Consumer complaint received 2023-05-17 00:00:00
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Problem with additional add-on products or services — 
Company: Alorica Inc.
State: GA

Complaint narrative:
I took out a personal loan with this company in 2022. I was under the impression that it was a loan with a credit builder savings account attached to it. The amount I was approved for was {$4000.00} ; where I received {$1500.00} to use towards my debts ( the loan portion ) and the other {$2500.00} would be placed in a savings account that I would have access to once I have made all of my installment payments totaling the {$4000.00}. I contacted XXXX in XX/XX/2022 requesting to cancel the savings account portion of my agreement because I was experiencing a financial hardship due to medical reasons and after making {$1700.00} of payments towards my account. I thought that I would be able to cancel the savings account portion provided that I paid back the loan amount that I had actually received. I made several calls and sent emails requesting to cancel the savings account portion and each time I was told they couldn't cancel the savings account portion. I even went to their website to see what their cancellation policy was and in the FAQ section I did see where you could cancel the Credit Builder Installment Edition account. When I contacted XXXX with my findings on their website they informed me that I didn't have a Credit Builder Installment Edition account ; but that I had the Borrow & Grow product and the option to cancel didn't apply to my account which I was not aware of. The back and forth with them went on for weeks with no solution to the problem. Then to make matters worse after numerous emails to them through XX/XX/2022, I receive an email on XX/XX/2022 informing me that another company SST is now taking over my account effective XX/XX/2022. This matter has been very frustrating. Needless to say, when I reached out to the new company SST they also told me I do not have the option to cancel the savings account portion and that I would have to make payments which I can't afford. I never received any documentation from this company stating that cancellations were not allowed for this product. They have marked my account late and added fees because I have not been able to make payments towards this savings account and they have reported this to the credit bureaus which has affected my credit score tremendously ; resulting in my score to be decreased by XXXX points. I feel that this is a bad business practice and very deceiving. This matter has caused me a lot of stress and I would like to know what I can do at this point. Like I explained to each person I spoke with at both XXXX and SST I take full responsibility for the {$1500.00} that I actually received, and I did pay back {$1700.00} thus far for the loan portion but I feel like I am being forced to send payments for a savings account that I don't have access to, nor will I have access to it until I pay {$2500.00} plus interest. Due to my medical issues and trying to maintain my living expenses I can't afford these extra payments. I've filed a complaint with the XXXX  and I have saved all of my email conversations with this company. I've also filed complaint with the FTC because this is really bad business practices. I've never heard of not being able to cancel a savings account before or any product for that matter. Some cancellations may come with some type of fees ; but XXXX and the company SST that took over the account just down right told me I could not cancel at all. I really need help with this.

Company response to consumer: Closed with explanation