Consumer complaint received 2024-09-11 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Problem with additional add-on products or services — 
Company: Momnt Technologies, Inc.
State: FL

Complaint narrative:
On XX/XX/XXXX I entered an agreement with XXXX XXXX XXXX XXXX owned by XXXX XXXX for a bath remodel at my residence for the amount of {$13000.00}. The agreement was a pre-printed form/Contract which stated " you may cancel this agreement no later than midnight of the third business day following signing of the agreement ''. Thus, as per the agreement I had until midnight of XX/XX/XXXX ( Monday ) to cancel the agreement. 
Prior to the execution of the contract, XXXX XXXX asked me for my social security number to ensure financing for the project. Nothing was explained to me regarding the cancellation policy or the financing rules and regulations, just that the loan application was approved by Momnt XXXX  which is XXXX XXXX and the lender was actually XXXX XXXX XXXX  ( I discovered all this later upon my own research ). The installment loan agreement also provides for cancellation in it's 1st clause, which reads : " Any notice of right to cancel and any additional notice of right to cancel provided in the sales contract for an in-home sale, and any accompanying addendum provided to you, are incorporated herein by reference and, unless you exercise you right to cancel this loan agreement and XXXX XXXX XXXX agrees to pay up to the amount financed to merchant for an in-home sale upon receipt of your transaction authorization ''.

During the cancellation time window of the contract I communicated to XXXX XXXX  that I was cancelling the contract via several phone calls, voicemail messages and emails. I also informed Momnt XXXX XXXX XXXX XXXX  via email on XX/XX/XXXX at XXXX XXXX  that I was cancelling. 
However on XX/XX/XXXX XXXX XXXX  collected {$13000.00} from Momnt/XXXX  XXXX XXXX  without even waiting for the expiration of the cancellation period provided for in the agreement and without any notice to me. MomntXXXX XXXX XXXX released money prior to the cancellation period in favor of XXXX XXXX who unauthorizedly collected money from them without any notice to me on XX/XX/XXXX. XXXX XXXX also never did any work pursuant to the contract and has since gone insolvent. 
I had attorney letters sent by mail ( both received by XX/XX/XXXX per Priority Mail tracking ) and emails ( sent XX/XX/XXXX ) to Momnt XXXX XXXX XXXX XXXX  stating all of these facts and provided detailed dates and documentation including the email to them stating I cancelled the contract and the loan and requesting for the loan to be removed from my name and financial and credit records. They never responded to these letters or requests. I followed up by filing an arbitration demand to them which is a provision in their contract agreement on pages 20.3 through 20.7 ( and is governed by the Federal Arbitration Act, 9 U.S.C. 1-16 ) with XXXX XXXX. with receipt of them being received on XX/XX/XXXX to XXXX XXXX XXXX and XX/XX/XXXX to Momnt, also accompanied by emails of the copy of the arbitration demand sent on XX/XX/XXXX. The reference # of the arbitration demand through XXXX is XXXX. I contacted the case manager XXXX XXXX for the arbitration demand with XXXX on XX/XX/XXXX who said they have 14 days to respond from the date of notice and then a bill for their share of the arbitration will be sent to them. He informed me the demand claim would be dropped by XXXX if they don't pay their portion of the arbitration bill. As of today, they have not reponded to any of this as well. 
Lastly, I sent an email to Momnt/XXXX  XXXX on XX/XX/XXXX, XXXX reminding them of the arbitration claim and requesting an extension of the deferred interest/finance charge for an additional 6 months past the current expiration date of XX/XX/XXXX or by final determination date of the arbitration proceedings, whichever is later. They responded stating they were routing my request to their Customer Success Team. Have not heard anything else back from them since.

Under the circumstances, this loan should have already been removed from my financial and credit records several months ago and their lack of responsiveness and accountability have violated several standards. Please assist in taking action with whatever means that are available.

Company response to consumer: Closed with explanation