Consumer complaint received 2024-01-21 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Problem when making payments — 
Company: OneMain Finance Corporation
State: OH

Complaint narrative:
I sent a registered security to OneMain XXXX XXXX 's indenture trustee on XX/XX/2023 to process for payment for account number XXXX and also per the electronic transfers act to remit my interest coupon dividends to my account listed in an instruction letter. I have yet to see an update on my account reflecting my payment by way of a registered security. Nor have they sent the security back to me if they did not accept it. Which proves they either accepted it or mutilated it, and now gives discharge and satisfaction per their 8k SEC filings. Says : ARTICLE XIII DEFEASANCE ; SATISFACTION AND DISCHARGE Section 13.01 Option To Effect Legal Defeasance or Covenant Defeasance. The Company may, at its option, at any time, elect to have either Section 13.02 or 13.03 hereof applied to all Outstanding Securities of any series upon compliance with the conditions set forth below in this Article XIII. 



Section 13.02 Legal Defeasance. Upon the Companys exercise under Section 13.01 hereof of the option applicable to this Section 13.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 13.04 hereof, be deemed to have been discharged from its obligations with respect to all Outstanding Securities of a series ( and any Guarantors shall be deemed to have been discharged and released from their respective Guarantees of such series of Securities ) on the date the conditions set forth below are satisfied ( hereinafter, Legal Defeasance ). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the Outstanding Securities of a series, which shall thereafter be deemed to be Outstanding only for the purposes of Section 13.06 hereof, and to have satisfied all of its other obligations under such series of Securities and this Indenture with respect to such series of Securities ( and the Trustee, on demand of and at the expense of the Company, shall execute such instruments as reasonably requested by the Company acknowledging the same ), except for the following provisions which shall survive until otherwise terminated or discharged hereunder : ( a ) the rights of Holders of such series of Securities to receive payments in respect of the principal of, premium, if any, and interest on such Securities when such payments are due, solely out of the trust created pursuant to this Indenture referred to in Section 13.04 ; ( b ) the Companys obligations with respect to such series of Securities concerning issuing temporary Securities, registration of such series of Securities, mutilated, destroyed, lost or stolen notes and the maintenance of an office or agency for payment and money for security payments held in trust ; ( c ) the rights, powers, trusts, duties and immunities of the Trustee, and the Companys obligations in connection therewith ; and ( d ) this Section 13.02. 



Subject to compliance with this Article XIII, the Company may exercise its option under this Section 13.02, notwithstanding the prior exercise of its option under Section 13.03. 



Section 13.03 Covenant Defeasance. Upon the Companys exercise under Section 13.01 hereof of the option applicable to this Section 13.03 with respect to a series of Securities, the Company shall, subject to the satisfaction of the conditions set forth in Section 13.04 hereof, be released from its obligations under Section 6.06 and Section 6.07 with respect to the Outstanding Securities ( and any Guarantors shall be deemed to have been discharged and released from their respective Guarantees of such series of Securities ) of such series on and after the date the conditions set forth in Section 13.04 are satisfied ( hereinafter, Covenant 61 Defeasance ), and the Securities of such series shall thereafter be deemed not Outstanding for the purposes of any direction, waiver, consent or declaration or act of Holders ( and the consequences of any thereof ) in connection with such covenants, but shall continue to be deemed Outstanding for all other purposes hereunder ( it being understood that such Notes shall not be deemed Outstanding for accounting purposes ). For this purpose, Covenant Defeasance means that, with respect to the Outstanding Securities of such series, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, and such omission to comply shall not constitute a Default or an Event of Default under Section 8.01 hereof, but, except as specified above, the remainder of this Indenture and such series of Securities shall be unaffected thereby. In addition, upon the Companys exercise under Section 13.01 hereof of the option applicable to this Section 13.03, subject to the satisfaction of the conditions set forth in Section 13.04 hereof, Section 8.01 ( d ) hereof shall not constitute an Event of Default. 



Section 13.04 Conditions to Legal or Covenant Defeasance. The following are the conditions precedent to the application of either Section 13.02 or 13.03 hereof to the Outstanding Securities of a series : In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the Outstanding Securities of a series : ( a ) the Company must irrevocably deposit with the Trustee, in trust ( the Defeasance Trust ), for the benefit of the Holders of the Outstanding Securities of such series, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as shall be sufficient to pay the principal of, premium, if any, and interest due on the Outstanding Securities of such series on Stated Maturity or on the applicable Redemption Date, as the case may be, of such principal, premium, if any, or interest on such Securities of such series, and the Company must specify whether such Notes are being defeased to Stated Maturity or to a particular Redemption Date ; ( b ) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, ( i ) the Company has received from, or there has been published by, the United States Internal Revenue Service a ruling, or ( ii ) since the issuance of the Securities of such series, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders of the Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes, as applicable, as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal 62 Defeasance had not occurred ; provided, however, the Opinion of Counsel required with respect to a Legal Defeasance need not be delivered if all Notes not theretofore delivered to the Trustee for cancellation ( x ) have become due and payable or ( y ) will become due and payable at their Stated Maturity within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company ; ( c ) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the Holders of the Securities of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to such tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred ; and ( d ) the Company shall have delivered to the Trustee an Officers Certificate and an Opinion of Counsel ( which Opinion of Counsel may be subject to customary assumptions and exclusions ), each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 



Section 13.05 [ Reserved ] Section 13.06 Deposited Money and Government Obligations To Be Held in Trust ; Other Miscellaneous Provisions. Subject to Section 13.07 hereof, all money and U.S. Government Obligations ( including the proceeds thereof ) deposited with the Trustee ( or other qualifying Trustee, collectively for purposes of this Section 13.06 only, the Trustee ) pursuant to Section 13.04 hereof in respect of the Outstanding Securities of the applicable series shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent ( other than the Company ) as the Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal or Redemption Price of, and interest on, such Securities, provided that such money need not be segregated from other funds except to the extent required by law. 



The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 13.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of such Outstanding Securities of such series. 



Anything in this Article XIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request of the Company any money or U.S. Government Obligations held by it as provided in Section 13.04 hereof which, in the opinion of, or based on a certificate or representation of, a nationally recognized firm of independent public accountants delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 



63 Section 13.07 Repayment to the Company. Subject to applicable law, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal or Redemption Price of, or interest on any Securities of such series and remaining unclaimed for two years after such amount has become due and payable shall be paid to the Company on its request or ( if then held by the Company ) shall be discharged from such trust ; and the Holder of such Securities shall thereafter look only to the Company for payment thereof as a general creditor, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as Trustee thereof, shall thereupon cease ; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, at the expense of the Company, may cause to be published once, in The New York XXXX and The XXXX XXXX XXXX ( national editions ), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days after the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 



Section 13.08 Reinstatement. If the Trustee or Paying Agent is unable to apply any United States dollars or U.S. Government Obligations in accordance with Section 13.02 or 13.03 hereof, as the case may be, by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations of the Company under this Indenture and the Securities of such series shall be revived and reinstated as though no deposit had occurred pursuant to Section 13.02 or 13.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 13.02 or 13.03 hereof, as the case may be ; provided, however, that, if the Company makes any payment with respect to any Securities of such series following the reinstatement of its obligations with respect to such Securities, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money held by the Trustee or Paying Agent. 



Section 13.09 Satisfaction and Discharge of Indenture. This Indenture, with respect to the Securities of any series ( if all series issued under this Indenture are not to be affected ), shall, upon Company Order, cease to be of further effect ( and any Guarantees of such series of Securities shall be released ) ( except as to any surviving rights of registration of transfer or exchange of such Securities herein expressly provided for and rights to receive payments of principal of and premium, if any, and interest on such Securities ), and the Trustee, at the expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when : ( a ) either ( i ) all Securities of such series have been authenticated, except lost, stolen or destroyed Securities that have been replaced or paid as provided in Section 3.07 and Securities for whose payment money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for cancellation ; or ( ii ) all Securities of such series that have not been delivered to the Trustee for cancellation have become due and payable by reason of the 64 mailing of a notice of redemption or otherwise or will become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense of the Company, and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a combination of cash in U.S. dollars and U.S. Government Obligations, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Securities not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to Stated Maturity or on the applicable Redemption Date, as the case may be ; ( b ) the Company has paid or caused to be paid all sums payable by it under this Indenture with respect to such series of Securities ; and ( c ) in the event of a deposit as provided in clause ( a ) ( ii ) above, the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Securities of such series at Stated Maturity or on the applicable Redemption Date, as the case may be. 



In addition, the Company must deliver an Officers Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 



Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to clause ( a ) ( ii ) of this Section 13.09, the provisions of the immediately following paragraph and Section 13.07 shall survive. 



Subject to the provisions of Section 13.07, all money deposited with the Trustee pursuant to clause ( a ) ( ii ) of this Section 13.09 shall be held in trust and, at the written direction of the Company, be invested prior to maturity in U.S. Government Obligations, and applied by the Trustee in accordance with the provisions of the Securities of such series and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Persons entitled thereto, of the principal ( and premium, if any ) and interest for the payment of which money has been deposited with the Trustee ; but such money need not be segregated from other funds except to the extent required by law. 



Section 13.10 Deposits of Non-U.S. Currencies. Notwithstanding the foregoing provisions of this Article, if the Securities of any series are payable in a Currency other than U.S. Dollars, the Currency or the nature of the government obligations to be deposited with the Trustee under the foregoing provisions of this Article shall be as set forth in the Officers Certificate or established in the supplemental indenture under which the Securities of such series are issued. 
If they do not update my payment for accepting my registered security and if they did not accept my registered security, then why wasn't it sent back to me. If they don't comply with there own SEC 8k filing rules that they have created, I will file a complaint with the SEC for securities fraud.

Company response to consumer: Closed with explanation