Consumer complaint received 2022-02-05
Company: GreenSky, LLC
State: CO
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
This is the body of my letter to Greensky which describes the fraudulent business practice of the company. 

XX/XX/XXXX Greensky XXXX XXXX XXXX XXXX, Georgia XXXX Gentlemen, I am in receipt of your letter XX/XX/XXXX, where in you indicate I had not paid my account in full on or before the expiration of the amortization period ending on XX/XX/XXXX. As a result, you state I have a remaining balance, consisting primarily of finance charges, in the amount of {$900.00}. 
I dispute this amount and suggest that your business practice of returning funds to me that were had previously been paid is fraudulent. A complaint is being filed with the United States Consumer Financial Protection Bureau seeking redress to myself and other consumers who may have been negatively impacted by a pattern of practice meant to create an appearance where their loans were not fully paid, resulting in the collection of interest and fees that should have been waived upon payment of their accounts. 

My assertation is based on the following : XXXX XX/XX/XXXX, I contracted with XXXX by XXXX to purchase windows in the amount of {$10.00}, XXXX. This was to be financed through XXXX with all interest being waived is the principal balance was paid in full within XXXX year. 

The schedule of payments, see page XXXX, demonstrates consistent periodic payments of between {$250.00} and {$1000.00} between XX/XX/XXXX and XX/XX/XXXX. A total of XXXX payments were made using New York XXXX Bank and XXXX where electronic payments were made and confirmation numbers were generated upon payment to XXXX. Payments totaled {$10000.00} in this period. The final payment had fulfilled the terms of the account with payment of the entire principal prior to the end of the XXXX year period. 

XXXX generated check XXXX, dated XX/XX/XXXX, in the amount of {$250.00} and payable to XXXX XXXX. An image of the negotiated item was recovered from XXXX XXXX XXXX XXXX and is attached to page XXXX herein. XXXX provided no explanation for this check. Thus, the implied purpose was refund of an overpayment. 

XXXX XX/XX/XXXX, I reviewed my XXXX statement and saw what was purported to be an outstanding principal balance of {$250.00} as well as interest now owed. I contacted XXXX by telephone at ( XXXX ) XXXX to seek a better understanding of my account. I was told the account had not been paid in full and interest was due. I asked why a check in the amount of {$250.00} had been issued to me by XXXX. I advised them that that check appeared to create an outstanding principal and would then appear to negate the full payment of my account prior to the end of the XXXX year period for which all accrued interest and fees would be waived. The XXXX representative said there was no evidence in her file that any funds had been sent to me. A grace period of 30 days was said to exist for full payment to be made. 

What appears to have happened is that I paid the full principal of my account on XX/XX/XXXX, which would have warranted the waiving of interest and fees in the amount of {$650.00}. Thus, XXXX generated a refund payment of {$250.00} to create an unpaid balance in an effort to collect funds that should have been waived. 
This appears to be a fraudulent business practice, involving the mail service of the United States and XXXX be subject to other criminal/civil remedies of the XXXX XXXX XXXX 

Therefore, I ask XXXX to recognize their actions, waive all outstanding interest and other charges and fees and to remove any negative or derogatory information that XXXX have been submitted to any credit bureau or credit reporting business. 

Your prompt response is appreciated. 
XXXX XXXX XXXX

Company response to consumer: Closed with explanation