Consumer complaint received 2023-09-16
Company: SYNCHRONY FINANCIAL
State: GA
Product: Payday loan, title loan, personal loan, or advance loan
Sub-product: Installment loan
Issue: Problem with the payoff process at the end of the loan

Complaint:
On XX/XX/XXXX I received a letter from Synchrony / XXXX XXXX stating my obligation to XXXX XXXX had been cancelled. Of particular note, the letter does not state the matter was satisfied, nor does it clarify that the matter was resolved through insurance company claim settlement, which represents a true statement of facts. 

Since I was making regular monthly payments prior to XX/XX/XXXX, I had made several telephone inquires to understand how reimbursement would be handled.1st called followed receipt of the correspondence dated XX/XX/XXXX and I was told that I was due payment of {$1400.00} and that I should have it by XXXX. 

Not having received any reimbursement draft, I called a 2nd time and spoke with XXXX who indicated that checks are sent for processing on Fridays and assured me the reimbursement would be sent out on Friday XXXX. 

Assuming the draft is sent via XXXX, I would like to hope that by the following Friday ( XX/XX/XXXX ) I should receive the reimbursement in hand, being sufficient time for the mail system to function as designed. 

Well, Friday XX/XX/XXXX came and I did not receive any item in the mail system. I called customer service a 3rd time and spoke with a pleasant representative named XXXX who reiterated that I was due refund and that these are sent for processing on Fridays and this would have been XXXX and should take 2 - 3 weeks for me to received it. Since I was on a recorded line, I asked for the check number to give me some level of evidence that there was an item on its way, but she was unable to provide. These are recorded calls so I was sure not to take my frustration out on her - she's doing what is scripted for her, and I fully understood that. I asked for executive info as my intent at this point was to escalate my concerns ) ( a.k.a. COMPLAIN ) XXXX She provided email to Corporate and I appreciated that. 

The nature of my complaint is that Synchrony ( XXXX XXXX ) is holding " patient '' funds XXXX under the banner of policy/procedure and they likely do not understand, or care to understand the full context : patient needs financing because they need to bridge a financial gap in order to obtain equipment while they have to engage in a fight with their insurance company. 

If I had the means, I would have gladly chosen not to go the finance route and I wouldn't be here. And I am sure there are many others out there in the same predicament, but just have to " eat what they are served. '' If am sure if the debt was still active and I was late/missed a payment, I'd likely be penalized with a late fee and reminded in a sternly worded letter or receive a call reminding me that " If you go 30 days late it could impact your credit. '' I've had to struggle and fight through this entire ordeal. I won the battle with my insurance carrier only to have to suit up and do it again with the company holding my hard earned funds. 

( NOTE : Figuratively ) At this point, if I could wield the regulator stick, I'd take a swing and hopefully it has intended effect! 

Respectfully,

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 monetary relief