Consumer complaint received 2016-08-09
Company: ONEMAIN FINANCIAL HOLDINGS, LLC.
State: IN
Product: Consumer Loan
Sub-product: Installment loan
Issue: Taking out the loan or lease

Complaint:
it recently came to my attention that springleaf financial services and XXXX company are involved in fraud and forgery, on XXXX separate loans springleaf financial took money from my loan proceeds and purchased private life and accidental death and dismemberment insurance policies other than the credit loan products that are usally offered when taking out a loan. springleaf financial failed to disclose to me that these unrelated private life insurance products were added to my loans I had no use for these products I had already purchase the credit life policies I needed. The loan documents put before me were not the documents that were neatly packaged by springleaf prior to disclosure. leading me to believe that the documents put before me were the same ones in the package which I did not examine at that time. I was completely unaware that springleaf ever sold these private life insurance policies and to top it off springleaf named themselves lien holder of these policies they stole money from my loan proceeds to purchase. springleaf nor XXXX never sent me any policies within thirty days to examine nor did they include signed certificates of insurance in either loan package I knew nothing about these private policies. I first contacted merit life insurance after becoming aware on XX/XX/XXXX about one of the policies after discovering this while checking to see what my pay off would be. after this XXXX XXXX sent to me a forged certificate of insurance they ordered and that I had never seen before or signed for {$26000.00} dollars that did not expire until XX/XX/XXXXand the policy sent to me does not even have the policy number on it. if I had ordered this policy I surely would have named a beneficiary but there was none and if I had not discovered this springleaf and merit life would still be in possession of this policy long after my loan had been paid off. these documents are being forged by cut and paste from other documents I may have signed. after this I checked a previous loan and sure enough springleaf and XXXX had included a private life insurance policy and paid for it with my loan proceeds I only owed XXXX dollars which I had already taken the credit life insurance to cover this loan. The undisclosed private life insurance policy was for {$7700.00} this is {$5000.00} more than my actual loan this policy did not include a beneficiary either, and another question who orders a life insurance policy for the odd amount of {$7700.00}.? this took place in XX/XX/XXXX the most recent undisclosed private life insurance policy took place in a loan in XX/XX/XXXX so this tells me this is a intentional common practice of springleaf financial and XXXX this is why they are so rich just think if a private insurance policy is added to every customers loan without being disclosed and is not discovered because this information is hidden on the backside of the page of the loan disclosure documents put before the customer during disclosure by springleaf csr who intentionally fails to flip the page over that states they first offered me the loan proceeds they used to purchase these private policies which is a total lie. Do you actually believe that I would take out XXXX of these policies that cost almost more than the loan proceeds that I received? All of the customers loan documents dated XX/XX/XXXX through XX/XX/XXXX should be checked for these bogus life insurance policies that were added and not disclosed to customers in order for springleaf financial and merit life insurance companys benefit.

Company response to consumer: Closed with explanation