NC Financial Solutions, LLC

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
I will call the business and discuss payment options. on Monday 7/10/2017
Sincerely,
[redacted]

Thank you for forwarding this customer complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution. On July, 2015, Ms. [redacted] was funded a $1,350.00 Installment loan through NetCredit. Before she entered the loan agreement, NetCredit...

disclosed the Terms and Conditions associated with the loan, including the Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule in the form of truth in lending disclosures. Ms. [redacted] then signed her loan agreement acknowledging that she understood and accepted the terms and conditions associated with the installment loan. Further, Ms. [redacted] indicated that her pay frequency is monthly; therefore, the repayment dates of the loan have been scheduled according to her pay frequency. It should be noted that due dates on a NetCredit loan are tied to a customer’s pay dates. During the time frame in question,  Ms. [redacted] did not make her payment as contracted therefore collection efforts were initiated on the account. With regard to the purported ‘no-contact’ provision during the 15-day grace period required by law, NetCredit is not aware of such provision for collection calls.  At NetCredit, it is always our prioritized goal to adhere to and comply with all regulatory requirements while conducting regular and collection business. We train our staff accordingly and follow the collection guidelines set forth by the Fair Debt Collection Practices Act (FDCPA) including the Rosenthal Fair Debt Collection Practices Act. At this time, this account is current and our ACH authorization has been canceled. We are always willing to adjust an upcoming due date for Ms. [redacted] provided that she gives us at least two business days advance notice. NetCredit strives to provide the ultimate customer experience, as such we will cease telephone communication with Ms. [redacted].  Should Ms. [redacted] have any additional questions we ask that she please contact our customer support team at [redacted] for assistance.   We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Thank you for forwarding the customers correspondence to our attention. As previously mentioned, Ms. [redacted]’s account first became delinquent in January 2017 and has not been brought current since then.  Specifically, on May 19, 2017 an installment payment of $167.18 was due. However, Ms. [redacted] did not make this payment until July 20, 2017 which is over 30 days past due. It should be noted that our loan agreement lays out the consequences of late payments. In addition, our web site’s clear and transparent FAQ section lays out how credit reporting affects our customers. Based on our review, NetCredit has submitted accurate information concerning this loan’s account history – from inception through June 2017 - to the Consumer Reporting Agencies, and therefore, cannot remove the entries from Ms. [redacted]’s credit report. NetCredit strives to provide the ultimate customer experience, and we would be more than happy to address any outstanding questions or concerns that Ms. [redacted] may have regarding her account and/or balance. We ask that she contact our customer support team at 877-392-2014 for assistance. We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Initial [redacted] Response /* (1000, 5, 2015/08/27) */
Thank you for forwarding this complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution.
On July 20, 2015, Ms. [redacted] was funded a $5,570.00 Installment loan. Ms. [redacted] signed her...

loan agreement stating that she agreed to the terms and conditions associated with the Installment loan, including the interest rate, payment application and payment schedule, both of which were clearly set forth in the agreement.
According to our records on August 11, 2015, Ms. [redacted] scheduled two (2) payments of $5,664.80 in an attempt to pay her full balance on August 12, 2015.
On August 12, 2015, Ms. [redacted] contacted our customer support department in regards to the debits and requested to reverse and/or cancel the pending debits, however the debit was in process and we were not able to cancel a pending debit. Therefore, we were not able to reverse and/or cancel the debit at that time. However, we advised that we will reimburse the payment should the additional payment be cleared and posted.
NetCredit received notification from Ms. [redacted]' financial institution that both payments Ms. [redacted] scheduled on August 11, 2015 were rejected.
On August 24, 2015, Ms. [redacted] scheduled to pay the full balance on August 27, 2015. Further, Ms. [redacted] spoke with one of our customer service managers in regards to this matter.
We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Complaint: [redacted]
I am rejecting this response because:  Thank you for forwarding the loan documentation which I received today.  It further confirms this a clear case of identity theft.  None of the information matches other than the SSN.  The applicant lists employment with income of close to $4,000/bi-monthly.  I am not employed as I am a full-time student.  Was employment verification completed prior to initiating this loan?  None of the other personal information is mine, to include phone #, email address, home address, etc.  In addition, the bank routing and account number is not associated with my accounts.  In fact, the bank is listed as Wachovia Bank which WFB acquired 8 years ago.  Interesting since this fraudulent loan was funded in March 2016.   I spoke with [redacted] Bank last week and they would need the routing and account numbers where the loan funds were deposited in order to provide a letter stating that I did not receive the funds as you requested.  Now that you have provided, I will ask WFB to forward a letter which should settle this matter.  I would prefer that any future correspondence be in writing, therefore, I decline your request for a conference call.  
Sincerely,
[redacted]

Thank you for forwarding this complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution. As an initial matter, NetCredit has mailed the application details that have been requested by Ms. [redacted]. In review of the account, NetCredit funded a $1,980.00 Installment loan to Ms. [redacted] on March 11, 2016 after receiving a loan application completed with her personal information. On August 23, 2016, Ms. [redacted] reported that she did not apply for the loan. Subsequently, NetCredit received a police report from Ms. [redacted] and launched an investigation into her claim. After a careful investigation, it was determined the deposit of $1,980.00 was credited to a bank account registered to her name ending in [redacted]1463 - with [redacted] - on March 11, 2016. Therefore, based on our findings, and information available to us, we are not able to confirm that fraud occurred. NetCredit has attempted to contact Ms. [redacted] to further assist her with her fraud claim with no success. NetCredit is more than happy to reopen the fraud claim if Ms. [redacted] can contact our compliance department to complete a conference call with the bank, or provide a letter from the bank confirming that the bank account ending in [redacted]1463 - with [redacted] does not belong to her. NetCredit strives to provide the ultimate customer experience and are more than willing to address any outstanding concerns she may have. We ask that she contact our compliance department at 312-[redacted] for further assistance. We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Thank you for forwarding the customers correspondence to our attention. As previously mentioned, given the information listed (i.e Home Address) on the complaint, NetCredit has excluded the complainant from our direct listing, however that does not mean that they will not receive offers from other companies. Please be advised that if the complainant does not want to receive prescreened offers of credit from anyone, they may call toll-free, ###-###-####; or visit [redacted] We apologize, but please keep in mind that it might take some time before the complainant to stop receiving mailers, as they may have been included in a mailing campaign already in-flight. We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Thank you for forwarding this customer complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution. According to our records, NetCredit received an application created with Ms. Howe’s personal information on March 11, 2016; however, we were...

unable to approve the request. Therefore, on April 7, 2016 we supplied her with a written statement (via email) outlining specific reasons why the application was not approved. On April 7, 2016, Ms. [redacted] contacted us and advised that she did not apply for a loan. She was advised that before we could address the issue the business required a copy of a police report or fraud affidavit. She was also provided with instructions regarding the next steps she should follow. Unfortunately, NetCredit still has not received the requested documentation. NetCredit values the privacy of all our customers and we maintain procedural safeguards to ensure our customers privacy; accordingly, we would not discuss the specific details of the account without the account holder’s permission first.   If Ms. [redacted] is believes that the applications are fraudulent, we ask that she please submit a police report or fraud affidavit so we can launch an investigation. She may submit the documentation to: Fax: [redacted] Email: [redacted] We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Thank you for forwarding this customer complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution. On September 3, 2014, Ms. [redacted] was funded a $4,270.00 installment loan with NetCredit. Before she became bound by the agreement, NetCredit...

disclosed the Terms and Conditions associated with the loan, including the Loan Duration (49 months), Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments, and consequences of non-payment. Ms. [redacted] then signed her loan agreement stating that she agreed to the terms and conditions associated with the installment loan. A review of Ms. [redacted] customer file shows that she did not make payments according to the agreed upon payment schedule. We also reviewed the loan performance data reported to the Credit Reporting Agencies and determined that NetCredit reported accurately based on Ms. [redacted] payment history. We understand there may have been some issues concerning the level of service Ms. [redacted] received in relation to her request to adjust a due date. We have taken her comments on board and are following up internally to prevent the situation from reoccurring. As a gesture of goodwill, we have applied a credit of $40.00 to Ms. [redacted] account balance. Therefore, Ms. [redacted] payment that is due on February 1, 2016 will be $44.24. NetCredit values Ms. [redacted] as a customer and strives to provide the ultimate customer experience. Should Ms. [redacted] have any additional questions, we ask that she please contact our Customer Support Team at ([redacted] for assistance. We hope that this resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Complaint: [redacted]
I am rejecting this response because: the 98% interest rate should be illegal. Unfortunately I did not catch that the payments were bi-weekly and did not realize the total loan amount was over 2 times the loan amount; I took the amount to be monthly. With the fair credit score I had, I don't understand how I got that interest rate. How do I have a 30k loan with 10% but a 6k with 98%. This is more like a long term pay day loan. This is predatory lending, unfair, deceptive basically fraudulent. I would like to know how the interest rate was derived.Searching for a better understanding of usury(unreasonable and excessive rates of interest), and the limit for annual percentage rate that a lender can charge.
Sincerely,
[redacted]

Thank you for forwarding this complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution. As part of a marketing program, the complainant met certain criteria as a potential new customer and we extended an offer of credit to them in the form of...

a pre-approved offer. The offer stated the they are contingently qualified to receive a loan through NetCredit. At this time, with the information listed on the complaint, our records do not indicate that complainant has opened an account with NetCredit. Nonetheless, we have honored the request to be excluded from subsequent pre-screened mailings. Please note that it may take up to 30 days for the mailings to stop, as they may have been included in a mailing campaign already in-flight. If the complainant would like to stop receiving pre-screened offers of credit from us and other companies, we recommend that they call the toll free number listed on the offer letter or visit www.[redacted].com. We hope that this response resolves this complaint and answers any questions that your office has. If we can provide any additional information, please contact us.

Thank you for forwarding this customer complaint. We
take all complaints seriously and make every effort to implement a fair and
satisfactory resolution.As an initial matter, NetCredit is authorized to
provide financial services to residents of Virginia. Pursuant to Virginia law
NetCredit...

provides consumers with an installment loan under our Utah license,
pursuant to the Utah Consumer Credit Code, U.C.A. 70C-1-101.  On September 17, 2013, Ms. [redacted] was funded a
$2,250.00 installment loan with NetCredit. She signed her loan agreement
stating she understood and agreed to the terms and conditions associated with
the installment loan. In addition, our agreement lays out the consequences of
nonpayment and how it may affect a credit rating.  Ms. [redacted]
agreed to the following payment schedule allowing payments to be received via
Automated Clearing House (ACH).Payment Number Amount of Payment When Payment is Due1 $260.67 Oct 1, 20132 $260.67 Oct 15, 20133 $260.67 Nov 1, 20134 $260.67 Nov 15, 20135 $260.67 Nov 29, 20136 $260.67 Dec 13, 20137 $260.67 Dec 31, 20138 $260.67 Jan 15, 20149 $260.67 Jan 31, 201410 $260.67 Feb 14, 201411 $260.67 Feb 28, 201412 $260.67 Mar 14, 201413 $260.67 Apr 1, 201414 $260.67 Apr 15, 201415 $260.67 May 1, 201416 $260.67 May 15, 201417 $260.67 May 30, 201418 $260.67 Jun 13, 201419 $260.67 Jul 1, 201420 $260.67 Jul 15, 201421 $260.33 Aug 1, 2014A review of Ms. [redacted]’ customer file shows that she did
not make payments according to the agreed upon payment schedule. Our records
reflect she paid the full account balance on October 27, 2015 through
collections. We also reviewed the loan performance data reported to the Credit
Reporting Agencies  and determined that
NetCredit reported accurately based on Ms. [redacted]’ payment history.We hope that this
resolves this complaint and answers any questions that your office has. If we
can provide any additional information, please contact us.

Thank you for forwarding this customer complaint. We take all complaints seriously and make every effort to implement a fair and satisfactory resolution. On January 7, 2014, Mr. [redacted] was funded a $3,000.00 Installment loan through NetCredit. Before he entered into the agreement, NetCredit...

disclosed the Terms and Conditions associated with the loan, including the Duration, Annual Percentage Rate, Finance Charge, Amount Financed, Total of Payments and Payment Schedule. Mr. [redacted] then signed his loan agreement acknowledging that he understood and accepted the terms and conditions associated with the installment loan. Mr. [redacted] chose to refinance his loan. In addition, Mr. [redacted] loan contract makes clear how payments are applied. Per Mr. [redacted] Installment loan agreement, which states in relevant part that: “APPLICATION OF PAYMENTS Payment will be applied first to satisfy any past due amounts owing, and then to any currently scheduled installment amounts owing. If you are past due, we credit all payments received first to the oldest past due amounts owing by applying such to accumulated but unpaid interest, and then to past due principal owing. We repeat the process until all past due amounts have been paid in full. If you are not past due, we credit all payments to the current or upcoming scheduled installment by applying such to interest, and then to principal as of the date received. If an early payment is less than the scheduled installment, then you must pay the difference on or before the upcoming installment due date. Early payments, which equal or exceed a scheduled installment, will satisfy the upcoming installment. Excess payments received on a scheduled installment due date will be credited to any accrued and outstanding interest, then principal, and not credited to upcoming installments. Therefore, you must pay the next installment as scheduled. Payment of principal may reduce (i) total amount of interest you are scheduled to pay under this Agreement, (ii) the number of payments, and/or (iii) the final payment.” In addition to the agreement, information about repayment is laid out on our website’s FAQ’s page.  Our FAQ’s page can be accessed at the following URL: https://www.netcredit.com/faq On January 31, 2017, a contractual installment payment of $220.80 was due. Mr. [redacted] contacted our customer support department and scheduled an additional payment of $6,500.00 to be debited out of his bank account. On February 1, 2017, the additional payment of $6,500.00 was applied to his outstanding account balance. Mr. [redacted] account was not past due when he made a non-contractual payment of $6,500.00. Since his account was not past due, the payment was applied to his upcoming scheduled installment due on February 15, 2017.   Based on our review, Mr. [redacted] payments were applied correctly and in accordance with the terms laid out in the agreement. In addition, nothing has come to our attention that causes us to believe that we have breached applicable regulations or standards. At this time, Mr. [redacted] has paid the full balance of the loan and does not have an account balance with NetCredit. However, we remain committed to providing the ultimate customer experience, therefore we ask that he contact our Customer Service Team at [redacted], should he have any additional questions or concerns regarding his account. We hope that this response clarifies the situation and answers any questions that your office has. If we can provide any additional information, please contact us.