Consumer complaint received 2019-08-29
Product: Payday loan, title loan, or personal loan — Personal line of credit
Issue: Problem when making payments — 
Company: CITIZENS FINANCIAL GROUP, INC. (OH)

I was shopping rates to refinance an existing personal loan. Citizen bank offered me a better rate then I currently had an XXXX then began my due diligence around executing the loan. One element I was investigating was around the timing of loan disbursement and first payment due date. I scheduled my final payment with my current lender XX/XX/2019 and did not want to have my first payment due with Citizen in the same month as to avoid me paying a XXXX payment to my current lender and XXXX to my new lender ( Citizen ) in the same month. 
As a step to mitigate a potential double XX/XX/XXXX payment for me to two lenders I called Citizen regarding first payment due date. Via this call I was told the following and referred to the Truth In Lending Disclosure Form : 1. The billing department told me that the first payment due date would between 30 60 days 2. Bank policy was to allow the system to auto generate a first payment due date 3. Once the system auto generated the first due date then I could change the date within that 30 60 day window to fit my financial needs 4. I  was weary as this was being told to me verbally, I stated I wanted to see that in writing, in which then I was then referred to the Truth In Lending Disclosure Statement a. Disclosure Verbiage : i. Your exact payment due date will be set by us. Your payment will be due on a monthly basis beginning 30-60 days from when the loan is disbursed. You will receive a communication via mail or email to let you know when your payments are due.

5. After reading that section ; although, not as explicit as I wanted as it does not mention changing Due Dates I felt that the bank representative was being truthful and the section did corroborate the 30 60 day window mentioned to me on the phone 6. My Interpretation was that I would execute the loan and the first payment due date would be auto generated, I would then contact the bank to adjust the due date within that 30 60 day window Complaint : 1. First Part Citizen will not change my first payment due date as I had been previously instructed it would a. When I called to change the first payment due date I was told that was no problem but a change form/case had to be submitted and it would take a few days to update in the system b. I  just called today to confirm my first payment due date was XX/XX/2019 c. I was told that my change form/case was rejected and that my first payment is due XX/XX/2019 d. I  was instructed that my only recourse was to cancel my auto pay, pay on XX/XX/XXXX, and suffer the ramifications of late fees and being reported to credit bureau, and a .25 % increase in my APR 2. Second Part a. I was told that payment dates can only be changed within a 15 day window only after making the first payment per bank policy b. That information was not included : i. Truth In Lending Disclosure Statement ii. Nor was it told to me by the bank during the application process iii. In fact, it is completely contradictory to : 1. What the bank verbally relayed to me 2. The 30 60 day verbiage in the actual Truth In Lending Disclosure Statement c. Resolution : i. All I want is for the bank to honor our verbal agreement and set my first payment due date toXX/XX/2019 XX/XX/2019