Consumer complaint received 2021-10-05
Company: OneMain Finance Corporation
State: GA
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Struggling to pay your loan

Complaint:
This complaint is about Onemain Financial dishonoring a settlement and/or agreement they made with me over a debt and the fact they gave me an incomplete and incorrect amount owed on the debt before making that settlement and/ or agreement. On or about XXXX of 2017, Onemain Financial and I came to a settlement agreement to pay off a loan that I had struggled to make payments on. I was informed that the amount due at the time was a total of about {$4200.00}. After discussing with the agent the best possible way to settle the debt and help rebuild my credit score, the agent told me that the account would be settled for about {$2400.00}. The agreement was for me to pay about {$1200.00} to bring the account out of collections and to pay the rest of the amount owed on the account within the next six months. During this conversation not once did the agent mention or discuss any accrued interest they may or may not have added and/or included on the {$4200.00} amount they stated I owed. I was misled into believing that that the {$4200.00} was not only just in collections but was the total amount due before I agreed to any kind of settlement. Again, not once did Onemain Financial mention that I owed any additional accrued interest on the {$4200.00} prior to making an agreement with me even though in prior interactions, the personnel at their offices would calculate the best way to make up a payment that would lower any accrued interest. Onemain Financial disputes that a settlement agreement was made and insists that all I did was agree to bring the account current and make monthly payments until the account was paid off. They have not provided audio recordings of the conversations between us and have insisted that I telephonically made statements and agreements that I did not make while denying I made statements such as when I informed them after I received a statement that made it clear that Onemain Financial did not abide by their settlement and/or agreement they made with me. After paying about {$1700.00}, I noticed that my statement stated that I owed Onemain Financial {$3500.00}. When I called Onemain Financial to inquire why I owed this amount after reaching a settlement agreement, the agent told me that it was late fees that was the reason why the balance was high. We got into an argument over these fees and I demanded detailed proof of why the balance was that high and told her that even without the settlement and even if I had just brought my account current - that my balance should still not be that high. I also told her that until they gave me that requested and detailed documentation of why my balance was that high, that they could not take any more payments from my bank account. The agent I spoke with in XXXX made it clear that the total amount due was only about {$4200.00}. At minimum the remaining balance should have been about {$2900.00} after paying about {$1200.00} and not the {$3800.00} Onemain Financial stated I owed. Due to the fact that Onemain Financial denies that any settlement and/ or agreement they misled me into believing that had been made other than bringing my account current which is not a settlement at all ; money was taken from me that I would never have agreed to paid out had I known that Onemain Financial would not only dishonor that agreement but took my money after misleading me into the total amount actually owed to include and and all accrued interest. This set into motion a roller coaster of financial hardship on me. Again, I never would have agreed to pay any amount of money had I known that the {$4200.00} was not the total amount owed and had I known that Onemain Financial would not honor their agreement.

Company response to consumer: Closed with explanation