Consumer complaint received 2017-05-03
Company: ACIMA CREDIT, LLC
State: MD
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
Good day, Sir/Madam.     I have a complaint about Simple Acima  XXXX , an  Overstock  financing company. Last  XXXX    XXXX  , my husband and I applied for a financing for a sofa which we bought from  XXXX  here in Maryland. That time, we were approved an {$800.00} loan and we signified that we will pay off the loan within 3 months by deducting from my husband 's bank account in a biweekly basis. They had his information so we trusted them to deduct as soon as possible because we did n't to incur any interest because we wanted to save money.     In  XXXX , we went back to  XXXX  because the financing have not deducted yet. They said that we can call the financing company to clarify. I called but failed to contact them on that day because it was already late. It slipped my mind to call again the next day because I was busy with work.     In  XXXX , they started to deduct the amount of {$120.00}. I thought everything was okay now since they finally started our payments. I just wondered why they had only taken $ 125 monthly and I thought maybe after paying {$800.00}, they will stop deducting. Today, I checked my husband 's account and they were still deducting and it worried me because they have already taken a total of {$1100.00} from him! So, I called them to clarify why they have taken so much already. The man who answered said that we signed a contract to pay off in 1 year! I told him that this is ridiculous because I ca n't remember my husband signing this contract. Have we known, we would have paid off the amount sooner so that we can avoid the interest.     So, we went back to  XXXX  to clarify again. The  manager  asked us if we were able to pay off the amount in 3 months. I said, " I do n't think so because this financing company is only taking {$120.00} from my husband every month ''. He said that it is our responsibility to check on our payments so I told him, '' the payments are automatically deducted from my husband 's account ''. He also informed us that if the amount is not paid of in 3 months, the financing will automatically make it payable in 1 year! I told him we did n't know this and that our plan, the one we submitted, was biweekly for 3 months deductions. He then told us that we should have done something because we signed a contract. I asked for the contract but he said that the financing sent it to us via email. I looked for it in my email but did n't see any contract from Simple  XXXX . The only email we got is an Approval notice of {$800.00} and that we have to pay {$130.00} every month. There was no mention of the number of months to pay it off and no interest rate was ever stated on it.     I 'm writing this complaint because I feel so bad to pay an interest which is even higher than my principal loan. Instead of paying {$800.00}, we are now supposed to pay {$1700.00}. This is ridiculous! We work hard to earn money and what they are doing is stealing, cheating and taking advantage of people who have no knowledge of this situation. This financing  Simple Acima  has deliberately delayed our payments and did not deduct the amount we agreed upon so that they can make money out of innocent consumers like us.     We ca n't pay anymore. Please do something. May  XXXX  have mercy on these people who make easy money out cheating others. If they were just transparent with agreement, I would n't have felt this bad.     Thank you for making consumers your concern.  XXXX  speed!!

Company response to consumer: Closed with explanation