Consumer complaint received 02-08-2017 about Consumer Loan (Installment loan) with Argon Credit (GA).
Issue: Problems when you are unable to pay

Complaint: Attention : Consumer Finance Protection Bureau XXXX XXXX XXXX XXXX. 
XXXX XXXX XXXX Dear Consumer Finance Protection Bureau : My name is XXXX XXXX XXXX, and I reside at XXXX XXXX XXXX, XXXX, XXXXXXXX XXXX. My contact information is as follows : XXXX ( Home ), XXXX, email address XXXXXXXXXXXX. The nature and purpose of this correspondence is to inform you of the problems that I have been experiencing with Argon Credit out of XXXX My story starts when I first applied and was approved for an unsecured {$8000.00} personal loan from Argon Credit back in XXXX XXXX, XXXX. My wife and I were in a financial rut due to medical expenses that I had incurred as the results of a vehicle accident where I had sustained injuries that prohibited me from returning to a fulltime job. My wife had to become the sole bread winner in the family and accepted a job in the city of XXXX. Thus, the money was used to move my family to XXXX, secure a house for rent, and paying off other bills. The conditions for the repayment of the loan was {$410.00} every month with an interest rate exceeding over 50 %. The terms of the contract had me paying almost {$60000.00} for an {$8000.00} over the next 60 months. As I look back, I regret applying for the personal loan from Argon Credit because it has been a financial nightmare for my family in trying to repay it at the expense of having no food in the house. 
Over the course of a year and a half, my wife and I have faithfully repaid the loan installments to Argon Credit. However, in XXXX of XXXX, the automatic loan repayments to Argon Credit stopped completely. Also, I was unable to access my customer service portal through XXXX which acted as the authorized agent for Argon Credit. I was anxious because my wife and I had budgeted our finances to accommodate the repayment of Argon Credit. The stoppage of the automatic debit from our checking account by Argon Credit disrupted our finances. I called XXXX XXXX XXXX XXXX, and they stated that Argon Credit had disassociated them from their previous arrangement as the third-party agent in collecting loan repayments. Through a search on the internet, I found out that Argon Credit had filed for Chapter XXXX Bankruptcy Protection in XXXX of XXXX. Most of the information pointed to the mismanagement of company funds by Argon Credit for personal gain. I tried to call Argon Credit and got no one to tell me what was going with our account. It was n't until that I received a call from a representative of Argon Credit by the name of XXXX XXXX that I felt lessened my concerns about the loan repayment. XXXX XXXX inquired that Argon Credit had not received the XXXX XXXX. I explained that it was of no fault of our own and that Argon Credit failed to take the money out through their third-party partner XXXX XXXX XXXX XXXX. I explained that my wife and I wanted to meet the obligations of our loan repayment agreement to Argon Credit. XXXX XXXX explained that XXXX was servicing the repayment of the loan through in-house and that we had to set up a new account through them. I set up a new account as well as another savings account from my bank for Argon Credit to automatically debit my account of {$410.00}. I later informed Argon Credit of the information of the new account with the routing and saving account numbers. Upon inspecting the new portal opened through Argon Credit, my wife and I were horrified to learn that the interest rate had gone up to 656 %.

Company response to consumer: Untimely response