Consumer complaint received 2023-06-27
Company: OneMain Finance Corporation
State: MO
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Problem with additional add-on products or services

Complaint:
On XX/XX/XXXXXXXX  I opened a loan with One Main Financial. I had a previous personal loan of {$10000.00} that was consolidated. I have paid {$360.00} monthly ( {$180.00} ) bi-weekly for a little more than 1 year. On XX/XX/XXXX - I reached out by phone to the branch about my loan balance and options for consideration of refinancing my loan based on financial hardship I am currently facing. In my research of my loan and review of statements - I noticed that a refund for a product ( involuntary unemployment insurance ) was issued to my current loan in the amount of {$650.00}. I told the supervisor - that I was unaware of this " product '' being on my loan. And I asked for more information - including the total amount that I paid originally - including the interest. I was told that this information could not be retrieved - and that I should have paid more attention to what I signed up for. I also requested follow up to my question about the consideration of refinancing my current loan- and I was told that there is no option. I was also never told that my loan was incurring a {$5.00} per day interest fee - since its inception. So, even after never missing a payment for 1 year only {$1200.00} of {$4300.00} paid has been applied to my principal balance. I believe that there is predatory practices at play here- as I could not get a straight answer that was consistent between associates at One Main. As representative even told me that they had no record of me having a previous loan with their company- and it took a supervisor an extensive amount of time to locate my account to provide any specifics on my original loan information with the company. I have also become aware of a recent enforcement action from CFPB leveled against One Main Financial - and I asked the Supervisor I spoke with today if my account with One Main Financial had any relevance to the enforcement action, as I was never told I had previously opted in-to both a Life Insurance policy nor an involuntary unemployment product. I was told I could contact the insurance company as the records were " too old '' to retrieve. At a minimum- I am hopeful that this complaint will raise awareness of these practices and the inconsistencies of the policies One Main practices. I was provided with very little information or detail on any steps I can take to successfully retrieve satisfy my obligation to the loan - without paying more than 50 % in interest. Where my original agreement was 16 %. I believe I have and am continuing to endure a tremendous amount of stress and psychological harm as a result of One Main financial, there business practices, the way I have been treated by their associates and the lack of consistency in what I have been informed of as it related to my loan. The Branch I opened the loan with is XXXX XXXX XXXX XXXX XXXX XXXX  MO XXXX. This is the branch I contacted - however I was told today that I was affiliated with a Branch in Florida in which I have no connection to. This also alarmed me - as I now have fear that my personal financial information and other private information is not being securely managed by One Main Financial. I hope this complaint is reviewed in its entirety- and that you can assist me with obtaining a resolution to this matter. Sincerely.

Company response to consumer: Closed with explanation