Consumer complaint received 2016-09-01
Company: CITIZENS FINANCIAL GROUP, INC.
State: CT
Product: Consumer Loan
Sub-product: Installment loan
Issue: Taking out the loan or lease

Complaint:
myself and my partner applied for a loan with Citizen bank in XXXX Ct. starting on XXXX with loan officer XXXX XXXX XXXX We gave her all the information about the business that we wanted to get a loan for. the business is across the street from the bank. We were asking for {$300000.00} and we were putting in {$200000.00} of our own money. XXXX started to process the loan and 2 weeks later assured us that this loan would be no problem. It was going through XXXX. XXXX told me that by XXXX XXXX we would be able to obtain the loan. We set a closing date of XXXX XXXX. I left my job of 19 years making over {$100000.00} to be able to start working on applications with the town and organizing the business. the business is a XXXX that has been in business for 16 years. It is called XXXX. There are XXXX others the original was started in 1935 in XXXX. XXXX then was laid off. It was a week before I found this out. I went to the bank and asked what was going on with the loan and I was introduced to XXXX XXXX. I was told he would be taking over the loan application. XXXX would call me and ask me for information and I told him it was in the file. I asked why the request for paperwork already filled out. He informed me that he had to get the folder from XXXX XXXX who had taken it home??? Strange. As we approached the end of the month of XXXX I informed XXXX that we had a closing date of XXXX XXXX. We had a meeting and he asked me if I trusted him and I replied yes. XXXX asked me to give him until the beginning of the following week and I agreed. As of Wednesday I had not heard back and requested a meeting. XXXX set it up for XXXX the XXXX of XXXX. At that meeting he informed the loan had been denied. Before that I had a conference call with XXXX and the XXXX to answer questions about the loan and they asked me when I would start the business and I answered asap. When meeting with XXXX on the XXXX I asked why the loan was denied and he responded that I did not tell him of a foreclosure on a house 6 years prior that was part of a divorce. My ex-wife abandoned the house and I had to pay alimony and could not pay that and XXXX mortgages. I have the divorce decree to prove that. XXXX said it looked like I was hiding it. I asked why no one ever asked about my credit rating and he said " i thought XXXX did that already '', and then he said he should have, so he could explain it to the underwriters. I asked him to review that with them and he said he would, but to look for other lenders. I asked him what do I say about being denied and he said " tell them Citizen did a bad job ''. I informed the VP of the bank and he said he would get them all together the following week to try and get this through. They already set up a business acct., credit card business and payroll acct. On Tuesday the XXXX of XXXX I received a phone call from XXXX XXXX with Citizen XXXX, stating that they approved the loan and that XXXX was backing the underwriters. I told this to XXXX the VP at Citizens and he said he was contacting everyone because the had a meeting on Thursday the XXXX. to discuss the loan. On Thursday I received a text from XXXX saying the " i struck out ' I asked why and he said he could n't fight the underwriters. I believe that because I spoke up about the length of time for the loan to be decided and the fact that XXXX was not honest about the process and that XXXX approved the loan, I was discriminated for complaining about how the process was being handled and informing the VP about XXXX 's comment. I never received a letter of denial and the reasons for it. I have spent over {$25000.00} for a business that should already be in operation. I have also lost wages of {$28000.00} because I left my job with the promise of a quick closing. I contacted the state banking commission and they asked me to send it to you. thank you.

Company response to consumer: Closed with explanation