Consumer complaint received 2024-06-09
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: TRUIST FINANCIAL CORPORATION (NC)

Complaint : I am writing to file a formal complaint against Service Finance Company , LLC and XXXX XXXX regarding misleading financing terms, unauthorized loan terms alteration, and the unauthorized opening of a credit account on my behalf. 
Background : In XX/XX/XXXX, I purchased a Mini Split System from XXXX XXXX, which was to be financed by Service Finance Company , LLC. The agreement with XXXX XXXX was for a XXXX XXXX  XXXX XXXX XXXX - Premium Non-Ducted system, with the terms that I will pay " No Monthly Interest if Paid in Full within 12 Months. '' Please see first page of Exhibit XXXX. 
Following the installation, I contacted Service Finance Company , LLC on their recorded line to confirm the successful installation and to inquire about repayment schedules. I was informed by Service Finance Company , LLC that the XXXX no-interest repayment agreement I had with XXXX XXXX was not valid . Instead, they stated that I only had 90 days to repay without interest. They further mentioned that when XXXX XXXX sold me the units, they attempted to negotiate a XXXX repayment plan with Service Finance Company , LLC, but it was not approved. Because I was not made aware of this crucial change in terms, I refused to agree on the new terms. 
Attempts to Resolve : I have reached out to XXXX XXXX multiple times to seek clarification and resolution, but I have not received any responses. I also requested Service Finance Company , LLC to intervene and provide clarification, but they failed to assist. 
I explicitly informed Service Finance Company , LLC that I did not agree to the XXXX repayment term without interest as it was not part of the original agreement with XXXX. I did not consent to these new loan terms, and there was no communication from either XXXX XXXX or Service Finance Company , LLC to resolve this issue. 
In XX/XX/XXXX, a certain XXXX XXXX called me from Service Finance Company and was rather menacing as he argued that I had no choice but to pay because the Mini Split was already installed. I told him about my agreement with XXXX and he said that agreement did not count. He asked me to forward the agreement, which I did. But I never heard back from him. 
Unauthorized Account : To my surprise, I discovered on XX/XX/XXXX, that a new credit account had been opened in my name with Service Finance Company , LLC, which appeared on my credit report. This account was opened without my authorization and under terms to which I did not agree. Additionally, I have not heard back from Service Finance Company and have no idea what the terms of the account are. I also do not have any information about how the loan is repaid. 
Request for Resolution : XXXX. Immediate closure of the unauthorized account opened with Service Finance Company , LLC. 
XXXX. Removal of any negative information related to this account from my credit report. 
XXXX. A thorough investigation into the practices of both XXXX XXXX and Service Finance Company , LLC regarding the misrepresentation of financing terms. 
XXXX. Appropriate actions taken against both companies to prevent such predatory practices in the future. 
I trust that the CFPB will handle this matter promptly and take the necessary actions to protect consumers from such unfair and deceptive practices. 
Thank you for your attention to this matter. 
Sincerely, XXXX XXXX