Consumer complaint received 2024-11-23 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Fees or interest — Charged too much interest
Company: CLGF Holdco 1, LLC
State: TX

Complaint narrative:
This Complaint seeks a monetary resolution. 

pursuant to the protections provided to active-duty service members by the XXXX XXXX XXXX, 10 U.S.C. 987, ( XXXX ) to void Concora Credits illegal installment credit card promissory note. Refund of all payments and interest including fees paid to Concora Credit, And {$500.00} Per illegal payment / transaction. 

According to the XXXX, the Consumer Financial Protection Bureau ( CFPB ) is the preliminary agency with the authority to issue a mandate against a noncompliant agency. If the preliminary administrative process fails to resolve, the XXXX XXXX XXXX has authority to render a judgement under the Military Lending Act, 10 U.S.C. 987. 

My attempts to persuade Concora Credit to comply with the XXXX guidelines have failed horribly for more than a year. Concora Credit refuses to comply with XXXX XXXX and ignores any reasonable requests to comply. Instead, Concora Credit relies on its own interpretation of XXXX XXXX. XXXX, that they can charge and additional {$99.00} per year in addition to their already 35.99 % APR. 

I declare Concora Credit is wrong in their interpretation of the XXXX. The XXXX must include all participation fees, XXXX + Fees = MAPR. This includes their yearly participation fee of {$99.00} I am an active-duty service member and identified throughout the Complaint as a " XXXX XXXX as defined by 32 C.F.R. 232.3 ( g ) ( 1 ) Concora Credit routinely violates the XXXX in at least ( XXXX ) separate ways : ( XXXX ) charging interest above the 36 % statutory rate cap for the Military Annual Percentage Rate ; ( XXXX ) failing to provide any required XXXX Disclosures ; ( XXXX ) refusing to refund all payments and voiding its illegal contract. 

To protect active-duty service members and their families, XXXX declared XXXX any violation of the XXXX renders XXXX loan void from its inception. 10 U.S.C. 987 ( f ) ( 3 ) Concora Credit card exceeded the XXXX statutory interest rate cap of XXXX percent MAPR in violation of 10 U.S.C. 987 ( b ) XXXX XXXX provided me with a {$400.00} credit card with a 35.99 % APR, then XXXX XXXX included a yearly {$99.00} participation fee in addition to their APR. The combination of the XXXX and fees is the total cost of credit which makes up the XXXX. This is a gross violation of the 36 % MAPR cap. 

I am a XXXX XXXX, '' subject to the XXXX protections and limitations. A covered borrower is a consumer who, at the time becomes obligated on a consumer credit transaction or establishes an account for consumer credit, is a covered member of the armed forces or a dependent of the armed forces member ( as defined in 32 CFR 232.3 ( g ) ( 2 ) and ( g ) ( 3 ) ).

Concora Credit is a creditor subject to the requirements and limitations imposed by the XXXX in that it engages in the business of extending consumer credit to covered borrowers under the XXXX protection. 10 U.S.C. 987 ( i ) ( 5 ) ; also 32 C.F.R. 232.3 ( i ) Concora Credit was a creditor that extended consumer credit to me as a covered borrower as those terms are defined in 32 C.F.R. 232.3 ( h ) and ( i ) Concora Credit calculated my Annual Percentage Rate at 35.99 % and failed to include all credit costs, including their participation fee of {$99.00} per year. 

By extending consumer credit without XXXX disclosures, XXXX XXXX violated the XXXX and its implementing regulations. This was in violation of 10 U.S.C. 987 ( c ) ; 32 C.F.R. 232.6 ( a ) and ( c ) As a result, any credit agreement, promissory note, or other contract prohibited by this section is void from its inception. 10 U.S.C. 987 ( f ) ( 3 ). 

For each individual violation caused by Concora Credit, I am entitled to actual damages of not less than {$500.00}. Additionally, I am entitled to punitive damages and declaratory relief under XXXX U.S.C. 987 ( f ) ( XXXX ) ( A ) The declaration that Concora Credit violated the XXXX and the declaration that I am a covered member. Concora Credit 's standard form agreements are void. 

XXXX XXXX violated the XXXX, and I am entitled to {$500.00} in actual damages for each separate violation under XXXX U.S.C. XXXX ( f ) ( XXXX ) ( A ) ( i ) ; I seek a declaration that Concora XXXX violated the XXXX and punitive damages under XXXX XXXX. XXXX ( f ) ( XXXX ) ( A ) ( ii ) ; This matter has been neglected by Concora Credit since I tried to resolve it.

Company response to consumer: Closed with explanation