Consumer complaint received 2025-01-23 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem with additional add-on products or services — 
Company: DreamSpring
State: TX

Complaint narrative:
I originally had a line of credit with DreamSpring that matured at the end of XX/XX/XXXX. I was provided options in XXXX by XXXX XXXX, that I couldve have taken advantage of had someone responded after my repeated follow up attempts of trying to contacted them with questions so I could select the correct option, resolving it in the best manner for myself before the actual date of maturity. I finally spoke with XXXX XXXX after the maturity date to do a modification for my loan with the expectation of a rate ( percentage ), decrease that could potentially have my loan payments anywhere between $ XXXX {$670.00} per month almost half of the {$1000.00} that I was currently paying. Though the document read as a time extension of 36 month XXXX stated that it was there only as apart of the process to start and not a final decision. I want fully comfortable with that a tried to do some research on my end before signing and submitting, I also emailed XX/XX/XXXX specifically asking about changing the rate of my current loan. I was still lead to believe by XXXX XXXX that regardless of what is written by signing it does not make whats in the document the final decision but was needed to get the process started. XXXX stated that they would respond with the final determination of my new payment amount only to later learn that what I signed was as I feared initially, the actual promissory note. However fast forward to XXXX and I received a email for upcoming payment. I noticed the dollar amount was unchanged. I contacted XXXX, who had my automatic drafts immediately disconnected and suggested I wait for processing again and told not to make a payment, I later was contacted XXXX XXXX because now my account shows behind in their system. I explained to XXXX what happened with XXXX XXXX and the still incomplete modification of my loan and she seem perplexed as to why XXXX was handling it in the manner she was. After multiple emails from DreamSpring, and my increased concern with the potential impact to my credit, speaking with XXXX via phone and email she was finally able to submit my loan to ( IT ) as she said per email, and came back with a determination that was not reflective of what XXXX and I had discussed when we spoke via telephone and XXXX told me to contact XXXX. XXXX said that she would contact her manger to see if it modification could be adjust by rate not months. XXXX, again called the next day offering me a rate adjustment of 8 % but wasnt final. She stated she needed to know what my desired rate was and with my credit strength I asked for what was at the time the lowest business loan rate of 6.45 %. XXXX had already explained to me that the process would consist of some back and forth because of having to submit my desired rate to underwriting for them to agree with my amount or rebuttal for a different rate amount. I thought it best to advocate for my self by wanting to state with the lowest possible rate, but XXXX seemed frustrated that I wouldnt just accept the 8 % and allow her to submit for that and within the phone call unprofessionally stated that I should be happy and just take the 8 % because and I quote : you didnt even know that you were at 19.99 %. Thats also when I learned that DreamSpring no longer had my loan anyway ( quoting her verbatim ). That through in an entirely different caveat to the situation and in tern she rushed me off the phone and never provided me with the name of who had my loan. She then called the next day and stated she could no longer offer me a loan restructure for a lower rate because the loan had already been modified by XXXX XXXX, which she was previously aware of, and seems that her decision not to move forward was out of retaliation. It wasnt until I received a survey about the business and I responded with the lowest rating that I was contacted by XXXX XXXX, and later connected with Chief Lending XXXX XXXX XXXX, that I was able to explain things in details. XXXX was as of XXXX. XXXX XXXX stated she would check to see if there was anything that could be done about the rate but made no promises. XXXX also apologized about what is easy to default to as confusion and I agree miscommunication, but honestly though I have maintained exemplary payment history since XXXX I didnt fully understand how my loc worked as it was my first time having a loc. I acknowledge that in the beginning there was some lack of knowledge in terms of how how the different loan products work, but as I later learned and asked more questions. I fully believe that with DreamSprings employees being aware of my lack of clarity and understanding I was taken advantage of and placed into a incorrect modification deceptively. I learned on XXXX that XXXX is the company that has my my loan as of XXXX, and the DreamSpring is only the servicer, but I wasnt notified by either institution and by XXXX, XXXX are not required to do so though the laws in the state of Texas are that a borrower is required to be notified before selling their loan. I would like whatever help that can be provided in this matter. As this all seems like deceptive business practices on the part of DreamSpring.

Company response to consumer: Closed with explanation