Consumer complaint received 2020-03-15
Company: TD BANK US HOLDING COMPANY
State: NY
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Struggling to pay your bill
Sub-issue: Problem lowering your monthly payments

Complaint:
As part of a process of getting my financial life under control, I have been cleaning-up my credit card situation. Due to my wife attending XXXX school and being unable to work full-time for two years, and my attending XXXX school ( twice ), the credit card debt of both myself and my wife has ballooned. For a year, now, weve been making payments and getting nowhere. This is why I decided to take action. 

All of my other credit card issuers have complied with my request : close my account, lower my interest rate, and put my account on a repayment plan that will see the card paid-off within five years ( with a monthly payment that is no more than at-present ). Those who have complied include XXXX XXXX, XXXX, and XXXX XXXX. The only institution refusing to comply, and has made even the process of making such a request difficult, is TD Bank. 

As the recorded phonecalls show, I made a request by telephone ( the only way youre allowed to contact TD Bank for Credit Card Services ) through a Supervisor, approximately two weeks ago, to what is apparently called the Forbearance Department ( or Team ). The Supervisor said she saw no reason why I wouldnt be approved and that I would receive a call within three business days. 

I received no call. When I called back, I had to speak to 5+ people to even get an answer and the answer was ludicrous : because my account is current, not only will they not place me in the repayment program like I asked, but they will also not close my account. This, as I noted on the call, is penalizing a financially responsible individual for being both current on their account and attempting to take preventative action. 

Further, as I noted on my original call approximately two weeks ago, this TD Bank credit card is not one that I asked for : I previously had a credit card with XXXX XXXX, which was transferred and/or sold to TD Bank. Although I received notice of this action, I did not provide my consent to become a credit card customer of TD Bank, nor did I receive an option to close my account instead of accept the transfer. 

What I am asking for is reasonable, simple, and responsible : TD Bank must close my account, lower my interest rate, and set me on a payment plan that will see my account paid-off in no more than 5 years ( with a monthly payment no greater than at present ). This is necessary, since my current minimum monthly payment is hovering near $ XXXX/mth, with approximately $ XXXX/mth of accrued interest. 

TD Banks failure to cooperate with a request that is in my best interest, rather than theirs, is unacceptable profiteering on the back of a XXXX/XXXX XXXX, a XXXX XXXX, and an individual who is seeking to take control of their finances. Since I am making hundreds of dollars in payments each month to credit cards, it is extremely important that TD Bank complies with my request, in order for me to be able to live on my XXXX/XXXX XXXX salary.

Company response to consumer: Closed with non-monetary relief