Consumer complaint received 2021-03-18
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Struggling to pay your loan — 
Company: LendingPoint Holdings LLC (VA)

On XX/XX/XXXX, I was approve for a personal Loan with Lending Point and my first monthly payment of {$430.00} for a term of 24 months was due on XX/XX/XXXX. Lending point advised me that my payments had to be on auto-pay and even-tho I was not comfortable with the auto-pay method, I accepted the terms as I was in need of the money. I was able to make my payments on time until I was hit with a financial hardship due to Covid-19. On XX/XX/XXXX, I emailed lending point requesting a removal from automatic payments and it was granted. On XX/XX/XXXX, I emailed Lending Point with Subject : XXXX relief as my phone was disconnected for the month of XX/XX/XXXX and I wanted to talk to them in regards to my options for financial hardship due to Covid-19. XXXX XXXX a collections specialist emailed me back and we set up a phone call for the same day of XXXX XXXX, XXXX at XXXX EST. When I got on the phone call with XXXX I had advised that I was going thru financial hardship due to Covid-19, I was forced to stay at home with my XXXX children as they are all under the age of XXXX and I was also recovering from XXXX as I had my last XXXX XXXX reconstruction XXXX and my husband had been grounded for work and was working from home and his hours were reduce. XXXX advised that the they do not offer any Covid-19 relief program but I could apply for a modification loan and reduce my monthly payments but to be able to qualify I needed to make my account current by making a one time full payment of {$430.00}. I advised that I did not have the full amount she asked me if my husband could help, I responded that he was already taking on all the bills. I told XXXX that all I need it was a month or so to pay my loan off. XXXX told me not to worry and to call her back when I was ready to make the payments. 

I understand the Coronavirus Aid, Relief, and Economic Security Act ( CARES Act ; P.L. 116-136 ) -Auto Loans, All Credit Cards, and Other Types of Consumer Credit does not offer the consumer forbearance right and it is up to lender whether to offer forbearance. I also understand that consumers can harm their credit scores when we miss loan payments, but I also know that we are living unprecedented times due to Covid-19 and if this was a different situation I would not have been in this predicament. 


Today XX/XX/XXXX, I contacted LendingPoint and I paid my loan off, the reason I am writing this complaint is because I asked in good faith to lending point that due to my hardship to Covid-19 if they would delete the negative item from my credit report since I paid the loan off. XXXX responded that they have a right to report accuracy to the reporting agencies. I told him I understood but when I called back in XX/XX/XXXX I was not given an option when I ask for help as I was going thru financial hardship as a result of Covid-19. XXXX got aggravated because he said that they offered help, I told him that the only thing they offered me was a modification on the loan and to qualify I need it to become current ( meaning pay my outstanding balance ) which I responded I could not pay the full amount. XXXX responded that because I did not have any income that they could not help me. 
I responded : isnt the purpose of asking for help is because I was not able to make the payment yet you wanted me to make a full payment so I can become current so I could qualify for a modification. A modification can make the payment lower but at the end you end up paying more ( this convo was recorded ), I asked him you guys did not give me any options. He said well you had no income, there were not options for you. 
I asked : what were your options at the time I spoke to XXXX back in XX/XX/XXXX? 
He responded : I see where this is going? you want us to get your negative items deleted. 
I said : no, I want you to explained to me what were my options then so I am able to understand if this whole situation could have been avoided? 
He said : you said you had no income. 
I said : yes, but I am still married, my husband could have helped me, I also have a father, he could have helped me as well but did you ( meaning Lending point ) even asked me about that? Did you even give me the option? 
XXXX responded : you stated that your husband was already taking care of bills I said : what were your options for people going thru hardship due to Covid-19? 
XXXX stated : in current accounts, we offered 90 % reduce payments and for accounts behind we offered for the consumer to make a reduce payment to be able to apply for a modification loan to reduce their monthly payment. 
I responded : you guys never told me that. You guys told me that I need it to pay a full monthly payment of {$430.00} to become current to qualify for a loan modification loan to lower my monthly payments, if I had the option of a reduce payment to qualify that changes everything. I could have asked my husband or my father as it was less money than the original amount. All this could have been avoided and I did not have to have late payments on my credit report. I told him while they did not provided me with all of my options to be able to get help, XXXX XXXX offer a month forbearance, XXXX card offered two months forbearance, XXXX offered me 3 months forbearance for a consumer ( me ) with no income coming. Lending point made a decision to not tell me that I could at least make a modification with a reduce payment to make my account current and be able to qualify for a modification because I said I was not getting any income ( which it makes zero sense, as the purpose of this CARE ACT is to be able to help consumers like me ).