Consumer complaint received 2017-05-08
Company: Equitable Acceptance Corp
State: KY
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Confusing or misleading advertising about the credit card

Complaint:
I was contacted by  XXXX   XXXX   XXXX  /  XXXX   XXXX   XXXX  multiple times with promises of lowering my federal student loan payment, entering a federal loan forgiveness program, & relieving me of additional debt stress. On  XXXX / XXXX / 16 , the representative I spoke with,  XXXX   XXXX , advised there would be a flat fee of {$1300.00} payable in 48 months in monthly installments. If you were to review the calls, you can verify this is the exact information given to me, & I was advised to accept this agreement per our discussion in my email while on the phone with their agent. I later found out that my payment is actually higher and not set up as a flat fee payment, but actually as a revolving credit line with severely high interest serviced by Equitable Acceptance Corp. This was not how the product or payment structure was disclosed to me by their agent when discussing the enrollment documents over the phone. I was deceptively sold a credit card product and the sales representative took advantage of his position and abusively advised I accept this discussed payment agreement while over the phone through my email. The sales practice of falsely promising a flat fee, plus 20 % + interest, will cost me significantly more than what was promised, and has already caused m y credit score to  drop by  XXXX  points by creating more available credit to debt ratio under my credit card accounts with reporting bureaus. Plus, the amount of money I am now paying in interest is not saving me money on reducing my monthly student loan payments, again as promised by  XXXX . I was not sold a credit card and I would not have opened a credit card with Equitable Acceptance if properly advised. Additionally, although  XXXX   XXXX   XXXX   XXXX   XXXX  is a document processing company they failed to process their own documentation to set up my automatic withdrawals with Equitable Acceptance like I approved over the phone on  XXXX / XXXX / 16 . I verbally & electronically authorized monthly auto withdrawals with their payment servicer, Equitable Acceptance, while on the phone with the  XXXX   XXXX   XXXX  agent on  XXXX / XXXX / 16 . This caused one of my first payments to not be paid on time as agreed and further creating a late payment to show on my report. I have previously attempted to resolve with Equitable Acceptance but their written response was unprofessional, accusatory, & based on assumptions without investigating the sales tactics they stand behind & service. Because  XXXX   XXXX   XXXX  deceptively sold me the wrong product, with interest, on false promises, and failed to set payments up properly further causing financial harm to my creditworthiness, they need to waive their fee and close this revolving credit account. I never would have agreed to such a product if their sales tactics were responsible and honest.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation