Consumer complaint received 2018-06-14
Company: ONEMAIN FINANCIAL HOLDINGS, LLC.
State: LA
Product: Payday loan, title loan, or personal loan
Sub-product: Title loan
Issue: Charged fees or interest you didn't expect

Complaint:
I am requesting to file a formal complaint against One Main Financial for several factors : high interest bearing rates, the hardship of paying loan with no resolution, misleading information on credit report, the 11 month time frame that the company reported information, vehicle was repossessed and sold way below its retail value. 

On XX/XX/XXXX I, XXXX XXXX applied for a loan with One Main Financial to only pay off a few credits. They advised me that I was unable to get the loan unless I allow them to purchase the XXXX XXXX XXXX from XXXX XXXX and hold the title as collateral. I was very gullible and incompetent of the high interest rate and high bearing interest on the loan. They initially told me the loan was going to be XXXX a month then the loan officer advised me to put liability insurance, which increased the loan to XXXX a month. I paid this company One Main Financial faithfully every month on time. 
On XX/XX/XXXX, when I voluntary return the collateral to One Main Financial Branch Manager, XXXX XXXX threatened me by directly and verbally telling me that they could garnish my wages up to 25 %, sue me in court, and potential damage my credit. I had better knew what I was getting myself into. This is why I strongly feel that One Main Financial just now reporting my credit profile 11 months after just so that they can potential damage my credit more. As long as I was paying them they never reported any information on my credit report. 

Throughout the months of dealing with One Main Financial I  communicated with them to find solutions that would resolve the high interest rate. All the employees in the XXXX, LA Branch know how faithfully I would call to seek help in reducing the interest on this loan. I was unaware that One Main Financial charged a high interest to customer to pay for insurances. I requested that they allow me to trade the vehicle in on several occasions. They demanded that the entire loan be paid off. I tried getting the vehicle refinanced through Banks and Credit Unions, but the loan to value was entirely to high, and no financial Institutions refused to roll over such large equity. 

After I canceled the disability insurance the company still charged me for having the insurance every month by refusing to re-modify the loan. The interest rate was so high on the loan that the amount was never decreasing. After the repossession One Main Financial is requesting that I still pay XXXX with a past due balance of {$2800.00}. Again, One Main Financial refuse to re-modify the loan to the deficiency balance of XXXX One Main Financial still forcing me to pay the past due balance of the loan after I returned the collateral. I returned the collateral prior to being 30 days late. So the loan is approximately 90 days late and they have already closed the account, and never sent any billing notice or statement. 

One Main Financial never reported this on my credit report until now XX/XX/XXXX. The entire time I was paying them on time. The information was never reported on credit profile until I defaulted on the loan. The XXXX XXXX XXXX that was repossessed and sold for less that the value of the vehicle. The XXXX XXXX XXXX had only XXXX miles, new tires, oil change, new battery, new headlights. I have documentation to proof. According to XXXX the SUV retail value is approximately between $ XXXX-XXXX.One Main Financial report on my credit report that the repossession was an involuntary, which is misleading information because I turned the vehicle in to their XXXX Branch Office Manager , XXXX XXXX on XX/XX/XXXX.

Company response to consumer: Closed with explanation