Consumer complaint received 2022-11-27
Company: TRUIST FINANCIAL CORPORATION
State: WI
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
Hello, I signed a loan agreement with a bank for a plumbing job to be done in my home in XXXX of 2022. The work was completed, the loan approved, and I signed not one but 3 of the same emails I received with the same documents in them for this loan. The loan amount was for {$3000.00}, the job came to a total of {$1700.00}. The loan was for {$3000.00} due to an estimate that was to be given to remodel my bathroom, or at the very least, replacing the bathtub. Upon calling the plumbing company, I was told their department that was supposed to give me this estimate to replace the bathtub would not travel this far to do so, even though their website clearly states they do travel to my county where I am located. Therefore the loan would be revised to the amount of {$1700.00}. The extra funds that were not used should go to me upon speaking to an individual from the plumbing company. The bank sent me a new loan agreement to sign with the total amount for the job only to sign. Since I already signed the agreement for the amount of {$3000.00}, it should not have been changed. I filed a complaint with my local Consumer Protection Agency, of which I have received a shocking reply. This bank replied with stating if the work was not completed, the loan agreement amount can be changed. However, this work was completed in one afternoon, yet the bank 's reply states they thought this work was still ongoing in XXXX. The plumbing company who I had received the financing from and who had done this work, told this bank that the work was unfinished in order to change these loan documents. The bank has been informed and has not taken any action and states they do not have any jurisdiction over the plumbing company changing these documents. 

This loan is a zero interest loan unless payments are made late. I was current, yet upon checking my account online, there was a payment due back in XXXX when i hadn't even received any bill in XXXX. I instead received a letter from the plumbing company who told me to pay the bill in full. The loan was funded very late due to their mistakes of taking care of their own paperwork. Now I am behind on my bill and will no longer receive the zero interest due to this bill being late that I never even knew existed as I hadn't received anything for it. This financing was completed through the plumbing companies website, which also stated this loan was a deffered account and there would not be any payments due for the next year. That is why the loan was not funded, yet there were many mistakes and confusion about this, with no one looking into anything further. Now I must make payments on a loan that is not supposed to be due for one year with zero interest. However, upon making the first few payments that I was aware of having, I am now told from the bank to stop making these payments since this loan does not need to be accepting them yet. I have done as told and now sit with a credit score dipping as this loan becomes more and more past due. I can't afford to catch up on these payments now, they have accumulated to be too much after I was told they would not do that and would stop immediately. 

So, there are multiple things happening here and no one can confirm the accuracy of much of this as there have been a lot of misunderstandings and paperwork left unfiled and changed when it should not have been. Also, this loan document was filled out by myself and my significant other upon our applying for this financing. My name was removed as it is no where on the loan documents any longer. Only one peice of information was left behind. The word, " Monthly '' that I had filled out in regards to my income information. Everything else was missing.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation