Consumer complaint received 2023-02-08
Company: TRUIST FINANCIAL CORPORATION
State: PA
Product: Mortgage
Sub-product: Home equity loan or line of credit (HELOC)
Issue: Trouble during payment process

Complaint:
We were given a HELOC back in I think 2016 with Susquehanna, then BB & T, and now Truist Bank. We were told at that time that the way the line worked is we could take out an amount and choose either a fixed rate option where the rate would be fixed and we would pay back a certain amount of pricipal and interest over a certain number of years or we could just use it more like a regular credit line where we could take out an amount and the interest rate could adjust. We initially after receiving the line, too out I think about {$35000.00} and fixed that rate at about 3.75 %. Over the years we have taken out and pay back smaller amounts at the adjustable rate option. As of this past XXXX we did not have any amount owe other than the fixed rate. Any time we used the adjustable rate option wehad paid it back quickly. 

I went into the branch on XXXX XXXX this past XXXX, because we had some projects coming up and I knew rates were on the rise, so I wanted to see about taking out an additional $ XXXX {$15000.00} and choosing the fixed rate option. The rate I was quote was XXXX?? %. I know it was under 5 %. Since that rate was still so good, I chose to take out {$15000.00} and fix the rate/payment. When the bills arrived, I paid the amount due for the first several months. Everything seemed good. 

This past Fall, I started getting noticed about past due amounts, late fees, and rate changes. I called the number on the statement and was told they could not help me and I had to call the branch. I called the branch several times in XXXX and each time was told that the person had to speak to a supervisor, would get back to me etc. They never got back to me and eventually told me that the manager I had worked with to take out the additional {$150000.00} was no longer there. I asked for them to send me the paperwork on the loan and was told they could not find it. I paid the amount I believed was due. The bills arriving in the mail were super unclear on what was actually owed and kept referring to interest rate changes, which should not be because I had chosen a fixed rate option. Today I tried again to call the main number since the branch was no help. The person I spoke with found my line of credit and the original fixed rate portion but could not find anywhere that said anything about the {$15000.00} I took out OR the rate being adjustable or anything at all about. She could not tell me what I owed or what had been messed up concerning fixing the rate. She told me I had to wait 48 business hours to hear from a manager. 
However, at this point this is the fourth time I have been told to wait a few days to speak with a manager and I am very concerned that I am being charged a higher rate than I agreed to, that I don't know the amount to pay, that I am being charged late fees, and I am concerned that this will negatively affect my credit.

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