Consumer complaint received 2016-06-16
Company: SYNCHRONY FINANCIAL
State: NY
Product: Credit card
Issue: Forbearance / Workout plans

Complaint:
I had a dental procedure in XXXX of XXXX and was given Care Credit as an option to pay the {$3200.00}. I was quite out of it XXXX. I realize now that I should not have agreed to any financial plans while fuzzy. However the dental office staff did n't give me much info and made it seem like a very standard way to pay. I was offered either a no interest plan if paid by a certain date and a fixed payment plan with interest. I 'm not even sure which plan I chose. Probably the one with the lower payment as I was financially strapped after a lay off. I 'm not sure if I signed anything. My monthly payment started at $ XXXX/mth and soon went up to $ XXXX/mth. I lost another job soon after the this but kept up with payments while receiving unemployment. Since that time I have become unable to work and have no income. My family income is down as well due to the poor economy. I have applied for XXXX but that could take a year or more. By his time GE Capital/Care Credit had changed to XXXX Bank and then to Synchrony Bank.I asked them repeatedly throughout XXXX - XXXX to modify my payments ( lower monthly payments with longer term ). I was told nothing could be done. I kept up with payments until XXXX of this year then started falling behind. Then this XXXX of this year during XXXX of the multiple daily calls from them I mentioned that if I went bankrupt they might not get anything. Suddenly I was transferred to a department who told me " they would " be happy to work out a payment plan for me. '' I was offered a new arrangement of $ XXXX/month with no interest and removal of all late fees. I said that would be great but they said I had to accept the new plan over the phone right then. I said I needed something in writing. ( They had been somewhat deceptive so far ) I was told I could only get something in writing AFTER I accepted the new plan. ( What kind of business practice is that??? ) I said " just send me an email with a few bullets descibing the new arrangement. '' They would not. I did n't know what to do. They gave my account over to a collection firm who have been relentless in calling me day and night, Sundays and holidays. Finally I thought maybe if I speak to the collection firm ( XXXX ) they may be able to offer me a payment plan AND give me something in writing. So I called them. They were able to offer me a plan that sounded similar - $ XXXX/mth for 48 mnths. This sounded OK until I did the math. If I make 48 payments of {$37.00} it equals {$1700.00}. My XXXX statement shows my new balance to be {$1600.00} ( which I believe includes interest and late fees ) and my promotional balance to be $ {$1300.00}. I just want to make a payment plan that is fair to payoff this debt ; {$25.00} - {$35.00} per month that adds up to a fair amount that I owe them with no interest and removal of interest and late fees as promised, from at least this year but really from XXXX when I first contacted them for a new arrangement.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation