Monterey Financial Services

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint.  For your reference, details of the offer I reviewed appear below.
[WE DID NOT SIGN THE ATTACHED PROMISSORY NOTE. THIS IS FRAUD. THE ONLY DOCUMENT WE SIGNED WAS A FORM WHICH DID NOT CONTAIN ANY TERMS OF A LOAN - NO INTEREST RATE, NO LOAN TERMS - JUST A BRIEF DESCRIPTION OF THE VACATION CLUB. WE WERE VERBALLY TOLD BY THE AGENT AT RESORTS ANYTIME THAT WE COULD "CANCEL AT ANY TIME". IN RESPONSE TO THEIR 3-DAY CANCELLATION POLICY: IT IS IMPOSSIBLE TO CANCEL WITHIN 3 DAYS. THEY DON'T GIVE YOU A MEMBERSHIP NUMBER OR ANY INFORMATION REGARDING THE BENEFITS OF MEMBERSHIP UNTIL 7-14 DAYS AFTER YOU LEAVE THEIR OFFICE. THEY MAIL THE INFORMATION TO THEIR CUSTOMERS. ANOTHER EXAMPLE OF FRAUDULANT/BAIT AND SWITCH TACTICS. PLEASE SUBMIT A MORE ACCEPTABLE COUNTER RESPONSE.]
Regards,
[redacted]

Review: Monterey Financial has been harassing me for 3 years now. I filled out an application for [redacted] but I contacted them right away to tell them I was put on permanent disability and could not afford the 3050.00 they were going to charge to provide 6 months of mentoring. I NEVER e signed anything. They go through Monterrey Financial. [redacted] said they would cancel the order and have Monterey refund the $500.00 I paid. Then they left 2 voice mails on my phone. One said get a federal tax ID and one said start a drop ship company. I never had mentoring from them. just 2 voice mails without me even being involved. Monterey harassed me into believing that I owed them money and that I e signed I stopped paying Monterey and told them that [redacted] never povided services to me personally but left 2 voicemails. Monterey turned my account in to collections which has affected my cedit rating. I called Monterey and tried to work with them. I finally got someone to sent me a copy of something. What was sent was an application. They had modified the document as recently as last week with a cell phone number that I did not even have in 2012. They also have [redacted] as an employer, which is not corect I am and was on disability being paid by [redacted]. The e signature they have has an ip address that is not mine. I traced the ip and is is issued to someone in [redacted] and I have never lived there. My ip address is not [redacted] I looked online for reviews on Monterey and also [redacted] and they have 26 pages of scam reports and reviews where they have done exactly the same thing to other people. No services rendered to actual people but Monterey harasses people for money. What I want is for my $1800.00 to be returned and the amount owed removed. Also I want to have this account closed as paid in full and removed from collections. I contacted a free advise from attorneys and they said that [redacted] was in breach and Monterey should not be aDesired Settlement: What I want is for my $1800.00 to be returned and the amount owed removed. Also I want to have this account closed as paid in full and removed from collections.

Business

Response:

On March 24, 2012 [redacted] electronically signed a

contract with [redacted] per the attached. The account was placed with Monterey

Financial for loan servicing with the first payment due on 5/01/12 (Monterey

Financial does not own the account). [redacted] paid her monthly payments via ACH on time for the first

four payments, and then the 9/1/12 ACH payment was returned as account

closed. We made multiple attempts via

phone, email and mail to contact [redacted] concerning the missing

payment. Finally on 11/5/12 we spoke

with her and she stated she forgot to call and update us with her new debit

card as she changed banks. She paid the

past due amount and resumed automatic billing from her debit card. On 2/20/13 her payment came back declined and

we began calling her concerning her past due amount. We did not have contact with her prior to

attempting to draft her 3/20/13 payment which also declined. [redacted] finally responded to Monterey

Financial via email stating that she was having financial hardship and could

only afford to pay $100 per month on the 18th of each month. We offered to assist her by allowing her to

pay the reduced amount for 6 consecutive months and then resume her regular

scheduled amount of $127.31 thereafter. The payments went through until the 11/20/13 payment which was

declined. We made multiple attempts to

contact [redacted] until she finally answered our call on 1/14/14. She claimed she was still having financial

hardship as her unemployment income was reduced. She stated she could not afford more than

$100 per month and hung up on the rep.

On 2/27/14, we received an email from [redacted] now claiming that

[redacted] did not fulfill their portion of the contract. She claimed she received 2 phone calls from someone

who supposedly did not help her and she feels she should not have to pay

anymore. We continued to try to

contact her to get specific details of what she was not satisfied with as this

was the first time in two years that she claimed service issues.

The defaulted balance was placed with Monterey

Collections on 4/18/14. We made

multiple attempts to contact [redacted] to which our calls were not returned

until 2/9/15. She claimed she was on

disability and could only afford $900.00 as a non-use settlement. We informed her that the balance in full was

due and she requested a copy of the contract.

We sent her a copy of the e-signed contract and explained that she is

legally responsible for the debt as it is a legally acceptable authorization

according to the Electronic Signatures in Global and National Commerce Act

enacted by Congress in June 30, 2000. We explained to her that the contract was

completed by her online and that she acknowledged multiple times in the past

that she was aware of the debt and that it was hers. She is

using buyer’s remorse as an excuse for nonpayment. Furthermore the attached contract has not

been altered as [redacted] claims. The

document is a pdf version of the online loan application and there is no cell

phone number even listed on the application.

The IP address listed does reference a computer in the [redacted] area; however this does not mean that [redacted] did not complete

the information and she even acknowledged in the past she was responsible for

the debt. [redacted] has not paid any money on the

collections account and all payments made prior on the loan servicing account

were sent to [redacted] as Monterey did not and does not own the

account.

The account will continue to report as a disputed

collection account as buyer’s remorse is not a valid reason to get out of a

contract. I strongly urge [redacted] to

contact our office to set up arrangements to cure the defaulted balance. Should you have any further questions,

please feel free to contact me.

Sincerely,

Collections Manager

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

Regards,[redacted]

I did not electronically sign anything. They state an ip addess of E-SIGN (275670 - Sat Mar 24 00:00:00 PDT 2012[redacted] - 03/24/2012 14:31:11] ). This is NOT my ip address. My ip address is [redacted]. [redacted] look at the 14 hour difference in time. I asked numerous times for them to provide proof of signature, initials or anything showing I actually signed something and they cannot prrovide anything.[redacted] did not render services. They were suppose to provide 6 months of mentoring and help set up a business. I received exactly 2 voice mails. I did not even speak to anyone. I asked a laywer and he said that a voicemail is not services provided as I did not speak to anyone.I tried to tell Monterey this and they would not listen.I also tried to contact Pemier Mentoing and have them cancel anything and got no response.TWO MONTHS later, Monterey started taking money out of an account. I had to close the account to get them to stop taking money for something that I only filled out an application for and did not signany contract for and had also not gotten any service for.They have listed on this application that I work at [redacted] which I did not, I was on Disability and was paid by [redacted], They have my cell phone on this application, which I did not have in 2012 and just gave them that number 2 weeks ago when I tried to talk to them again., so they modified a document to fit their needsThey have my monthly income as 1000.00 which I have never had as a monthly income.I did NOT sign anything and never received any mentoring.On the advise of someone else, I offered them 900.00 to settle everything.......until the lawyer told ne that I should not settle because no services wee rendered, they have false information, and modified a document and cannot show prroof of me signing anythingALSO please note online them scam reports against this company for exactly what they are doing to me. There are tons of complaints against Montery and [redacted].I honestly did not sign anything, I was and still am on permanent disability and could not then or anything ever afford this. I did not sign a contract and did not received services

Business

Response:

All calls with Monterey are recorded and we have several

call recordings where [redacted] acknowledged the debt and there was no

mention of service issues. When we spoke

with [redacted] on 4/17/13, she confirmed that she had been on disability for

about a year and that she was struggling financially to pay her monthly

payments. She informed us she was

pulling money from her 401k to help pay her bills. She stated that starting in 9/12 she was only

receiving about ½ of her pay due to disability. She verified her home address, confirmed [redacted] and requested we add [redacted] as a valid contact number for

her landline. Furthermore she confirmed

that the [redacted] was her work number, but she was on disability and that

was not a number to reach her at. I

called the number today and confirmed it was a number for [redacted], however it

is no longer in use, which is the name of her employer on the loan

application. The loan application has not been altered

whatsoever and she even provide her bank information which we debited several

payments from when the loan was first placed with Monterey. Concerning her claim that the IP address is not hers,

there are several ways to change your IP address easily:

Simply turn off

or unplug your modem for about five minutes. (You don't have to turn your

computer off.) In many cases this alone will change your IP address when you go

back online. If that doesn't

work, try unplugging your modem overnight and checking your IP address the next

morning.If connected

directly to a cable or DSL modem, she can type “ipconfig/release” on the command

line, then shut down everything and turn it back on later which will change the

IP address. Furthermore if she has a laptop, she can switch to a new

IP address by going into any coffee shop, bookstore or other place that offers

free wireless internet. The IP address

will automatically change because a different internet connection is being

used. The fact that she has a different IP address

now is irrelevant as we have her on call recordings acknowledging the debt and

setting up payment arrangements.

Concerning her recent claim of lack of service, this

claim arose once her account was severely delinquent. Since she was in default and not paying her

payments per the terms of the contract, [redacted] is not required to

provide any service.

She is using buyer’s remorse and financial hardship as

an excuse for nonpayment. [redacted] claims she did not sign the loan application,

yet she acknowledged in the past she was responsible for the debt and set up multiple

payment arrangements. [redacted] has not paid any money on the

collections account and all payments made prior on the loan servicing account

were sent to [redacted] as Monterey did not and does not own the

account.

The account will continue to report as a disputed

collection account as buyer’s remorse is not a valid reason to get out of a

contract. I strongly urge [redacted] to

contact our office to set up arrangements to cure the defaulted balance. In an effort to resolve the account

amicably, I am authorizing a settlement offer of $975.00 to settle the account

in full. Should you have any further

questions, please feel free to contact me. Sincerely,[redacted]

Collections Manager

Review: To whom it may concern, my name is [redacted] I am contacting this office because I purchased a bedroom set through flex pay and I have been ill and I was given two payments for the month of January one on jan.1 2015and also jan. 26 2015 as I said I have been ill due to an auto immune disease (lupus). I know that my contract was finished jan.26 the funds were. Takin out of my checking account through up [redacted] which were insufficient the bank returned funds I called Monterey financial services because the payment was returned and I talked to many representatives to let them know that I put money into my checking account to cover this last payment they would not allow me to talk to a super visor and I talked to so one on yesterday at Monterey financial and gave them permission to take the Money out of my checking account and it has not been taken out as of yet.I understand that the contract was up on jan 26'2014 I practiclly beg them to work with me I donot know if they will accept my last payment but each representative told me that I will have to pay 174.00 until December 2015 Monterey financial is asking for another 1914.00 I only purchased this furniture because I was sleeping on nothing but mattress I'm not. Trying to get sympathy but I am asking for help if possible thank you and I will not do no more business with Monterey financial services. Thank you if there are any misspelled letters pardon me my eyesight is a little bad due to medication. Thank you [redacted]I was told by one of the representatives at Monterey financial that I had to call and make new payment arrangements if I called it might not be good because I will be in agreement to the extra charges so I'll just wait and see what you all think will be the best thing to do. I can be reached at [redacted] I was not well enough to transact any business I realize you can be on your sickbed and when it comes to some bill collectors your just a. Number.Desired Settlement: I would like for Monterey financial services to except my last payment and let the contract close I will not do anymore business with them and my payment is still in my checking account and if they [redacted] accept it I feel like the're not taking the payment to make it look like I waited more days to pay them.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.Dear [redacted]I am writing this letter in response to Monterey FInancial Services Inc. requesting payment of $1,941.00. I am requesting that this debt be forgiven. I am aware that my initial contract stipulated payment of $303.67 for a period of 90-days. My last payment was two days late due to illness.I am under strict doctors care for the treatment of Lupus. Although I feel fine health wise most of the time, there are times when it comes out of remission. At these times the medication taken to stabilize my platelets causes me to be incoherent. I have statements from my doctor to validate if needed.I phoned Monterey FInancial Services on January 27, 2015 to inform them that payment could be taken. Payment was processed on January 28, 2015.Thank you for your assistance in this matter.[redacted]

Business

Response:

On 10/28/14 [redacted] signed a retail installment contract for financing furniture through [redacted]. The contract was placed with Monterey Financial to act as a 3rd party servicer for the term of the contract. [redacted] contacted our office on 10/29/14 and authorized Monterey Financial to debit her checking account on 12/01, 01/01 and 01/26 for the amount of $303.67 for each payment to satisfy 90 day Early Payoff Option, offered the section labeled 90 DAY PAYOFF OPTION on the attached contract. As stated within the 90 DAY EARLY PAYOFF OPTION section of the contract and as disclosed over the phone the early payoff option is valid as long as all payments are made on time with no payments returning unpaid for any reason. [redacted] called Monterey Financial on 11/25/14 and 01/12/15 to confirm the arrangements she had previously set up with our office.

Review: I have attempted repeatedly to process my payment using my USAA American Express CREDIT CARD. I use this card to pay all of my bills because that is how I handle my finances. Monterey Financial Services continues to attempt to run it as an ATM card which of course will come back as declined because it is a CREDIT CARD and not an ATM card. I was only able to process a payment once with my Credit Card because the USAA agent authorized it as an ATM card for 24 hours which was the maximum amount of time allowed. I dont feel that I am the one who should go above and beyond just to get a payment processed. I found out my credit card was being processed as an ATM card because I called my bank repeatedly after being told by rude customer service agents from Monterey Financial that it was a bank issue. The representative from USAA informed me that the reason it continues to be declined is because they are charging it as an ATM card. I have had the available credit each and every time I attempt to process the payment. I have never had a problem paying my other bills with my American Express Card. Monterey Financial Services has now charged me a total of $80 for NSF fees. There is no reason why this card cannot be charged as a credit card. I researched this problem and found that there are several people who have had their credit cards declined multiple times by Monterey Financial Services even though the funds have been available. Many of which who have already processed a complaint or review with the Revdex.com. This issue does not seem to be only with my account. Their are multiple people being charged because of the way payment are being incorrectly processed. I know it is not a bank issue because this is the only company that I have had an issue with processing a payment.Desired Settlement: I would like to have these NSF charges removed. I have already started using another card because of their faulty system but I would much rather continue to use my USAA American Express Credit Card.

Business

Response:

We currently process thousands of American Express payments

each month via our credit card merchant account without issue. This is the

first complaint we have received from any consumer stating that their American

Express card was being attempted as an “ATM” card. Upon receiving his complaint

we researched the matter with our credit card merchant who confirmed that Mr.

[redacted]’s payments were submitted as a credit card and received a “declined”

response from American Express. Unfortunately American Express did not provide

a reason for the decline. Our credit card merchant also confirmed that Monterey

Financial does not have the ability to process Mr. [redacted]’s USAA American

Express card, or any other American Express card, as an “ATM” card transaction.

When a payment is submitted via our credit card merchant we provide the 15

digit American Express card number, card expiration date, name of the customer,

amount of the payment and date to process. Nowhere in the data file is there

the ability to state “ATM” or “Credit Card.”

To date Mr. [redacted] has provided no information showing the

available funds at the time of the draft and we have not received any phone

calls from American Express to discuss his claims. I apologize that Mr. [redacted]

felt that the representatives he spoke with were rude for not agreeing to waive

his contractually due return payment fee. I will review the call recording

involved on the account and have any necessary training completed with the

representatives involved and with the staff as a whole. Despite no

evidence received to date to substantiate Mr. [redacted]’s claims we have waived 2

of the 4 return payment fees that have assessed on his account. Mr. [redacted] can view this adjustment on his account via the website in approximately 48 business hours.

As stated in the complaint Mr. [redacted] recently changed his

automatic draft to process on a different credit card. Mr. [redacted] next

scheduled payment is due on August 15, 2014 for $97.44.

Sincerely,

Finance Manager

Consumer

Response:

In regards to my American Express Card being processed as an ATM card instead of a Credit card, I received that information directly from my creditor USAA. I did not say that the customer service representatives were rude for not agreeing to waive the fee. When I spoke to the representatives I called because I wanted clarification about the charges. The first representative I spoke with assumed that I was calling for a credit. I say she assumed because I repeatedly told her that I was calling to inquire about my NSF charges. She continued to speak over me and kept stating that it was already credited to my account under processing fee. I repeated to her more than enough times that I was not calling or referring to a processing fee at the time. I just wanted a simple explanation about my NSF charge. She talked over me more than once and refused to listen. I heard processing fee like 6 times even though I was not discussing any processing fees throughout the conversation. I informed her that the processing fee had already been credited with a previous rep and that was a separate issue which I was not calling for to discuss with her. As I continued to attempt to explain that I simply wanted a clear explanation about my charge she kept talking over me. After seeing that I was clearly not getting anywhere with this representative I asked to speak her supervisor. I was then transferred to a gentlemen who seemed to understand was I was referring to. He informed me that he would check with his cashiers and then return my call. After not receiving a returned call I called back. When the rep answered she put me on hold and transferred me to another rep who also tried to discuss the processing fee. She then told me that what difference does it make since I had already received a credit for a processing fee. I then told her the processing fee was irrelevant at the moment. I informed her that was a separate issue and I just wanted an explanation. I informed her that I had spoken to a gentlemen who was supposed to return my call. I told her he was a supervisor. She immediately told me he was not a supervisor. At this point my frustration was through the roof so I asked to speak to a supervisor, an actual supervisor.She then informed me that her supervisor was busy and could not talk to me at the moment. I eventually hung up because I did not receive proper customer service and my issue was not resolved. Monterey Financial Services did not receive any phone calls from American Express to discuss the claim because I was not able to get 1 single representative to actually assist me rather than assume I just wanted credits. As far as proof to verify I had available funds, that was a simple request that was never made by any of the representatives. I could have easily retrieved proof for available funds, all they had to do was inform me that I had to provide it. I do not have automatic payments setup. I eventually did change my card do the the constant issues trying to get it processed with Monterey Financial. Despite the lack of customer service I will go ahead and consider this issue resolved even though I had to go as far as filing a complaint with the Revdex.com.

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will wait for the business to perform this action and, if it does, will consider this complaint resolved.

Regards,

I purchased a puppy from Puppy’s Galore via a Wags Lending Contract on 10/14/15. Apparently this contract was serviced by Monterey Financial. I paid this contract in full on 01/12/16 with [redacted] in Accounts department. I expressed to [redacted] that I am in the process of purchasing a home and needed a paid in full letter (I know that it takes time to reflect with the credit bureau, therefore I needed a letter for proof of payment). [redacted] advised that I should receive a letter in 10 business days. After waiting over the 10 business days, I called [redacted] back and was advised that there was a code he failed to remove so he placed me on hold to update the code. After returning to the line, he stated that now I had to wait another 10 business days for the letter to arrive and that he could not send a letter via email. He referred me to my online summary account. Upon reviewing my account online, it only reflected my payment made, and indicated to call your 800 number to get my payoff. This would be very misleading to my Mortgage lender. It also still reflects the account open and a balance on my credit report. Feeling very irritated because [redacted] failed to close out my account on his end causing me to have to place several calls to customer service area AND still not getting the proper documentation I needed, I asked for a manager. After [redacted] stated there were no managers, he finally placed [redacted] on the line (I’m not sure of her position). I explained to her the situation and that I needed a paid in full letter asap and she indicated that while she will speak to [redacted] about not following through on procedure, she still could not send me a letter and I would have to wait. This came after first arguing with me about policy and procedures and TELLING me what my credit report couldn’t possibly show as it pertains to this account. She confirmed that the account was just updated to closed TODAY!!! Keep in mind, I paid and called repeatedly but it was just updated by [redacted] TODAY!!! I have not been late with payments and I have paid the account in full. The tone and argumentative nature of the representatives was offensive. I did my best to stay calm as I am also a customer service representative and make every attempt to be as polite as possible and understand the customers frustration, especially if it was a failure to do my job that cause the frustration. I did not get that empathy from the representatives but instead attitude. This was not $20 dollars that I have paid to the company, I have paid quite a bit in interest so it is a profit on their end. I will never use the company again because of this experience. All I wanted was a letter that reflects that my account is closed and paid in full to provide to my lender. Is this so out of the norm that it cannot be provided by a financial institution?

Review: I found a Bengal cat breeder in [redacted] in April. I went to his shop and obtained one of his Bengal cats which I thought was going to be $1700 paid over the course of several months. He explained it that it was a loan and that over the course of 32 months I would have payments of $129.00 a month but that I could pay it off early as necessary. I signed into a [redacted] contract for what I thought was the agreement stated above. After the agreement was signed I started making the payments on time but began to wonder the Monterrey Financial amount wasn't decreasing. I contacted the company and they explained to me that not only was this not a loan but a lease in which I would either have to continue making these payments or return the animal. I was appalled! Since then I've paid them $900 and they are saying that for the contract to be annul I have to pay them the $1700 up front. Of course I refuse and haven't paid them a penny more.Desired Settlement: I would like for Monterrey financial as well as [redacted] lending to annul my contract and take the amount of $3000 off my credit. I no longer have the cat and I no longer have the money to continue making their payments. I have paid them $900 and feel that that is adequate enough. If needed I would be willing to pay them the $700 just to make the whole thing end but I refuse to pay $1700 after already paying $900 towards nothing basically. also this cat is ruining my credit score.

Business

Response:

In response to the complaint received:

[redacted] entered into a Lease agreement with [redacted] Lending on 4-20-15 (lease agreement attached). It has been confirmed with [redacted] that they print and present a physical copy of the contract for every customer and never explained the purchase as anything other than a lease. As is clear upon review of the agreement that [redacted] entered into, the first page of the contract it states that the contract is a lease and also tells the customer exactly what their monthly payment is and for how long their leasing period is.

It should be pointed out that the lease agreement clearly stipulates the Early Purchase Option and Early Termination stipulations. [redacted] was informed by Monterey representatives that if she wished to buyout of the lease she would need to pay the amount as outlined in 8.(a), which was $18.75.84 as of 10-1-15. As she claims she no longer has the cat, she is unable to return the animal to execute an Early Termination outlined in 8.(b). It has also been confirmed by [redacted] that the cat was not returned to the store. [redacted] Lending, and Monterey Financial Services are concerned about the animal’s well-being, and would like to know the whereabouts of the animal at this point, since [redacted] claims to no longer possess the animal.

Despite the facts outlined above, [redacted] Lending has agreed to terminate the contract upon validation of the location and well-being of the animal. Monterey Financial has been advised by [redacted] Lending that they have attempted to reach her to validate the location of the animal, and [redacted] has not responded. [redacted] may reach [redacted] at [redacted] to validate.

Sincerely,[redacted]Finance ManagerMonterey Financial Services

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution would be satisfactory to me. I will reach out to [redacted] tomorrow in hopes of termination. I also want to state that there was no printed copy given by [redacted] of the contract. It was all done over an iPad/cellphone and that when I spoke with [redacted] myself he even told me he was unaware that it was a lease and that I would have to be paying basically to rent a cat. Of course he's going to tell you otherwise but anyways I'll reach out to [redacted] tomorrow and hopefully we can get this resolved. The cat is in a safe home with an owner that has other Bengals and I have pictures of the cat from the new owner to prove that fact. I only turned to selling the cat because I could no longer afford to keep him.

Regards,

Monterey Financial Services is a RIP OFF. We have a new account and called them to inquire about the online payment fee of $10 that simply pops up on the last page of the website without any warning or notice. Why charge $10 per month on a loan when the industry standard is to be able to make payments online without any additional fees. The California State Authorities should investigate how many unwitting customers get taken every month.

Review: I recently financed my copay on a surgery I had with this company. My first problem is that my original contract was for $2500 with a company called [redacted] which I'm wondering if that's even a real company. I was told it was a simple process and with interest and all I should have it paid off in 2 years. Now that my account has been "sold" to Monterey, my balance is apparently almost $4000. As I make my payments I see that the majority of my moneygoes to this outrageous interest figure, hardly any to principle. I came upon financial difficulty and missed a payment and started receiving harassing phone calls. The customer service reps are extremely rude and try to tell you what you are going to do. They were argumentative, yelling, and outright awful. The calls come multiple times a day. I told them I will receive the funds to catch my account up in less than a month but they refused to try and work with me. They kept threatening to "take further action". I was not aware my account could be "purchased" without my knowledge or consent and am very unhappy with the poor customer service of this company. I also would like to know if charging someone $1300 interest on a loan is common practice or even legal. After a brief Google search I discovered this is common business practice for this company and there are many mistreated people out there.Desired Settlement: I would like my account transferred to another company with better business practices. I would like the harassing phone calls to stop. I would like this company to be penalized for treatment of their consumers and have to improve their customer service practices.

Business

Response:

In Response to the complaint received:

[redacted] entered into a contract with [redacted] on 9-4-14 (contract attached). The terms of [redacted]'s financing are clearly outlined in the contract she entered into, with an amount financed of $3846.15 over 48 months at an APR of 29.9%. The Agreement also clearly outlines the fact that the account would be assigned to Monterey Financial Services under the Notice of Intent to Assign section of the contract.

[redacted] has been habitually late on her payments since the inception of her loan, and representatives have followed up with her in effort to bring her account in to good standing. I apologize if [redacted] feels she has been treated in an unfair manner, but her loan is currently past due for the July & August payment, and efforts have been made by Monterey representatives to work out a payment plan to resolve her delinquency. Her account will be reporting as a delinquent account accordingly, until she has made the necessary arrangements to satisfy her obligation to the contractual terms of the attached contract. She may reach a Monterey Representative toll-free at 877-399-6374 to discuss the matter and a resolution in further detail.

Sincerely

Finance Manager

Monterey Financial Services Inc.

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

The contract as it was sent to you was not presented to me in its entirety when I signed it. When the contract was offered to me, I was mislead to believe that with total payments including interest my total paid would be $3,846, which is still a ridiculous amount on its own, but even more astonishing and appalling at $6,636. I do not understand how it is even legal to charge someone $4,136 in interest to borrow $2,500. This is an outrage. What person in their right mind would agree to terms like this? I also was mislead in that the part that stated [redacted] planned to place my account with Monterey Financial was not in the initial agreement I "electronically" signed. I am a very thorough person and do research on who I borrow money from and had I known that Monterey was going to be my lender I would have researched them and NEVER have agreed to borrow money from such an awful company. The initial agreement I signed was just a one page explanation and did not include any of this information and the woman on the phone explained it in such a way that it appeared that I would have this paid off in 2 years, that's 24 months, not 48. In fact, I believe those were her exact words. This entire agreement is a sham and after researching this company I am disgusted to find that this has not only happened to me, but to countless other individuals with horror stories of dealing with this awful company. As for your "attempts to bring the account current" this does not give you the right to call 2-3 times per day, and verbally accost your client over the phone. I have spoken with several different "agents" of yours and I don't know what you tell them in training but it is never okay to raise your voice at a client, yell at them, threaten them with "further action", lecture them on what YOU think is right, or try to tell them they HAVE to go obtain a payday loan to make their payment to you. This is most definitely harassment. I want my account transferred to another company immediately and want to deal with Monterey financial no longer, and I want an investigation into their business practices as they appear to be severely unethical.

Regards,

Business

Response:

In response to the rejection received:

The Promissory Note and Security Agreement was presented to [redacted] in it's entirety. The agreement clearly outlines and differentiates the amount financed v. the Total of Payments. This entire document (which contained the "Notice of Intent to Assign") was reviewed, and e-signed by [redacted] on 9-4-14. Once again, I apologize if [redacted] feels she was treated unfairly by any Monterey Representative, but it is the representatives duty to explain the consequences of non-payment to her. Monterey Financial is certainly not harassing [redacted], but our representatives have been attempting to resolve the delinquency of the contractual payments since her account fell past due.

The account will remain with Monterey Financial Services per the contract. Once again I urge [redacted] to contact a Monterey Representative to bring her account in good standing. She can also make payments via our website at [redacted]

Sincerely

Finance Manger

Monterey Financial Services In

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

Regards,

Monterey Financial has severely mistreated me in regards to this matter and I am deeply disturbed by the treatment of consumers by Monterey Financial. I refuse to accept any other action beyond this point apart from having my account transferred to another loan agent. I know this can be done. Make it happen.

Review: We have been trying to resolve this issue with Monterey Financial Services and the [redacted] aka [redacted]s aka [redacted] aka [redacted] for years. They are doing crooked business practices with a now closed [redacted]. My husband has written in before about [redacted] and how no services were rendered from [redacted], due to us leaving and paying upfront for the services we recieved from an outside company doing business with the [redacted].There have been several company name changes, no licenses for such a business, and or practices with serveral companies that may be tied together by [redacted], [redacted] owner. Monterey Financial Services is behind the funding so to speak of all of this.I would like the false debt off my credit report completely. I have talked with [redacted] of Monterey Financial discussing why even though the [redacted] had a cancellation period of 3 days, that the company was in many violations of business practices and that the Advance Fee Talent Law (AFTS) Section 1701 states that a $10,000 surety bond be posted. No such bond was posted as of September 5, 2008 nor did they have a 10 day cancellation period which left the contract as null and void. Monterey Financial stated we owed the money even though services were not rendered because we didn't cancel within 3 days. Services from [redacted], and [redacted] were paid in full at the time the services were rendered. The [redacted] never responded to case #[redacted] for resolution filled with the Revdex.com. A FTC claim #[redacted] was submitted as well. The company and or companies has been on [redacted] on your side.

Companies Address Info:([redacted])Desired Settlement: The $500 we paid on 6/28/2008 is part of what we would like refunded, but because the company is no longer around that will most likely not be possible. We definetly would like the false debt off my wife's credit report and not to be ever reported as debt again.

Business

Response:

[redacted] purchased an acting/modeling class on 6/28/08 from [redacted]. She paid $500.00 down and financed the remaining balance. Her first payment was paid on 8/25/08 and then she defaulted on the remaining payments. The defaulted contract was transferred to Monterey Collections on 3/13/09. We did not have any contact with [redacted] until 9/22/09. She emailed us claiming that she attempted to cancel the account on 9/18/08 and requested to no longer be contacted regarding the debt. We informed her per the attached contract, she had a 3 day cancellation period and she had not completed the cancellation request during this time period. We informed her that we would continue reporting the debt as disputed and marked her account with a cease and desist. We have not heard from her since 9/22/09.

Monterey Collections is a third party collection agency and we did not collect the down payment which was paid directly to [redacted]. Our stance is that the debt is valid and should be reported as such, however in an effort to resolve the dispute we will remove the account from her credit report. Should you have any further questions, please feel free to contact me directly.

Review: This company is claiming money that I do not owe. Fraud account.Desired Settlement: This company reported to the [redacted] that money is owed when in fact there is NO money owed to Monterey or their client [redacted] They are fraudulently trying to get money from me.

Business

Response:

[redacted] entered into an agreement with [redacted] on 01/24/2014 for the financing of a sound bar system as outlined in her complaint. The total cost of this product was $275.00. [redacted] paid $137.50 towards her balance then financed the remaining $137.50. Her account was placed with Monterey Financial on 11/20/2014 to act as a 3rd party servicer for the remainder of the balance.

Review: I purchased an insulin pump from [redacted], who then forwarded my payment to Monterey Financial. Monterey Financial charges a $6/month fee while financing with them. There were several rebates that [redacted] provided to me and forwarded to Monterey Financial. None were properly applied to my account until I called Monterey Financial, and after that, each also had an additional $6 service fee charged with no justification. These were reversed after several attempts for them to do so. More recently, Monterey Financial has charged two service fees at once. Upon calling to inquire, I was told by their agents that it is to "pay ahead" for the service fee of the succeeding month, though I have continued to be charged each month.

When asking their phone staff to clarify why these charges are applied doubly, they are unable to explain and they disconnect the call on me. Most recently I made a payment by phone. The agent stated that a $15 service fee (normally applied to phone payments) would be waived, since I cannot use my FSA card to pay by mail (which would avoid the excessive fee).

However, instead of $0, $30 was deducted from my payment as a "service fee." Upon my second call to inquire (the first was another immediate hang-up), the agent attempted to explain that I was prepaying for 5 months of $6 service fees, though she could not clarify why it was applied to my FSA payment, nor why it was 5 months of fees. Upon inquiring with this agent what would happen if the total principal was paid off prior to this period, she also hung up on me. I believe this company purposely adds service fees, avoids applying credits, delays credits, and actively tries to confuse their customers in an attempt to collect more than they are owed. If I did not take the initiative to call them and argue my point several times, I would be paying significantly more. It should be noted that there is also significant deferred interest if my account is not paid off in a specified amount of time.Desired Settlement: Waive all additional service fees, so that I am paying no more than the agreed upon $6 per month I am financing with them on a standard month-to-month basis (current unexplained fees total $36). Discontinue charging any more than $6 per month for the remainder of my financing term. No longer hanging up on their customers would be a plus, as well.

Business

Response:

In Response to the complaint received:

[redacted] did purchase an insulin pump from [redacted]

[redacted] on 1-28-14. [redacted] assigned the account to Monterey

Financial Services Inc. on 3-3-14 to act as the third party loan servicing

agent for the term of the loan. The only service fees that have been applied to

[redacted]’s account since the inception of the loan, are the $6 monthly service

fees, which are outlined in his agreement with [redacted].

Since the account was placed with Monterey, we have received

notification from [redacted] of the rebates [redacted] mentions. We were notified

of a $500 credit on 4-5-14, and a $175 payment made directly to [redacted]

[redacted] on 6-20-14, and a $75 credit on 8-15-14. All credits were applied to

[redacted] account immediately upon notification from [redacted]. None of these

credits were assessed any additional fees.

The payment application of [redacted] account does apply any

excess payment toward future service fees. All future paid service fees been

adjusted towards [redacted] balance at this point, and he currently has a

balance of $118.42 to pay the account in full, if paid this month. Per Mr.

[redacted]’s contract, he will be responsible for any additional monthly service

fees for any future month, where a balance remains. It should also be pointed

out, that this contract bears no interest, and at no point in time has a

representative of Monterey informed [redacted] that any interest was deferred. Mr.

[redacted] may reach the department supervisor, [redacted] to discuss further.

Sincerely,

Manager

Monterey Loan Servicing

Review: On May 1st 2013 I contacted this company to make a 79.00 payment. They took my payment but I noticed three days later that it had not come through my bank. Called them up and they told me that on 5/1/13 I scheduled my late payment for the 5/10/2013!!! Which I absolutely did not! They added more fees on top of my 79.00 that I paid them on 5/1/2013.Then on 5/10/2013 the payment was charged. There was not enough funds in my account to cover the payment so then they added more bogus fees onto my account! If yhey would have applied my 79.00 payment on 5/1/2013 as I was on the phone with them instructing them to make the payment today 5/1/2013 there would have been no more fees added unto my current bill. Also want to note that their customer service people are extremely rude!!!!Desired Settlement: I want all fees applied to my account after 5/1/2013 removed immediately

Business

Response:

Mr. [redacted] contacted our office on May 01, 2013 to schedule

payments on his past due account. At the time of the conversation Mr. [redacted] was

past due for his March and April payment plus contractual due late and

non-sufficient funds fees. To date Mr. [redacted] has been late on 6 of 8 payments

owed and 4 payments that have been scheduled were returned by his banking

institution as non-sufficient funds. I have attached the call recording that

Mr. [redacted] had with our representative on May 01, 2013 authorizing a payment of

$79.72 on May 10, 2013. The payment amount schedule with the representative was

for the March, April and May payment. Had the payment been scheduled for May

01, 2013 as Mr. [redacted] claims it would have been for a different amount as the

May 10, 2013 payment had not come due yet.

Review: I opened an account with Monterey Financial Services in December 2013 at that time I did not get debt protection ($10) a month on my account. However around February 2014, I decided to add the debt protection just in case I lost my job. The fee was not taken out of my account even though it was automatic draft along with the 188.00 monthly bill. I called and paid the past due fees at that time and was given a credit for the late payment fee for the debt protection. The monthly fee for the jewelry has always been drafted on time (188.00). I called them daily this time and left over 5 voice mails stating the last time this same situation occurred my account was credited and should be credited again. The representative, [redacted], stated I was going to pay the 21.00 and fees which equal apprx 48.00 even though the glitch is on their end, no mine. I told her I was not and I would be reporting their business to the Revdex.comDesired Settlement: I want my account credited for all of their computer glitches and credited for all late fees.

Business

Response:

Ms. [redacted] is correct that she signed up for our debt

protection program and authorized an increase in her automatic draft each month

to cover the monthly debt protection fee. Unfortunately due to an internal

processing error the monthly payment draft amount was not increased causing the

account to incorrectly become past due, assess a late fee and for the debt

protection fee to be unpaid. Monterey Financial retuned every voicemail left by

Ms. [redacted] so we could discuss her account in detail, but was unable to reach

her. Upon Ms. [redacted] contacting our office on July 14, 2014 the representative

should have adjusted Ms. [redacted] account to waive the late fee and have the

debt protection fee waived.

After the conversation with the representative Ms. [redacted]

sent us a fax notifying us of her Revdex.com complaint. Upon review we adjusted her

account to have the late fee waived and debt protection program fee paid and then

attempted to contact Ms. [redacted] via phone and fax to notify her of the

adjustment.

As of July 15, 2014 Ms. [redacted] account was adjusted to

waive the late fee and for the debt protection fee to be paid. On June 29, 2014

Ms. [redacted] cancelled the debt protection program. Her account is up to date

with a next payment of $187.68 due on August 05, 2014 via automatic draft. I

apologize for the confusion on the account.

Should you or Ms. [redacted] have any further questions or wish

to discuss this matter in greater detail you may contact me directly, [redacted].

Trusting this is satisfactory,

Finance Manager

Review: We have a problem with Monterey Financial along with [redacted]. We feel like this whole thing is a scam. I have done some research and there are many reviews on the [redacted] with people having the same complaints as we have.

First of all we have yet to use the Timeshare at all because the prices are no where any cheaper than they would be if we used sites such as [redacted], etc. My husband and I were told that if we don't use the service that we would not be charged a membership fee. Well that was a LIE!!! We have been blocked from even going to the site now because we have not paid the membership fee when we were told that we would not have to pay that as long as we hadn't used it.

Another thing that we got a call from Monterey Financial in October saying that we hadn't paid anything since July and I made arrangements to pay the past due balance. The representative told us that if we paid $140 for the month of October then $74 for every month there after til January that we would be all caught up in January. Well that was a LIE as well. We have gotten a call from Monterey saying that we are now $170+ behind when we have paid every month faithfully since October.

The only explaination that the representative gave us was that she forgot to add some fees for the months before January, which didn't and still don't make any sense to us. This is not our fault because we were paying what we were told and trying to do the right thing and catching up and paying this bill. We are tired of paying on something that we are not using and have not been able to use. This is a waste of our hard earned money and it is a RIPOFF. After reviewing the [redacted], I clearly see that I am not the only one that has had this problem. This needs to be stop.

I will go on every site and if we have to go to [redacted] ourselves and hold up signs saying how much of a RIPOFF Monterey Financial and [redacted] is, we will do that because this is a disgrace and times are to hard for Monterey Financial and [redacted] to just take money from people the way that they are. They lie to get you to sign up and get an attitude when you call to tell them what was told to you while signing up for this crap!!! Yes we are very angry because we are giving them money and if we don't pay this will be put on our credit, it is almost like if we don't give them free money they will report us to the credit bureaus and this is not right at all!!!Desired Settlement: We want them to refund us all of our money that we have paid into this crap because we have not and will not use this and do away with this so called contract. This is just horrible and they (Monterey Financial and Resort Anytime) should be ashamed of themselves. This is stealing and they aren't having a problem with it!!!

Business

Response:

In response to the complaint received:

[redacted] voluntarily entered into a contract with Resorts

Anytime on May 5, 2012. Mr. and [redacted] are fully entitled to the rights and privileges

outlined in the Purchase Contract. Mr. and [redacted] also agreed to pay for the

amount financed under the terms of the Retail Installment Contract (attached),

and there is no exception in the contract indicating that if the services aren’t

utilized, they will not be charged fees. Mr. and [redacted]’s utilization of the

services available is their choice, but they are still bound to pay for the

Services available as outlined in the Contract/Promissory Note. Monterey Financial

Services acts as a third party loan servicer on the account, on behalf of [redacted].

Review: I bought a couch from a local furniture store in July 2013. The store did a 90 days same as cash program- after that it would be a loan through Monterrey Financial. My original purchase was for approximately $700. I did make 2 payments of $128 (these were automatically deducted from my bank account). I signed an agreement stating if I did not pay the $700, I would be responsible for an actual loan. I believed my payment to be due on 10/22/13. On 10/22/13, I called Monterrey Financial and asked for the payoff amount- they then told me my account was actually due on 10/21/13. I paid the amount they asked me to pay which was approximately $460- they said I had a small interest fee due to being 1 day late. Today I received a call from an extremely rude man at Monterrey saying because I was over the 90 day agreement, I was responsible for all of the loan which would be $1536. They deducted the $460 I paid on 10/22/13. The man also said I had late fees on this account because I had not made a payment in 3 months. If I owed the money they said I did, the $128 would've been automatically deducted from my bank account each month- which it has not been. This place has waited alomost 3 months to contact me. I do not feel I am responsible for $1100 for 1 day of being late.Desired Settlement: I do not feel I am responsible for any further payments. I did contact Monterry Financial on 10/22/13 and was given the payoff amount plus interest for 1 day.I want this removed from my credit and would like them to stop attempting to collect any further money. If need be, I will hire an attorney, but am hoping that you will be able to resolve this problem. I have read many customer reviews on this company and see that other people have had this same complaint.

Business

Response:

As [redacted] mentions in her complaint she signed up for a

contract with a 90 day same as cash option. I have attached a copy of the

contract for reference. The 90 days same as cash option can be located on the 1st

page of the attachment under the section labelled “90 DAYS SAME AS CASH

OPTION.” The option clearly indicates that the same as cash option expires on

October 20, 2013. [redacted]’s acknowledgement and agreement to this term is

indicated by her initials at the bottom right of this same page, and her full

signature on the next page.

Review: I am receiving call from them on a daily basis sometime 2 or more times a day. When I answer they request I press 1 to speak with one of there representative. It just goes to hold for 15+ mins. until I finally hang up. I don't want their service nor requested any from them. Please make them stop calling me.

Business

Response:

In response to the complaint received:

Monterey Financial Services has no record of [redacted] name in our system. It could be that we are simply calling a wrong telephone number. In order to correct this issue, we would need to know the number we are calling (either to identify the reason for the calls, or to correct our files). It does not appear that we have ever called the number [redacted] provided in this complaint. [redacted] may reach out to me directly to resolve this issue at [redacted] and I apologize for any inconvenience in the interim.

Sincerely

Manager

Monterey Loan Servicing

Review: My husband and I took out a loan from this company when we purchased a ring from Zales for $3747 on 1/29/13. The contract said it had to be paid in full by 4/29/13 in order to avoid interest charges. My husband made a bunch of payments before that and a final payment of $25 and change had to be paid. So my husband by accident actually overpaid by $10 on 4/27/13. So now 4 months later I get a phone call at work saying we owe another $241 because the payment was recieved late. I called twice and spoke to two different customer service reps who had to be the most absolutely rude and obnixious women I've ever spoken to. My husband also called twice and got rude people as well. I explained to them the situation and they told me they received the last payment on 5/3/13. So nobody got in touch with me until today, 8/23/13, to say they received the payement late and interest has been accumulating for months now. According to my husbands bank records he sent it through his bank on 4/27/13 so he had no clue they received it late, if they even really did receive it late. So now we're stuck paying another $241 because of these rude people that are running a dishonest business! Of course now when I googled their name I see many complaints about this company that are very similar to mine.Desired Settlement: I would like a refund for all the interest the account has been accumulating for the last 4 months. If they want to charge the late fee of $10 then so be it but $241 is ridiculous when we had no idea they received it late. This company shouldn't even be in business anymore!

Business

Response:

As stated

in Ms. [redacted]'s complaint, she signed a finance contract for Jewelry purchased

at Zales on January 29, 2013. The signed contract contained a 90 day same as

cash clause, that if all payments were made on time and paid by April 29, 2013

no interest would be due on the account. I have attached a copy of the transaction

history and the contract for review. As seen on the transaction history the

cash price was not paid by the expiration of the same as cash period. The final

check intended to satisfy the same as cash amount was not received until May

03, 2013, 4 days after the expiration of the same as cash option. Ms. [redacted]

could have viewed the Monterey Financial account on our website or contacted

our office to confirm if the same as cash payment was recevied on time. Ms. [redacted] also had the option to make the final payment over the phone with a representative or on our website to ensure it was made on time.

I apologize

Ms. [redacted] felt the representatives were rude because they would not waive the

assessed interest on the account. The contract terms were outlined to Ms. [redacted]

and she was clearly aware of the Same as Cash expiration date. The payment

arrived at our lockbox location and Ms. [redacted] received credit for the payment

the day it was received. Unfortunately it did not arrive on time to allow for

the same as cash to be honored. I am unsure why a $10 “late fee” was included

in the payment unless they were aware that the payment would have likely been

received outside of the same as cash period. At this time no refund will be

issued on the account as the terms of the agreement were followed. Again, I apologize if Ms. [redacted] felt the representatives were rude, but contractually due and agreed upon amounts cannot be waived or altered.

Should you wish to discuss this matter further, please feel free to contact me directly, [redacted].

Finance Manager

Review: In October of 2014, I used Monterey Financial Sevices to finance the remainder of what I owed for brake service/repairs. My account was set up to make monthly payments on the 21st of each month of approximately $33.00 until paid off. In order to take advantage of their 90 days same as cash program, I would need to pay the remaining approximate amount of $124.00 by January 16th, 2015.

So I called Monterey to set up my final payment of the approximately $124.00 on January 16th, 2015. After I did so, I asked the agent if I could just have the payment come out on the 9th of January since that was the day I was to get paid. She informed me that there would be a $15.00 service fee is she were to change the date again. I told her just to leave it for the 16th then. We ended the conversation at that.

However, in December, I quit depositing funds into the bank account that the payments had been drafting out of. So I called the automated system on January 9th to make the final payment myself with my new card that was attached to my new account. But when I checked my bank account a few days later (01/12/15), I could not see any activity regarding my payment. So, I checked my old account and saw that there was an attempted payment from that account. I contacted my bank and they confirmed that Monterey had attempted an electronic check payment.

I called Monterey to inquire and confront them about this. The agent began talking in circles. He first stated that there had been 2 payments made, the electronic check draft and the one I made over the phone, and that they cancelled the phone payment since it was a double payment. I informed him that it was not supposed to come out until the 16th, at which time he told me that I had scheduled it for the 10th. I explained how I had not wanted the fee so I had declined the date change. The fee had somehow not been assessed for this change. This agent then told me that if the new payment of $124.00 went through, I would not incur any additional fees or have to pay the interest. He said that he was referring to the payment that I had made over the phone. I said, "But you said that was cancelled since it was a double payment." He then seemed unsure of what had happened to my phone payment, but assured me that the phone payment may show up on my account in the next few days.

In addition, he stated that if the remaining $15.00 declined item fee (which he had just initiated payment from my bank account for) cleared by the 17th that I would be fine. I told him that I suspected that he had just re-initiated my $124.00 payment by phone right then. At which time, he said that he could not initiate any payments from his station. I confronted him about the $15.00 payment that he had just initiated from his station. He had nothing to say.</Desired Settlement: I would like my $15.00 back (the amount that is scheduled to come out of my bank account on the 17th). As of this complaint filed, that is still 3 days away.

Business

Response:

[redacted] financed repairs done on his vehicle on 10/18/14 through [redacted]. The account for the amount financed was placed with Monterey Financial to act as a 3rd party servicer for the term of the contract. [redacted] contacted our office on 11/19/14, responding to the letter he received in the mail. [redacted] authorized Monterey Financial to debit his checking account on 11/20 & 12/20 for his regular monthly payment of $33.20, and authorized the remainder of his early payoff amount of $124.93 to be paid 01/10/15 in order to satisfy the Early Payoff Option, offered in the contract. Contrary to [redacted]’s claim, [redacted] did originally request for Monterey to take the final payment on 01/16/15, but then informed the representative that he gets paid on 01/09/15, and authorized the final payment amount to be drafted on 01/10/15.

The Monterey representative specifically explained to [redacted] that no further action was needed on his part, and that the scheduled payments would be drafted on the authorized dates, and his account would automatically close as paid, as long as all of the payments cleared his account. [redacted] questioned the representative if we can take the 12/20 payment out earlier on 12/13. The representative explained that there would be a $15.00 processing fee to process the payment early, where [redacted] informed the representative he was ok with us debiting the $33.20 on 12/20.

[redacted] called our office on 01/09/15 and submitted a payment through our automated phone system for the amount of $124.93 on his bank card, even though he previously authorized a payment to be drafted on 1-10-15 in his conversation with the Monterey representative on 11/19/14. [redacted] subsequently called Monterey on 01/13/15 questioning why we attempted to debit an additional payment. The Monterey representative he spoke with explained that he had authorized a payment to be drafted on 1-10-15, and had additionally set up a payment via the automated phone system (despite being instructed on 11-19-14 that no further action was needed).

Despite the fact that [redacted] did not heed the instruction of the Monterey representative he spoke with on 11-19-14, and made an additional payment on his own accord, Monterey is willing to waive the $15 NSF fee incurred, and will refund it back to his account.

Sincerely,

Loan Servicing Supervisor

Consumer

Response:

I have reviewed the response made by Monterey Finacial Services in reference to complaint ID [redacted]. Some details of our 01/13/15 conversation were left out of Monterey Financial Service's official response and other details of our 11/19/15 conversation that could have been disclosed to me during the 01/13/15 conversation were not disclosed at that time. Also, it shold be noted that I made the 01/09/15 payment on my own accord because the bank account that the 01/16/15 payment was scheduled to come out of was closed.

In other words, I was being responsible to pay my debt to Monterey Financial Services, and even a day ahead of schedule (according to Montery's own records). However, I find that this resolution would be satisfactory to me, as all I wanted was the $15.00 fee returned to my account, and Monterey Financial Services is stating that they will do just that. I will wait for Monterey Financial Services to perform this action and, if they do, will consider this complaint resolved.

Thank you for you assistance in this matter,

[redacted] </

Review: I financed furniture in July of 2014. I made monthly payments in the amount of $178.09 starting August of 2014. As of 11/12/14, I would like to payoff the account. I called on 11/12/14 and spoke with an agent. I was informed that the payoff amount was $945.00. The amount financed was $945.80. I called back and spoke with another agent. I explained that I wanted an amortization schedule of the account. The agent became rude and unpleasant. As I tried to ask questions, she talked over me. The agent stated that the organization was not legally obligated to provide an amortization schedule. She explained that the payments of $178.09 were going towards the interest only. Per the prepayment clause in the contract, I am to receive a rebate of unearned finance charges.Desired Settlement: I request that the company provide an accounting of the current and final balance owed on the account. I do not wish to pay $1,022.08, the amount listed as the payoff amount. The amount is 100% interest payments. The rebate needs to be calculated and the payoff amount adjusted to reflect the final payoff amount.

Business

Response:

In response to the complaint received:

Ms. [redacted] did purchase a Bedroom, Living Room, and Dining

Set through [redacted] on July 1st, 2014 (copy of contract

attached). The financing terms are clearly outlined, and Ms. [redacted] did have a

90 Days Same as Cash Option, which expired on 9-29-14. Ms. [redacted] did not take

advantage of the Same as Cash Option per the terms of the contract, but is

still entitled to an interest rebate as she states, which is also clearly outlined under the “Prepayment”

portion of her Retail Installment Contract.

At this point, the balance outstanding is $1,246.63, and Ms.

[redacted] is entitled to an interest rebate/discount on the balance outstanding,

based on the Rule of 78ths. So long as the amount of $925.90 (plus the $25 acquisition

fee) is paid by 12-31-14, Ms. [redacted] will be entitled to a rebate of $320.73. Ms.

[redacted] would benefit from reviewing the repayment terms outlined in the contract

which I’ve attached, and I urge her to contact our office toll-free at

###-###-#### to make the necessary arrangements to take advantage of her early

payoff and maximize the amount of the interest rebate she is afforded in the

contract terms.

Sincerely

Manager

Monterey Financial Services Inc.

Review: (Title above is inaccurate for lack of a better choice)

Monterey Financial was paid in full on 8/8/2014, leaving a credit of $38.49 on our account. I called on 9/3/2014 asking for a refund of the credit. I was told that their policy is to issue a refund the following month at the end of the month, meaning that they will have held onto our money for almost 60 days without paying any interest. While I am aware that $38.49 is a small amount, it adds up with 1000's of customers.

I feel that this is a deceptive business practice, especially when interest on THEIR loans accrues daily. BTW, this loan was for educational services from a company that went bankrupt. We didn't receive the services, but paid the loan in good faith anyway.Desired Settlement: I request an immediate refund. Thank you.

Business

Response:

Monterey Financial agrees that the account was paid in full

on August 08, 2014. Prior to paying the account in full Monterey Financial did

not receive a payoff request from [redacted] and this caused an

over-payment to be made on the account. Had [redacted] contact us prior

to attempting to make a payoff amount, as instructed on our coupon books and

other correspondence, we would have been able to provide an accurate payoff

amount. Upon contacting our office on September 03, 2014 [redacted] was notified

of the procedure for excess payment being refunded. Our standard procedure is to process excess payments each month following the month the payment is received to ensure funds clear and no disputes are received from the consumers bank.

At no time during the conversation on September 03, 2014 did [redacted] request a refund be sent sooner, had she done so a refund would have been requested

immediately.

As of today I have requested for a refund check to be issued

in the amount of $38.49 and mailed to the most recent address we have on file for [redacted]. We apologize for any confusion or frustration this has

caused. Should you wish to discuss this matter further, please feel free to contact me directly, [redacted]

Sincerely,

[redacted]

Finance Manager

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

First, Monterey Financial's offer to send a refund check at the end of September for an account paid off almost two months prior is simply the company following its own unreasonable policy, so that would've happened regardless of my complaint.

Second, [redacted] letter is riddled with inaccuracies which I wish to address...

A payoff WAS requested. Monterey Financial's refund amount was the least, and therefore, most accurate of the 4 loans that I refinanced. Of the four loans that were closed out, Monterey Financial was the only company to hold on to the overage for almost two months. I feel that Monterey Financial's policy is outside the norm and unreasonable. Surely, it doesn't take 2 months to do the accounting.

[redacted] admits that I made a phone call to Monterey Financial long after the account was paid off, yet states that I never asked for a refund. What other purpose would I have been calling for other than to ask for a refund? I was due a refund, I shouldn't have had to ask! When the customer service rep stated the company's policy of not processing a check for an over payment til the end of the month following the payoff, I said that that was an unreasonable amount of time and asked if it could be sent any sooner.

In summary, I followed the same procedure to refinance 4 high interest loans and only Monterey Financial did not issue a refund for an unreasonable amount of time. I called to find out what was taking so long and was informed of Monterey Financial's unreasonable policy and that I would have to wait like everyone else whose money was being held onto for months. I filed a complaint with the Revdex.com, not because of the small refund, but because of Monterey Financial's unreasonable, deceptive way of doing business. Monterey Financial's [redacted] responded with 2 lies, essentially blaming me to cover up the unreasonable policies of this company, further illustrating the lack of ethics at the heart of this company. By the way, it's almost October and I have yet to receive a check.

While I may have no legal right to demand that Monterey Financial change its policies, as a business owner and former customer who was left with zero faith in this company, I request that Monterey Financial's upper management review their refund policy and make appropriate changes. I also request that [redacted] receive some training. Accountability and reputation are everything with customers! Never ever lie!! Always provide excellent service. For goodness sakes, don't burn a bridge by quibbling over $38! C'mon Monterey Financial, you CAN do better!

Regards,

Business

Response:

I apologize for not outlining the specific details

surrounding my payoff quote statement in my initial response. [redacted]

contacted our office in July and requested the per diem interest amount and

payoff amount on the loan owed to Monterey Financial. However, as an additional

payment was made on August 01, 2014 no further call was made to our office to

obtain a new payoff quote with the August 01, 2014 payment factored into it.

Even if [redacted] took the payoff amount quoted by the representative in July

and subtracted 1 the payment amount on August 01, 2014 she still sent in an

amount over the amount and per diem rate we gave her in July. Again, If [redacted] would have contacted our office after the August 01, 2014 payment to

obtain an up to date payoff quote then an accurate amount could have been

provided to them.

[redacted] states that when he called our office on September

03, 2014 he called for the sole purpose of asking for a refund. Even if [redacted]

[redacted] took the amount quote given in July minus the August 01, 2014

payment they chose to mail in more than that amount. I have attached the call

recording of that conversation with [redacted], not [redacted] as alluded to in

the complaint, for review. As supported by the call recording, and outlined in

my previous response, at no time did [redacted] ask for the refund to be sent

sooner as stated in the complaint. Again, had she done so the representative

would have presented the account to me to have a refund issued immediately.

I apologize [redacted] feels that the refund policy is

unreasonable and, as a company, we continually evaluate all policies and

procedures based on the feedback we obtain from our customers. As with any

complaint received all representatives involved with the complaint completes

thorough training on all topics raised during the complaint process. Refund

check number [redacted] for $38.49 was issued on September 22, 2014 and was mailed

to [redacted] in line with [redacted]’s desired settlement from his initial

complaint.

Should [redacted] wish to discuss this matter in

greater detail they can contact me directly, [redacted]

Consumer

Response:

I have reviewed the response made by the business in reference to complaint ID [redacted], and have determined that this proposed action would not resolve my complaint. For your reference, details of the offer I reviewed appear below.

Monterey Financial's employee's only proposed action was for us to call him directly. I don't feel that that would create any resolution. In his last response, the employee blames us for creating an inaccurate payoff amount. As I have stated before, the overage with Monterey Financial was the most accurate and the lowest dollar amount of all our refinances. The employee doesn't seem to understand the process of refinancing a loan. The new lender requests a 10 day payoff or daily interest amount and THEY are in control of the calculations and when the loan closes, not the customer. However, the employee continues to blame the customer.

The employee continues to blame the customer by restating that my wife never asked for a check to be mailed. We have listened to the attached audio. My wife called to ask for the check, but the customer service agent right away stated that a check would be mailed out at the end of the following month without asking why she was calling. When my wife questioned her, she said that she couldn't send it til then. Still, the sole reason that my wife called was to retrieve the overpayment.

At this point we have received the check from Monterey Financial almost two months after the loan was paid off. As we stated previously, Monterey Financial's policy of holding on to overpayments is unreasonable and is different from every other company we have dealt with. It was for that reason that we contacted Revdex.com. This employee's attitude is blaming and adversarial. We believe that he absolutely failed in his mission to provide customer service. We had zero fault in this matter and yet the employee blamed us multiple times, sending multiple responses making us wrong. This is an absurd way to do business!! It would've been way more effective for him to restate the policy and say they would review it. I would be horrified by his behavior if I owned this company. I really hope the company provides him coaching before he loses more business for them.

We will never do business with Monterey Financial again. We will also go out of our way to tell our network in the education field, never to do business with Monterey Financial. We don't have any further requests regarding this matter and appreciate all that Revdex.com has done thus far.

Regards,