Consumer complaint received 2020-09-30
Company: OneMain Finance Corporation
State: FL
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
HOW I GOT INVOLVED WITH THIS COMPANY In XXXX of XXXX ( XX/XX/XXXX ) I received in the mail offers for unsecured quick closing, money in account within ( 48 ) hours, from One Main Financials. " CONSOLIDATION LOANS '' I didn't respond because I thought it was a scam. I was speaking with a credit union personnel at XXXX in XXXX, who also referred me to this same company ( One Main ) that I had received the mailing advertisement from. 
So I went online to look then up and several other companies came up, also came up was another company that stated, fill out one form and we will ( THEY ) COMPARE SEVERAL LENDERS AND FIND THE BEST ONE } for my needs of consolidation. 
They suggested " ONE MAIN FINANCIAL ) same as the credit union. 
I applied and was approved, but was told I had to pay off my car loan on my car as well, they however they did not ask that the credit cards be paid off even though the loan was to pay off the high interest rate cards ; only the car loan was required to be paid off before I could close on the loan. I explained that the car loan is only 5.1/2 % compared to their interest rate which would be between 12 to 16 % for the {$7000.00} I was requesting, and that it would not make sense for me to do that. At no time was I ever advised that my car would be used as collateral. ( Now I understand their instance ( demand ) of my paying off my Credit Union Car Loan. 
They wanted to use my car as " XXXX " without telling me. ( " XXXX of Me '' ) I however had a unit that we had up for rent on craigslist and someone was interested in renting by XX/XX/XXXX. 
At the time we were still waiting on the adjuster and insurance company to pay us to repair the unit damages that were caused by water intrusion into the unit. 
I told my daughter that I would go ahead and take the loan, pay to fix the damages in the unit so that the tenant can move in in XXXX ( keep all receipts ) and I would hold off paying off the 'CREDIT CARDS '' and when the insurance company paid for the damages, she can refund me the funds to pay off the credit cards. 
The adjuster XXXX wanted to bring his lawyer friend involved in the insurance claim, ( so that both could clean up off the claim, this is XXXX ) which my daughter did not want do. XXXX refused to release the claim so that another adjuster could take over, so the claim still have not been resolved and I am stuck with both my credit cards and " ONE MAIN FINANCIAL LOAN PAYMENTS '' Another surprise from " ONE MAIN FINANCIAL GROUP, LLC '' At the closing my loan amount was higher than expected, when I went through the loan line by line the following items were attached to my loan amount without my knowledge ; Making my monthly payments {$480.00}, then {$410.00} after that, more than what my car payments were at XXXX. The added items that were never discussed with me were : ( 1 ) Single Disability Premium of {$710.00} ( Still don't know what that for ). ( # 2 ) IUI??? {$390.00} ( ( # 3 ) MV Certificate of Title fee of {$74.00} and ( # 4 ) Documentary Stamp Tax of {$51.00} adding a total of {$1200.00} to the loan all without my knowledge. I had asked them to remove it before signing the documents on the computer in their office, but never received a revised copy, or a check for the {$1200.00} which I had requested when I refused these charges. I still am not sure it was ever removed from the total loan amount or if I am still paying interest on that as well. 
After I went back to school and was not making the {$2400.00} per month at the law firm I was working at the time that I took the loan from ONE MAIN FINANCIAL, and the {$380.00} monthly payment had started to become an issue, the loan officer stated that I could modify the loan for a lower payment, which I did, on from {$380.00} to $ 252.+ change. I never received any new additional loan documents with the new interest rate or new loan payments, just a one sheet paper with the amount to be paid.

They had me made two payments of the new amount plus my normal monthly payment, which I did not understand at the time but did because they kept calling stating that my payment will be late, even though I had already made two payments including the month they were asking me to pay. 
When the COVID-19 Pandemic I was advised that they were modifying loans to lower the payments for their customers due to COVID-19. The process started first week of XXXX, XXXX. I kept calling asking what amount should I pay and was told it not approved as yet, I have to wait, so I waited. On XX/XX/XXXX I was called and advised that the modification was approved, I must come and sign and make the payment. I did, so on XX/XX/XXXX I went to the XXXX office in XXXX to signed the paper with the new amount and to make the payment. I ASKED HER WHY THERE WERE HARDLY ANY DIFFERENCE FROM THE PREVIOUS AMOUNT OF {$250.00} PLUS CHANGE, AS THE NEW PAYMENT IS NOW {$190.00}, SHE STATED THAT WAS WHAT WAS APPROVED AND A PAYMENT MUST BE MADE TODAY, SO I SIGNED AND MADE THE PAYMENT OF {$190.00} ( SEE DOCUMENT ENCLOSED The paper I was asked to sign when I made the payment stated that I need to make my payment by XX/XX/XXXX again, and that this is a permanent modification. The paper I signed also had written on it trial payment required, which I assumed it to be like any other loan modification trial period to ensure that we make the required payment amount by the required time and date. 
This turned out not to be so with ONE MAIN FINANCIALS LLC.

By the General manager, own admission MrXXXX XXXX XXXX XXXX XX/XX/XXXX in the XXXX Office, with whom I met with ( After numerous emails and phone calls both to the local and to the executive office ) stated that I am required to make two payments for XXXX, one for the 2nd and one for the XXXX of XX/XX/XXXX. 
He also stated that I have no choice in the matter, he can remove the late fees being charged but I am required to pay it or pay off the loan, or get reported to credit bureau as being late on my payments I offered him the keys to my car ( by his tone in speaking with me ) and because as I have been explaining to everyone at One Main Financial that this COLLECTING UP- FRONT AND ALSO ON THE BANK END IS ILLEGAL. 
They claimed that XXXX was not paid, which was when the modification had started. At no time when I called about the modification been completed in XXXX was I advised that I needed to make a payment. Secondly the XXXX payment have been deferred based on the conversation I had with XXXX XXXX and all statements since XX/XX/XXXX. Which reads as follows : " YOU WILL BE REQUIRED TO PAY {$210.00} IN FORBORENE PRINCIPAL AND /OR INTEREST ON XXXX XX/XX/XXXX. Please see your loan modification for detail. 
I have been " DISPUTING THIS DOUBLE CHARGES SINCE XX/XX/XXXX UNSUCCESSFULLY AND AM REQUESTING A FULL INVESTIGATION BY THE CFPB INTO ONE MAIN FINANCIALS PRACTICES OF KEEP ASKING IT'S CUSTOMER TO MODIFY THEIR LOANS THEN KEEP CHARGING ONE EXTRA MONTH PAYMENT ON EACH MODIFICATION, PLUS STARTING OVER THE PAYMENTS AND TAKING ALMOST 90 % OF EACH PAYMENT EACH TIME FOR THEIR INTEREST. 
I THINK IT'S VERY SIMILAR TO PREDATORY LENDING IF NOT SO. 
I HAVE BEEN PAYING ON A {>= $1,000,000} LOAN SINCE XX/XX/XXXX AND HE GAVE ME THE PAY OFF AMOUNT OF {$11.00}, XXXX SHOWING THAT SINCE XXXX TO XX/XX/XXXX THE LOAN AMOUNT HAVE ONLY BEING REDUCED BY {$1100.00}. 
IF THE CFPB DOES NOT FIND THIS ALARMING, THEN SOME THING IS VERY WRONG. CONSUMERS ARE NOT BEEN TOLD UP FRONT THE TRUTH IN THE LENDING PROCESS AND ARE BEING TOTALLY MISGUIDED AND FRANKLEY BEING RIPPED OFF, BECOMING SLAVES TO THIS LENDING INSTITUTION. 
THE PUBLIC SHOULD BE MADE AWARE ON YOUR WEBSITE. 
THIS IS ALSO UNETHICAL, ESPECIALLY WHEN IT IS BROUGHT TO THEIR ATTENTION, AND INSTEAD OF MAKE THE PROPER CORRECTION, THEY ARE TELLING ME I HAVE NO CHOICE BUT TO PAY IT AND I WILL CONTINUE TO BE CHARGE LATE FEES UNTIL I MAKE THAT EXTRA PAYMENT OR PAY OFF THE LOAN. AS I TOLD MR. XXXX HE CAN HAVE THE KEY TO CAR, I WILL BE HAPPY TO TAKE THE BUS, THEN BE RIPPED OFF. 
PLEASE START A FULL INVESTIGATION, AND PLEASE DO NOT PUT POLITICS OVER THE PROTECTION FROM THIS ABUSIVE FINANCIAL PRACTICES BEING DONE TO INNOCENT CONSUMERS WHO ARE MADE TO BELIEVE THAT THEY ARE DEALING WITH A FIDUCIARY FINANCIAL INSTITUTION.NOT SO IT SHOULD BE A WIN/WIN RELATIONSHIP, INSTEAD IT'S ALL ABOUT HOW MUCH INTEREST THEY CAN TAKE FROM EACH BORROWERS. 
THANK YOU FOR YOUR ASSISTANCE. 
Please do not put politics before the consumers who can not make large contributions to political parties in control. 
I am aware of their financial contributions to their political party. 
Please help stop this abusive lending practices to innocent consumers Thank you.

Company response to consumer: Closed with explanation