Consumer complaint received 2020-01-23
Company: Bread Financial Holdings, Inc.
State: NY
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Getting the loan

Complaint:
After a 4 hour presentation for a vacation club membership back in XX/XX/XXXX, I became interested in the trial membership offered by XXXX XXXX. I decided to apply for in house financing for XXXX XXXX XXXX " XXXX Vacation '' membership. I signed an application that I was advised was preliminarily approved and the conditions of being able to use the club membership is when I paid the first {$1400.00} on the account. I was not able to use the membership or book vacations until this was done. The document I signed advised the same. I was never advised that XXXX applied for third party financing through Comenity Bank and that my financing was approved at the full amount paying off XXXX. Because XXXX was paid off I would have been able to use the membership right way. I never received any disclosures or approval letter from Comenity bank. I was also advised that my first billing cycle would have been in XXXX with the promotional 0 % trial rate expiring in XXXX. I requested if it could be at the end of XXXX to be able to pay off the amount. The representative in XXXX, FL location was not able provide an exact date but assured me since it was in house financing I can request for an extension and a payment change date. I expected a statement from XXXX in house financing and never received one. I then received a collection call from Comenity. This is when I learned that my account was with Comenity and not XXXX. Although Comenity has tried to work with me on these issues they were unable to honor the trial promotional rate as advised at the Resort. They said the promotional rate once expired on XX/XX/XXXX would require upfront interest rate payment of over {$320.00}. They said it's based on the full purchase transaction not annual rate divided over the months due.They stated my current payments would not be taken into account. I told them that did not make sense and I would never sign up for that. They said I would have to have XXXX tell them that the promotional rate was supposed to end in XXXX but they couldn't do anything about it. Comenity was also not able to pull any contract or application showing I had applied with them when I requested for this proof. I called XXXX and they said unless I have documents stating it was supposed to end in XXXX they would not correct it with Comenity. They stated I signed an application allowing them to apply for VCC, which I did not know meant applying to Comenity bank, I thought that was referring to their in house financing. They said I should have been advised this at time of purchase knowing that the whole membership was paid in full at Comenity. I told them I was not advised this and never received anything in person or in the mail. I have spent countless hours, days and months trying to resolve these issues and feel XXXX 's practices were deceptive. These companies are not providing full disclosures, are dishonest and appears to not be transparent in order to make these sales.

Company response to consumer: Closed with explanation