Consumer complaint received 2024-08-07 00:00:00
Product: Credit card — Store credit card
Issue: Fees or interest — Charged too much interest
Company: Bread Financial Holdings, Inc.
State: MA

Complaint narrative:
I am writing to formally lodge a complaint against Comenity Bank regarding a recent issue with my credit card account. Below is the letter I sent to Comenity Bank on XX/XX/year> via XXXX XXXX  Mail ( signature required ), to which I have not received any response : XX/XX/year> Customer Service Department Comenity Bank XXXX XXXX XXXX XXXX, OH XXXX Subject : Request for Reduction of Finance Charges Account Ending in XXXX Dear Sir/Madam, I hope this letter finds you well. I am writing to discuss a recent charge to my account that has caused me significant distress. Two years ago, I purchased {$13000.00} in furniture from XXXX and signed up for their credit card, which offered a special XXXX interest-free promotion. During this period, I have been making regular payments via autopay, and I have not been receiving statements in the mail. 

As a XXXX  mom who owns and runs her own business, my life is extraordinarily demanding. I work XXXX days a week and am also the primary caregiver for my elderly parents who are experiencing health issues. Despite these challenges, I strive to manage my financial responsibilities diligently. 

I had intended to pay off the full balance before the promotional period ended. I have the necessary funds set aside in a money market account. However, the overwhelming demands of my personal and professional life caused me to forget the end of the promotional period. If I had received a physical statement in the mail, I would have been reminded to make the payment in full before the promotion expired. 

I acknowledge that this oversight is my responsibility. However, I was shocked to learn that I have been charged {$8300.00} in interest for a {$13000.00} purchase. This amount is extraordinarily burdensome and feels disproportionate. I believe that better communication regarding the end of the promotional period could have prevented this situation. 

Upon realizing my mistake, I immediately contacted customer service to explain my situation and offered to pay the entire balance of my purchase immediately. I am now respectfully requesting that you consider reducing the finance charges that have been applied to my account. I hope you can understand that this has been an incredibly trying time for me, and I am doing my utmost to manage my obligations under very challenging circumstances. 

I respectfully ask that this matter be escalated to someone who may have the authority to adjust these charges. Reducing the interest would significantly alleviate the financial burden I am currently facing. I am committed to settling my account in full and would be deeply grateful for your assistance in this matter. 

Thank you for your understanding and consideration. I look forward to your positive response. 

Sincerely, XXXX  Despite my efforts to communicate with Comenity Bank, I have not received any acknowledgment or response regarding my request for a reduction in finance charges. This lack of communication has caused me significant distress and financial burden. The charges are excessive, and I believe that better communication from the bank could have prevented this situation. 

Additionally, I would like to bring to your attention that Comenity Bank charges approximately {$3.00} per month to receive a mailed statement, which encourages consumers to switch to e-bills. The only way I would see a bill from them is by going onto my bank 's " Pay Bills '' section and clicking on " XXXX XXXX '' As a result, I did not receive ANY direct communications from Comenity notifying me that the promotional period was coming to an end ... not a single mailed notification NOR an email. 

I request the Consumer Financial Protection Bureau to intervene in this matter and assist in resolving my complaint. Specifically, I am seeking a reduction in the finance charges applied to my account due to the lack of mailed statements and reminders about the end of the promotional period. 

Thank you for your attention to this matter. I look forward to your assistance in resolving this issue.

Company response to consumer: Closed with explanation