Consumer complaint received 2018-04-17
Company: Lending Club Corp
State: VA
Product: Debt collection
Sub-product: I do not know
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
My wife and I took out a large loan ( {$32000.00} ) in XX/XX/XXXX to cover education expenses with a private company who teaches real estate investing and offers one-on-one mentorship. We were advised to go through Lending Club out of XXXX XXXX. Lending Club gave us the loan to which was paid to the education company. This loan should be illegal. The APR is 32.34 % with payments at {$970.00} each month! We were advised by the education company to take out an extra {$6000.00} so we could focus on training and use the {$6000.00} for the first few month 's payments to Lending Club. We were told we should have a deal by then which would more than cover the loan amount. We were optimistic and hopeful. But we didn't get that first deal by then. Actually, we still have not gotten a deal despite trying very hard since that first day. Fast forward to XX/XX/XXXX and our worries of running out of money for such astronomical payments came to reality. We fell on hard times and could not pay the very large payments. We tried refinancing and no one would look at us because we had a good amount of debt plus Lending Club added to it and no personal home yet. After a couple months went by, were able to scrape up some money for payments and made one, then the next month we combined two payments together, and the following month another 2 payments together. I was able to log into our account and this company is taking our money and putting all of it to their super high interest, and not putting any towards the principle!!!! Plus they are still reporting to our credit bureaus that we are late as if we are not even making payments. Even tho we are in late status, we have still made 5 payments of {$970.00} each plus late fees, plus mailing payments overnight each time to ensure they receive by the appropriate dates. But the balance remaining has not changed since XX/XX/XXXX! Every time we call, we are met with what sounds like college aged kids and each time we call, we get a different story. We call every month and ask them exactly to the penny, what do we owe right now and they'd give us the dollar amount to put on the checks. We get the checks, mail them, then the following month, another young rep will tell me that we are NOT making enough payments, or we owe one more late payment when the last time, the last rep said we didn't. One rep told us if we made arrangements with them they would stop posting to our credit reports but that never happened. THey are ruining our credit, which is vital when trying to purchase homes for investing, like we are doing. My wife and I have a lot of debt besides this Lending Club, however, we have never missed any payments on all our other debts except once. We purchased our first home ( which is also our first investment home ) this past XX/XX/XXXX. We both had very high credit scores despite Lending Club debt -- mine was up to XXXX and my wife 's was somewhere around lower 700s. This is absurd. They are ruining us! They are highly unprofessional and a total mess with their accounting. We are losing sleep each night. We have XXXX very small children and are worried to death about how to fix this, and what options we have since this company has such out of control terms and accounting practices. We were so caught up in the moment and emotions when we signed for that loan and regret it so badly. Please help us with at least options to give us some sort of peace and closure to this nightmare.

Company response to consumer: Closed with explanation