Funds wallet and had it put into my checking account. 

On the same day I saw another offer that looked appealing. Solo Funds shows you repayment history for any borrower and assigns them a score. Similar to a credit score that they made up. The principal amount of the loan requested was {$160.00} with an offer of lender protection costing {$8.00}. So I paid {$160.00} from my checking account to fund this XXXX loan due on XX/XX/year>. This XXXX loan offered a tip of {$24.00}. Meaning I would be repaid {$180.00} upon repayment. 

A total of {$480.00} was paid from my checking account on XXXX after all debits and credits. 

The borrower that borrowed {$160.00} repaid on time and I received {$180.00} in actual money I could transfer back to my checking account. 

The borrower that borrowed {$300.00} did not pay on time. The moment XXXX XXXX hit on XX/XX/year> my access to the borrower 's loan was terminated. I was immediately credited in Solo Funds " credits '' in the amount of XXXX ( XXXX credit is the equivalent of {$1.00}, but you can not withdraw these credits to your checking account ). These credits can only be used to fund more loans on the platform. 

On XX/XX/year> I emailed their support team inquiring about the loan, these credits, and my money. I requested my money back and I wanted to close my account if that's how this platform works. The email address I've been messaging with is " XXXX ''. I believe my case number is XXXX. At least, that's what is in the subject line of their replies. 

In email, this company claims there is no way to transfer these credits into money that can be withdrawn. They claim it is impossible. They recommend funding more loans on the platform, and if the borrower pays on time then the lender ( me ) will get the money lent plus lender tip ( that I can transfer back to your checking account ). Repayment is only for the amount of that loan, not your full credit balance in your Solo Funds wallet. Meaning you would have to fund multiple loans to convert your credits in cash that you can withdraw from your Solo Funds wallet. 

On XX/XX/year> I disputed the transaction of {$400.00} with my account at XXXX. I was really confused at the time when all of this happened and ended up disputing {$370.00} of the {$400.00} with XXXX. The actual amount I should have disputed was {$310.00} as I had withdrawn {$93.00} of the {$400.00} back to my checking account, and that's what was spent funding the loan of {$300.00}. XXXX requested proof of the transaction as the amount was incorrect. 

I believe I sent screenshots of the transactions to XXXX 's dispute team ( XXXX ) and called in to explain the situation with their front line agents. I didn't hear anything back, but I called again on a different day not far from the original claim date. I reported that not only had Solo Funds paid me back with credits that I could not covert into money, but they have locked me out of my account completely. I am still locked out of my account as of XXXX AM on XX/XX/year>. 

My account is locked with XXXX credits in the wallet. I have no access to my money, and I have no access to my credits. XXXX issued me a provisional credit of {$370.00} on XX/XX/year>. 

On XX/XX/year> I received a " miscellaneous debit '' to my XXXX checking account of {$370.00}. XXXX completed their investigation and it was not in my favor. I reached out to XXXX on XX/XX/year> to inquire about the denial, my balance, and closing my account to debits and credits with a repayment plan. I was told by multiple agents that because I reported my card and got a new card number any debits would be denied or returned and any credits would be returned. They even froze my new card number to reassure me nothing could post to the account. Well, I was expecting a refund of {$63.00} to post to my XXXX checking account using my debit card, and I was told that this payment would be returned by multiple agents. I was very specific in my request. The refund posted to my account on XX/XX/year> despite multiple employees of XXXX telling me it wouldn't. 

My checking account is now negative {$310.00} because of all of this.