Consumer complaint received 2016-02-24
Company: 1st Franklin Financial Corporation
State: TN
Product: Debt collection
Sub-product: Other (i.e. phone, health club, etc.)
Issue: Improper contact or sharing of info
Sub-issue: Talked to a third party about my debt

Complaint:
I was referred to First Franklin for a first time loan, on my own. I was told by XXXX XXXX with whom I had a loan with that they would give me a better rate and that the woman I was referred to was a very good friend of that loan officer at XXXX XXXX. I have been out of work since last summer but had been making payments until XX/XX/XXXX when I just was completely unable to pay. I have paid some but am not caught up from being behind. I have been late but now have had them calling me 2 times a day. They have called my family and my father has XXXX and my mother is a XXXX. Today they called one of my best friends who owns a business trying to get her to pay. I was told my rate was a very competitive one. I only just found out that it is 30 % interest and they will not negotiate with me or lower my payment. Though I have been in contact verbally with an attorney and I will be either getting a home loan ( if my credit is n't ruined by them ) so I can get away from this awful situation or will have to go bankrupt to settle the XXXX XXXX and the XXXX accounts that have double whammeyed me when I had XXXX and had a XXXX. I am currently trying to get a home loan and have paid a small sum to both XXXX XXXX XXXX and First Franklin. I also received a letter from XXXX XXXX in the mail offering to reduce my payment and when hubbie and I went in they refused to reduce the payment and they also tried to renew our loan. Which we did not want but did try to work with them. We do not particularly want to go to bankruptcy but if we ca n't have our interest rate adjusted then we will be forced to do that as our loan debts are too high for us to pay. If we pay them at the 30 % rate there is nothing at all left for food or even for a trip to the doctor or to the dentist. We were tricked by these XXXX companies and by people who worked for them. Our first loan is with XXXX XXXX and it was with my husband and I. I was referred by a loan officer to her friend because she said her friend was new and would give us a better loan rate at First Franklin. Unfortunately, I believed her. The loan I got in my name alone is horrible and no one should get involved with such terrible people. They told us they would lower our rate and a paper they sent requesting us to come in and receive help was not true. They never tried to help us and they never were willing to negotiate a lower amount. They basically reentered our information and ignored all that we asked about getting help. In fact, they acted like they could not help us at all other than to give us another higher loan rate. And they turned down a loan which they suggested and it probably also lowered our credit rating. Which is just like getting beaten up by them over and over. Calling repeatedly during the day and calling my family, my friends is not acceptable business practice. We can not repay this high of a loan amount though we have tried to. We have actually more than paid back the amount we borrowed at XXXX XXXX and due to my loss of job, XXXX and a second illness. We just have no way to make this work out and the humiliating nature of these XXXX companies who have worked side by side to destroy us is unforgiveable.

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