Consumer complaint received 2024-06-05
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Conn's, Inc. (TX)

XX/XX/XXXX sent letter to Conns..I have an account with Conns since XX/XX/XXXX. The account is listed under XXXX XXXX, which I have asked to be corrected multiple times. My name is spelled XXXX XXXX. I have never been able to sign in to my actual loan acct just make payments, again I have asked for it to be corrected. 

XX/XX/XXXX, I requested a copy of my ledger ( *see attached ), to verify payoff so I could pay the loan in full. There are XXXX major issues with my ledger and the loan itself. The first issue was found in the ledger dated, XX/XX/XXXX, regarding principal payments. The ledger shows XXXX payments in which no principal was applied. *Please note the attached ledger with highlighted dates of XX/XX/XXXX, XX/XX/XXXX and XX/XX/XXXX. I noted this last year when I requested the ledger dated XX/XX/XXXX ( *see attached ) and spoke to customer service who said it would be addressed. I was told by customer service agents then and XXXX customer service agents recently that in fact each payment should apply an amount to principal and interest. On XX/XX/XXXX I asked for a review of my ledger ( *see attached phone log ). When I received an email stating there were no errors, I sent another email asking questions about the contract ( *see attached ). 

Recently I was told my payments have been extended for 6 months, which is not reflected in my payment book or any documentation. Comparing the ledgers the one from XX/XX/XXXX has 6 months added to it. As you can see from the phone log, I have called several times spoke to managers and promised someone would call me to go over the account. I have yet to receive any calls. 

Finally, the second issue that in reviewing the ledger I remembered in XX/XX/XXXX I told the XXXX salesperson I had XXXX XXXX, yet I was charged {$290.00} for insurance. Please note I did not get an actual copy of the document until after XXXX that evening. In XXXX I called Conns asked for that to be removed. I was told I could have it removed but not from the loan. I filed a complaint with the XXXX  asking for the insurance charges be removed from the loan as it would make a difference the amount charged for finance and interest charges. ( *see attached calculators ). Conns said they would correct it, yet it is still on the contract, a credit of {$290.00} credit was given and applied to principal but not removed from the loan calculations. 

I have been promised a call on several occasions. A supervisor told me there was no direct contact number for loan financing and assured me she would send an email and Cc : me on it. She said I should receive a call within XXXX hours. I am still being charged late fees and no one has contacted me. I have spoken to several financial institutions regarding a loan like this and they all agree a portion of each payment goes to principal and interest. 

I have missed a few payments this year due to XXXX, but I notified Conns and explained. I was told I was down to a little over {$300.00} and my loan would be paid off soon I have been a good customer, often paying additional payments, including a {$1500.00} payment in XXXX. When I made the payment of {$1500.00} in XXXX of XXXX, I also paid my monthly payment and had interest taken from both. Wouldnt one be strictly principal? Yet another question I would like addressed. I appreciate your assistance in this matter. 

XX/XX/XXXX sent this email Can you answer these questions please.. 

I was told by customer service all payments are divided with a portion to principal and interest. They confirmed some of the payment is always applies to principal. I have several payments that show principal was not applied. Why? 
My original contract from XX/XX/XXXX and my ledger dated XX/XX/XXXX states my last payment is XXXX of XXXX. My payment book shows the last payment in XXXX as well. The ledger dated XX/XX/XXXX has added payments on it? What is this? 
How is interest calculated with each payment? Is there a formula? 
My name has been incorrect. My fist name is XXXX NOT XXXX. I have told Conns several times including the day I signed my contract. 
I have not been able to log into my loan account since my purchased. According to the Conns website is states I should always have an option to see it. I have also asked that this be corrected several times. 

Never answered my questions and ledger does not make any sense according to interest and principal applied.