Consumer complaint received 2024-12-10
Product: Vehicle loan or lease — Loan
Issue: Struggling to pay your loan — Denied request to lower payments
Company: TRUIST FINANCIAL CORPORATION (FL)

Consumer Complaint Against Sheffield Financial ( Truist Bank ) Loan Account Number : XXXXXXXX Borrower : XXXX XXXX To Whom It May Concern at the CFPB, I am filing this formal complaint against Sheffield Financial XXXX a division of Truist Bank , regarding the mishandling of my motorcycle loan and their negligence in connection with a fraudulent transaction that has caused me immense financial hardship, emotional distress, and irreparable harm to my credit. 

This complaint involves their failure to provide adequate protections against a fraudulent ACH payment, misleading information from their representatives, and improper reporting of delinquencies on my credit file. Despite my attempts to work collaboratively with Sheffield Financial, they have refused to offer a meaningful resolution, compounding the harm caused by their negligence. Below is a detailed summary of my complaint : 1. Background of the Fraudulent Transaction In XXXX XXXX I purchased a XXXX, a XXXX XXXXXXXX, through financing with Sheffield Financial XXXX My monthly payment for this loan is {$190.00}, and the principal balance remaining on the loan as of today is {$8100.00}. 

On XXXX XXXX XXXX I decided to sell the XXXX. The buyer facilitated a {$10000.00} ACH transfer to Sheffield Financial in a three-way call involving me, the buyer, and Sheffield Financial 's representative.

On this recorded phone call, I voiced concerns about potential fraud, admitted I was unfamiliar with ACH transactions, and asked for the banks guidance. Sheffield Financials representative made the following assurances : Recorded Call XXXX XXXX XXXX XXXX XXXX XXXX XXXX  ) : At XXXX of the recording : I was told that if the check had not been returned in one week, " we know its cleared. '' Recorded Call XXXX ( XXXX XXXX XXXX XXXX XXXXXXXX ) : At XXXX of the recording : The representative said that if the ACH payment had not come back in 8 days, it was valid, and I would know if it was fraudulent because it would bounce. 

Recorded Call XXXX ( XXXXXXXX XXXX XXXX XXXX XXXXXXXX ) : At XXXX of the recording : I was reassured that if I did not hear back from Sheffield Financial within that timeframe, the payment had cleared. 

Based on this guidance, I released the motorcycle to the buyer on XXXX XXXX XXXX. However, on XXXX XXXX XXXX I discovered that the XXXX payment had bounced, leaving me financially liable for the remaining loan balance of {$8100.00}. By that time, the buyer, a career criminal with a long history of fraud in multiple states, had disappeared. The motorcycle has never been recovered. 

2. Criminal Case Against the Fraudulent Buyer The buyer, XXXX XXXX XXXX, has an extensive criminal record, including similar fraud and theft cases in other states. He is being prosecuted in XXXX XXXXXXXX XXXX under XXXX XXXX. XXXX. 

According to the Assistant State Attorney XXXX XXXX from the XXXX XXXX XXXX, XXXX XXXX is expected to accept a plea deal, which includes restitution to Sheffield Financial for the remaining loan balance. The criminal trial has been delayed due to natural disasters, but a resolution is pending. 

Despite this ongoing legal process, Sheffield Financial has refused to acknowledge the extraordinary circumstances of this case and has continued to hold me solely responsible for the balance, even though restitution will ultimately be paid to them. 

XXXX. Negligence and Mismanagement by Sheffield Financial Sheffield Financial failed to identify or prevent the fraudulent transaction, despite the glaring red flags : the buyer used stolen bank account information to initiate the ACH payment and was already a known repeat offender with a criminal history. 

Their representatives misled me during the recorded phone calls, providing me with false assurances that the payment was cleared, which directly resulted in my releasing the motorcycle to the fraudulent buyer. These recordings, provided by the XXXXXXXX XXXX Department, substantiate my claims. 

4. Sheffield Financials Mishandling of My Account In XXXX XXXX despite the theft and fraud, I continued paying the loan in good faith for 13 additional months, totaling {$2500.00}, even though I no longer possessed the collateral. 

On XXXX XXXX XXXX Sheffield Financial informed me via phone that I was eligible for a 3-month extension, which would bring my account current and provide temporary relief. I formally requested this extension on XXXX XXXX XXXX

However, on XXXX XXXX XXXX Sheffield Financial reneged on this offer, claiming I had missed an unspecified deadline. Instead, they are now demanding a lump sum payment of two months worth of payments ( {$390.00} ) before bringing my account current. 

Sheffield Financial has reported my account as 30 and 60 days late to the credit bureaus ( XXXX and XXXX ), resulting in a catastrophic drop in my credit score from over XXXX to the low XXXX in just two months. 

Meanwhile, XXXX lists the account as " Paid, Closed/Never Late, '' raising concerns about inconsistent reporting. 

XXXX. Attempts to Resolve the Situation I have made every effort to work with Sheffield Financial to find an equitable solution, including requesting : Temporary forbearance on the loan until the criminal trial concludes, with my offer to pay monthly interest during this period. 

A reduction in monthly payments due to the financial hardship caused by being a victim of crime. 

A reasonable settlement offer that acknowledges the banks negligence in handling the fraudulent ACH payment. 

All my efforts have been rejected, and Sheffield Financial has instead escalated their collection efforts, further damaging my financial well-being. 

XXXX. Violations by Sheffield Financial Sheffield Financials actions may constitute violations of : The Fair Credit Reporting Act ( FCRA ) : They have reported my account as delinquent without acknowledging the pending criminal trial and the unique circumstances of this case. 

Inconsistent reporting between credit bureaus undermines the accuracy and integrity of my credit report. 

The Florida Consumer Collection Practices Act ( FCCPA ) : Refusing to consider my circumstances and continuing collection efforts despite pending restitution may qualify as an unfair or unconscionable practice under Florida law.

This situation has caused me significant financial hardship and emotional distress. I am former XXXX XXXX and a victim of both fraud and institutional mismanagement. My credit has been severely damaged, and my ability to purchase a home for my family has been compromised. Sheffield Financials refusal to work with me in good faith has exacerbated these harms. 

I have attached the following supporting documents for your review : Recorded phone calls from XXXX XXXX XXXX demonstrating Sheffield Financials misleading guidance. 

Documentation from the XXXX County State Attorneys Office on the pending criminal case. 

I urge the CFPB to investigate this matter thoroughly and ensure that Sheffield Financial is held accountable for their actions. Thank you for your time and assistance. 

Sincerely, XXXX XXXX