Consumer complaint received 2024-02-18 00:00:00
Product: Debt or credit management — Debt settlement
Issue: Didn't provide services promised — 
Company: Tally Technologies
State: TN

Complaint narrative:
I opened an account with Tally debt consolidation company XX/XX/XXXX, and the agreement is that they offer you a loan ( Mine was {$10000.00} ) to put towards your selected credit cards, and then they make payments on your behalf with the loan, to said credit cards. In XX/XX/XXXX, the company sent out a notification that they lost investors and could no longer make payments to the credit companies, but they still want payments toward your loan. This of course makes perfect sense, due to the fact the loan was taken out with them. However, they're not willing to make that much compromise on minimum payments, even though they are in breach of their initial contract. They have sent out multiple emails stating that they can help with your financial situation, if you just contact them about financial difficulties. There has been communication about this and has been expressed that the burden to pay their minimum payments, as well as the credit payments to the accounts under the original agreement is very difficult. The minimum payments they require are outrageous as during this time, the interest that they have added is insane, and in XXXX they did not even allow payments to them on their app, which of course made the interest/minimum payment even higher.

What makes this completely illegal is the fact that on your account with them, it still states that your cards are being paid, which they are not, and they are still advertising on their website under the original terms. Their still advertising that they have several investors in their company, still advertising that you can obtain a loan and that your cards will be paid. I wanted to know if the service was still available as such, and I was able to create a new account, again with all of the same terms as promised. I did not complete the process, as I was just trying to see if the company was going to move forward, and they did, under the exact same terms.

I don't see how it's legal for them to submit statements to current accountholders with bogus claims, and then move forward with new accountholders, promising the same debt relief.

Account representatives have stated that if you don't make the minimum payment that they have stated, that the account will be charged off and will have a negative impact on your credit report for XXXX  years. I understand that this is debt that must be repaid, however, I don't see how they can still operate under false pretenses and ruin my credit when they did not fulfill their terms under the original contract. I have not moved forward in resolving a minimum payment plan, nor have I spoken to anyone within the company that I suspect fraudulent activity. I am not trying to get out of paying this debt, I just want them to uphold their original agreement as stated, as they clearly are making false statements to their clients to get out of their own obligation.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation