Consumer complaint received 2017-03-22
Company: PRESTIGE FINANCIAL SERVICES INC
State: CO
Product: Consumer Loan
Sub-product: Vehicle loan
Issue: Problems when you are unable to pay

Complaint:
I, XXXX, have made several attempts to reach out to Prestige Financial and find their collection practices to be appalling, to say the least. Their lack of response to my calls or emails is disturbing. I have made several attempts to reach out to them leaving 2-3 messages and I do not receive a call back. We, my wife and I, were going through serious financial hardships and unfortunately defaulted on our car loan to a point where it was repossessed by Prestige Financial. The car loan we obtained for a XXXX back in XX/XX/2012 was for $ XXXX with a high interest rate of 16 %. We had the vehicle for 4 years and paid a total of $ XXXX to Prestige Financial but apparently all the money we gave them went towards interests and late fees. Prestige Financial is still asking us for $ XXXX plus a 16 % interest rate. 

Initially when I contacted Prestige Financial they wanted me to pay {$150.00} towards interest and {$100.00} towards the principle each month. I attempted to explain to them that they were taking advantage of a consumer who could n't pay the car which was why the vehicle was repossessed. I offered them $ XXXX to pay off the file, which in my opinion is more than fair, but they declined my request. I have submitted all my financial information to Prestige Financial where it proves that I am in the red about {$500.00} a month. 

Prestige is now telling me that they will do no interest on the file if I have my employer do a voluntary wage assignment. I do n't understand why my employer has to get involved in my financial discourse with Prestige in order for them to rectify my account. I do not believe it is appropriate that I should have to disclose my financial obligations with my employer and/or co-workers and I have informed Prestige of how uncomfortable this situation makes me. The response I obtained was that, this solution, for my employer and I to sign a payment agreement, is the only option I have to rectify my account. I continued to stress to the representative, that I was more than willing to give her ( XXXX ) my checking account information so they can pull the money straight out of my account but she is declining and forcing me to go through my employer. 

Since I felt I was left with no other options, I disclosed the information to my employer and of course they have refused to get involved in my financial discourse. I am being told that the only way they can do this is through a wage garnishment. To top it off I am completely XXXX at work because now everybody knows my financial difficulties and one of the attorneys, at my job, heckles me over not being able to pay my bills. It is my belief that Prestige Financial has a culture or tendency not to call back consumers or answer their phone calls, in order to allow the debt to increase out of control with interests and fees, in order for them to obtain financial benefit. All I am asking for is to be treated fairly by Prestige Financial and not to be taken advantage of.

Company response to consumer: Closed with explanation