Consumer complaint received 2024-12-16 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Charged fees or interest you didn't expect — 
Company: 2288984 Ontario Inc.
State: WY

Complaint narrative:
I opened a credit line with them in XXXX. I realized that they may have broken many laws and were taking advantage of my ignorance. I called them multiple times, and they lied about their requirements under TILA. I decided to request to only communicate in writing, and I made it clear that I would not pay the loan.

1. They did not disclose the APR and ignored my many requests for a " breakdown '' of the fees. They insisted they " don't use '' a typical credit system. This violates TILA ( Regulation Z ) 2. The calculated APR would have meant that I had paid them approximately {$1000.00} over what is legal in my state ( APR 36 % ) 3.I insisted that they only communicate with me in writing multiple times ; I received two robo-call voicemails from them, which violates FDCPA and TCPA. They also repeatedly have requested that I call them. 

XXXX removed them from my credit report based on " disputed accuracy '' with " wrong balance '' and " fradulent activity '' but I have been unable to get an investigation report from them, and they have refused to deliver the document to me digitally.

Telephone Consumer Protection Act ( TCPA ) 47 U.S. Code 227 - Restrictions on use of telephone equipment ( b ) ( 1 ) It shall be unlawful for any person within the United States, or any person outside the United States if the recipient is within the United States ( A ) to make any call ( other than a call made for emergency purposes or made with the prior express consent of the called party ) using any automatic telephone dialing system or an artificial or prerecorded voice ( B ) to initiate any telephone call to any residential telephone line using an artificial or prerecorded voice to deliver a message without the prior express consent of the called party, unless the call is initiated for emergency purposes- 15 U.S.C. 1692c - Communication in connection with debt collection ( c ) If a consumer notifies a debt collector in writing that the consumer refuses to pay a debt or that the consumer wishes the debt collector to cease further communication with the consumer, the debt collector shall not communicate further with the consumer with respect to such debt, except ( 1 ) to advise the consumer that the debt collectors further efforts are being terminated ; ( 2 ) to notify the consumer that the debt collector or creditor may invoke specified remedies which are ordinarily invoked by such debt collector or creditor; or ( 3 ) where applicable, to notify the consumer that the debt collector or creditor intends to invoke a specified remedy.

15 U.S.C. 1637 ( a ) Before opening any account under an open end consumer credit plan, the creditor shall disclose to the person to whom credit is to be extended each of the following items, to the extent applicable : ( 1 ) The conditions under which a finance charge may be imposed, including the time period ( if any ) within which any credit extended may be repaid without incurring a finance charge, except that the creditor may, at his election and without disclosure, impose no such finance charge if payment is received after the termination of such time period. If no such time period is provided, the creditor shall disclose such fact.

( 2 ) The method of determining the balance upon which a finance charge will be imposed.

( 3 ) The method of determining the amount of the finance charge, including any minimum or fixed amount imposed as a finance charge.

( 4 ) Where one or more periodic rates may be used to compute the finance charge, each such rate, the range of balances to which it is applicable, and the corresponding nominal annual percentage rate determined by multiplying the periodic rate by the number of periods in a year.

12 CFR 226.14 Determination of annual percentage rate.

( b ) Annual percentage ratein general. Where one or more periodic rates may be used to compute the finance charge, the annual percentage rate ( s ) to be disclosed for purposes of 226.5a, 226.5b, 226.6, 226.7 ( a ) ( 4 ) or ( b ) ( 4 ), 226.9, 226.15, 226.16, 226.26, 226.55, and 226.56 shall be computed by multiplying each periodic rate by the number of periods in a year.

( c ) Optional effective annual percentage rate for periodic statements for creditors offering open-end plans subject to the requirements of 226.5b. A creditor offering an open-end plan subject to the requirements of 226.5b need not disclose an effective annual percentage rate. Such a creditor may, at its option, disclose an effective annual percentage rate ( s ) pursuant to 226.7 ( a ) ( 7 ) and compute the effective annual percentage rate as follows : ( 2 ) Minimum or fixed charge, but not transaction charge, imposed. If the finance charge imposed during the billing cycle is or includes a minimum, fixed, or other charge not due to the application of a periodic rate, other than a charge with respect to any specific transaction during the billing cycle, by dividing the total finance charge for the billing cycle by the amount of the balance ( s ) to which it is applicable [ 32 ] and multiplying the quotient ( expressed as a percentage ) by the number of billing cycles in a year. If there is no balance to which the finance charge is applicable, an annual percentage rate can not be determined under this section. Where the finance charge imposed during the billing cycle is or includes a loan fee, points, or similar charge that relates to opening, renewing, or continuing an account, the amount of such charge shall not be included in the calculation of the annual percentage rate.

2 CFR 226.6 - Account-opening disclosures ( b ) Rules affecting open-end ( not home-secured ) plans.

( 1 ) Form of disclosures ; tabular format for open-end ( not home-secured ) plans. Creditors must provide the account-opening disclosures specified in paragraph ( b ) ( 2 ) ( i ) through ( b ) ( 2 ) ( v ) ( except for ( b ) ( 2 ) ( i ) ( D ) ( 2 ) ) and ( b ) ( 2 ) ( vii ) through ( b ) ( 2 ) ( xiv ) of this section in the form of a table with the headings, content, and format substantially similar to any of the applicable tables in G-17 in appendix G.

( i ) Highlighting. In the table, any annual percentage rate required to be disclosed pursuant to paragraph ( b ) ( 2 ) ( i ) of this section ; any introductory rate permitted to be disclosed pursuant to paragraph ( b ) ( 2 ) ( i ) ( B ) or required to be disclosed under paragraph ( b ) ( 2 ) ( i ) ( F ) of this section, any rate that will apply after a premium initial rate expires permitted to be disclosed pursuant to paragraph ( b ) ( 2 ) ( i ) ( C ) or required to be disclosed pursuant to paragraph ( b ) ( 2 ) ( i ) ( F ), and any fee or percentage amounts or maximum limits on fee amounts disclosed pursuant to paragraphs ( b ) ( 2 ) ( ii ), ( b ) ( 2 ) ( iv ), ( b ) ( 2 ) ( vii ) through ( b ) ( 2 ) ( xii ) of this section must be disclosed in bold text. However, bold text shall not be used for : The amount of any periodic fee disclosed pursuant to paragraph ( b ) ( 2 ) of this section that is not an annualized amount ; and other annual percentage rates or fee amounts disclosed in the table.

Variable-rate information. If a rate disclosed under paragraph ( b ) ( 2 ) ( i ) of this section is a variable rate, the creditor shall also disclose the fact that the rate may vary and how the rate is determined. In describing how the applicable rate will be determined, the creditor must identify the type of index or formula that is used in setting the rate. The value of the index and the amount of the margin that are used to calculate the variable rate shall not be disclosed in the table. A disclosure of any applicable limitations on rate increases or decreases shall not be included in the table.

( 2 ) Required disclosures for account-opening table for open-end ( not home-secured ) plans. A creditor shall disclose the items in this section, to the extent applicable : ( i ) Annual percentage rate. Each periodic rate that may be used to compute the finance charge on an outstanding balance for purchases, a cash advance, or a balance transfer, expressed as an annual percentage rate ( as determined by 226.14 ( b ) ). When more than one rate applies for a category of transactions, the range of balances to which each rate is applicable shall also be disclosed. The annual percentage rate for purchases disclosed pursuant to this paragraph shall be in at least 16-point type, except for the following : A penalty rate that may apply upon the occurrence of one or more specific events.

( A ) Variable-rate information. If a rate disclosed under paragraph ( b ) ( 2 ) ( i ) of this section is a variable rate, the creditor shall also disclose the fact that the rate may vary and how the rate is determined. In describing how the applicable rate will be determined, the creditor must identify the type of index or formula that is used in setting the rate. The value of the index and the amount of the margin that are used to calculate the variable rate shall not be disclosed in the table. A disclosure of any applicable limitations on rate increases or decreases shall not be included in the table.

( E ) Point of sale where APRs vary by state or based on creditworthiness. Creditors imposing annual percentage rates that vary by state or based on the consumer 's creditworthiness and providing the disclosures required by paragraph ( b ) of this section in person at the time the open-end ( not home-secured ) plan is established in connection with financing the purchase of goods or services may, at the creditor 's option, disclose pursuant to paragraph ( b ) ( 2 ) ( i ) of this section in the account-opening table : ( 1 ) The specific annual percentage rate applicable to the consumer 's account; or ( 2 ) The range of the annual percentage rates, if the disclosure includes a statement that the annual percentage rate varies by state or will be determined based on the consumer 's creditworthiness and refers the consumer to the account agreement or other disclosure provided with the account-opening table where the annual percentage rate applicable to the consumer 's account is disclosed. A creditor may not list annual percentage rates for multiple states in the account-opening table.

Truth in Lending Act ( TILA ) 12 CFR 226.5 - General Disclosure Requirements ( a ) Form of Disclosures ( 1 ) General ( i ) The creditor shall make the disclosures required by this subpart clearly and conspicuously.

( ii ) The creditor shall make the disclosures required by this subpart in writing, in a form that the consumer may keep, except that : ( A ) The following disclosures need not be written : Disclosures under 226.6 ( b ) ( 3 ) of charges that are imposed as part of an open-end ( not home-secured ) plan that are not required to be disclosed under 226.6 ( b ) ( 2 ) and related disclosures of charges under 226.9 ( c ) ( 2 ) ( iii ) ( B ) ; disclosures under 226.9 ( c ) ( 2 ) ( vi ) ; disclosures under 226.9 ( d ) when a finance charge is imposed at the time of the transaction ; and disclosures under 226.56 ( b ) ( 1 ) ( i ).

Company response to consumer: Closed with explanation