Consumer complaint received 2022-02-04
Company: Lendmark Financial Services
State: VA
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Getting a line of credit

Complaint:
NOTICE OF RESCISSION From XXXX XXXX XXXX XXXX XXXX XXXX XXXX, VA XXXX To : Lendmark Financial Services, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, GA XXXX ATTENTION : C.F.O., C.E.O, and President of Company RE : Consumer Transaction Agreement between XXXX XXXXconsumer and Lendmark Financial Services XXXX XXXX Transaction Date : XX/XX/2021 CC : Registered Agent : XXXX XXXX XXXX CC : Consumer Financial Protection Bureau CC : GA Attorney General I here by exercise my right to rescind this agreement under provisions of the 12 CFR 226.15 ( a ) ( 3 ) which states that if the later of any of the two below does not transpire the consumer holds the right to rescind. See requirements set forth by federal law below.

( 3 ) The consumer may exercise the right to rescind until midnight of the third business day following the occurrence described in paragraph ( a ) ( 1 ) of this section that gave rise to the right of rescission, delivery of the notice required by paragraph ( b ) of this section, or delivery of all material disclosures, 36 whichever occurs last. If the required notice and material disclosures are not delivered, the right to rescind shall expire 3 years after the occurrence giving rise to the right of rescission, or upon transfer of all of the consumer 's interest in the property, or upon sale of the property, whichever occurs first. In the case of certain administrative proceedings, the rescission period shall be extended in accordance with section 125 ( f ) of the Act.

( b ) Notice of right to rescind. In any transaction or occurrence subject to rescission, a creditor shall deliver two copies of the notice of the right to rescind to each consumer entitled to rescind ( one copy to each if the notice is delivered in electronic form in accordance with the consumer consent and other applicable provisions of the E-Sign Act ). The notice shall identify the transaction or occurrence and clearly and conspicuously disclose the following : ( 1 ) The retention or acquisition of a security interest in the consumer 's principal dwelling.

( 2 ) The consumer 's right to rescind, as described in paragraph ( a ) ( 1 ) of this section.

( 3 ) How to exercise the right to rescind, with a form for that purpose, designating the address of the creditor 's place of business.

( 4 ) The effects of rescission, as described in paragraph ( d ) of this section.

( 5 ) The date the rescission period expires. 

The consumer XXXX XXXX, did not receive ANY copy or option of possible option to rescind. Therefore, I wish to hereby rescind my consent to be liable to perform on this contract immediately. The contract can remain, however, I rescind my consent to perform on behalf of the obligor due to violations listed above. I also would like to outline that along with the above violations, federal law defines finance charges as the sum of all charges. Meaning that the total amount financed should be the total of the finance charges and nothing additional. Federal law states that such violation warrants civil liability for twice the amount of the finance charge. If there has been any adverse reporting to any of the three consumer reporting agencies I demand that these be removed and accounts deleted from my consumer credit reports altogether. I am requesting the above actions be performed within ten days of receipt of this letter. 

Thank you, XXXX : XXXX Without prejudice, all natural inalienable rights reserved.

Company response to consumer: Closed with explanation