Whitebridge Financial is the assignee of the retail installment contractThe MOR contract does not provide for payments to be made by credit cardWhitebridge has no knowledge of what was promised by the sellerIt can only purchase a contract based upon the terms contained in the written agreementWhitebridge is not affiliated with MOR and cannot be bound by oral statements made by its agentsWhitebridge will not accept a credit card payment for the balance due on this contract
Whitebridge appreciates the customer's arguments, but it has made a policy decision not to report to a credit bureauReporting customer payment experience is not a legal requirementHowever, such reporting does create potential liabilities to the credit reporter under federal lawWhitebridge cannot change its policy at this time
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
Initial Business Response / [redacted] (1000, 5, 2016/04/27) */ Thank you for the opportunity to review the situation and offer our responsePlease be advised that Whitebridge Financial is not affiliated with the business where Mr [redacted] completed his loan application and entered into a financing agreementHowever, Mr [redacted] did sign the completed credit application that was submitted to Whitebridge that certified he had read the application and the information provided to Whitebridge was accurateBased on this information he was approved for creditUpon credit approval, Mr [redacted] then proceeded to sign a financing agreementWhitebridge spoke with Mr [redacted] via telephone on 04/04/and reviewed the loan termsAt that time no issues or concerns were communicatedMr [redacted] then contacted Whitebridge on 04/11/and informed us of his concerns regarding the accuracy of the credit applicationWhitebridge contacted the originating dealer to discuss his concernsThey indicated the information was correct and that Mr [redacted] informed them that if they could get the medication working properly he would be satisfiedIt is our understanding they have been working with Mr [redacted] to make the necessary adjustmentsMr [redacted] also stated his wife was recently laid off from workIf this has resulted in a financial hardship that is the cause of the issue here, Whitebridge may be able to assist him with special payment terms that can reduce his monthly paymentsHe may call our office at and we will be happy to assistAdditionally, Whitebridge will again contact the service provider in an attempt to help resolve any product issues that may be outstandingFinally, attached are copies of the completed credit application and contract signed by Mr [redacted] Initial Consumer Rebuttal / [redacted] (3000, 8, 2016/04/28) */ I'm not disputing the paperwork it's the figures on the paperwork, like the $a month salary, the 20+ years employment and the $ a month for my mortgageI did not put these figures on this paper it was done for me, IF anyone would have bothered to do a credit check they would have seen this was all information, why would I put info on a credit app knowing your going to check my credit for the loanI don't know of any loan company that wouldn't check that info out for a $loan if that was the case I don't know how your still in business? Final Business Response / [redacted] (4000, 11, 2016/05/05) */ Upon review of this customer's response I would like to reiterate that we relied on the accuracy of the information provided on the credit application as part of the process when approving Mr [redacted] for creditIn many cases it is not possible to verify income levels or time of employment as many businesses simply will not provide this information and it is not always public recordAs a result, the credit bureau and information provided on the credit application are used in the credit decisionWhen Mr [redacted] signed the application he specifically attested to its accuracyOnce approved Mr [redacted] then proceeded to sign a loan agreement, then verbally confirmed the agreement with our staffAt this stage we have an open loan with Mr [redacted] and are unable to simply close his loan balance based on the information providedWe would again like to offer Mr [redacted] modified payment arrangements if he is suffering a financial hardship that is the cause of this complaint Final Consumer Response / [redacted] (3000, 14, 2016/05/06) */ You DID NOT get those figures from me!!!! I never seen the credit application till a week later, you never bothered to run a credit check and IF you had you would have seen ALL of my bills and loans that I have and SHOULD have been denied cause if I'm not mistaken if you still would have approved regardless I'm sure that's called predatory lending and I'm sure that's illegal too? I've talked with a loan company locally and they said you can't give a loan with out a credit check and these are people I've done business with for yearsAs I have been saying why would I give information when I KNOW your going to run a credit check????? And if you didn't that is YOUR issueI'm going to get my credit reports from all credit companies and show that you never bothered to do your job
Whitebridge Financial regrets that it cannot accept a credit card payment to pay off this contractThe customer was given the right to pay off the contract, without incurring interest, if the total contract amount is paid off within six monthsThe contract signed by the customer does not provide
for payments by credit cardWhitebridge conceded to accept small credit card payments from this customer, as a courtesyThe customer has the right to take advantage of the promotional offer in the contract, but the customer cannot satisfy his obligation through the use of a credit cardWhitebridge purchased this retail installment contract from the customer's sellerAll of the terms contained in the contract were disclosed and agreed to at the time of purchase, including the interest to be charged on the unpaid balance
I am rejecting this response because:
They have not answered nor provided me with what I have asked for--documentation showing that they have policies and procedures that they follow in issuing credit to consumers and what criteria they used to approve credit for my dadI'd also like to know what credit reporting agency issued his credit scoreAs I mentioned in my original complaint, my parent's credit had been frozenMy dad has a very hard time saying no and feels obligated to purchase when a fast speaking salesman gets a hold of himDue to my mom's alzheimer's and opening multiple credit cards without realizing she was and getting them into serious financial trouble, they asked me for helpBecause I live hours away, the only thing I felt I could do was to put a freeze on their creditBoth of my parents agreed that this would help prevent them from getting into purchases they could not afford and in 2013, we placed the freezeSo, once again, I am asking White Bridge--how and why did you issue my dad a loan when his credit was frozen? I understand that he signed a contract and I understand that you called and explained everything to himBUT, he is years old and has never had a good grasp on financial issuesI'm sure he signed the contract because a salesman had just spent hours in his home and he felt obligated to buyI'm sure when you called him on the phone and explained everything to him he said he understood, but in reality only understood about 25% of what he was toldI know this because when I was made aware of the purchase and he gave me the contract to look at, I asked him if he knew how much he was paying in interest and he was shocked when I told himHe also was surprised by other things in the contract that I brought to his attentionHe agrees because he doesn't understand and he TRUSTS that people at financial institutions and salesman are telling him the truthIf White Bridge does not have proper credit procedures in place and criteria for consumers to obtain credit, then they are to blame for people who should not be given credit, getting it and getting into troubleTherefore, they need to reap the consequences of a poor decision--to give my dad credit
I am rejecting this response because:
When signing up for this it was said to us that we could pay with credit card. There was nothing ever said that we couldn't
I am rejecting this response because:The company apparently has no problem with causing negative impacts on a customer's report, but has no such compunction about putting themselves in a position where they might be under some degree of scrutinyIf this is the company's position, it appears that the manufacturer may be the most appropriate avenue to pursue this issuePerhaps they will change their financial providerwith the interest rates this company charges it would be good for all involved
We have reviewed the complaint and we have reviewed our receipts as of last nightWhitebridge has not received the payments claimed to have been made by the customerIt appears that in the past, the customer has used a bill pay serviceIf the customer can produce something from his bank,
indicating that Whitebridge has received the funds, we will be able to track the problem and correct the accountIt is often the case that a customer schedules a payment through bill pay and, for various reasons, the payment is not submittedIt is the choice of the customer as to how he wants to pay the amounts dueIn the future Whitebridge requests that the customer refrain from using obscenities when communicating with its staff
In response to the complaint issued on 2/2/in regards to *** ***’s Whitebridge Easy Rest Adjustable Account:Please be advised that Whitebridge Financial is not affiliated with the business where Mr*** completed his loan application and entered into a financing agreementHowever,
Mr*** did sign the completed application on 10/6/that was submitted to Whitebridge on that certified he had read the application and the information proceeded to Whitebridge was accurate. Based on this information he was approved for credit. Whitebridge spoke with Mr*** via telephone on 10/16/and reviewed the loan terms and also, per his request, set up automatic monthly draws from his checking account in the amount of $175.07. At that time no issues or concerns were communicated.On 7/21/2016, Whitebridge received a phone call from *** *** asking questions regarding Mr***’s loan and how he would be able to cancel. She was advised that without Mr***’s consent we were unable to discuss his account. On 7/26/Mr*** called in and gave us consent to talk to Ms***. On 7/29/Ms*** called in and questioned the legitimacy of this accountA copy of the credit app and the contract was mailed to her that same day.On 1/5/Mr*** called Whitebridge and said his wife had passed away in March and he had been experiencing financial problems ever since. On 1/9/Whitebridge Financial sent out a letter to his home extending an offer where we would lower his payments from $to $50.00; lower his interest rate from 17.99% to 0.00% and waive $in interest, taking his balance down from $to $3165.00, in an attempt to help him during his financial struggleTo this date, we have not received a response in regards to the offer that was extended.If you have any further questions, please feel free to contact Whitebridge Financial at ***
Whitebridge Financial is the assignee of the retail installment contract. The MOR contract does not provide for payments to be made by credit card. Whitebridge has no knowledge of what was promised by the seller. It can only purchase a contract based upon the terms contained in the written agreement. Whitebridge is not affiliated with MOR and cannot be bound by oral statements made by its agents. Whitebridge will not accept a credit card payment for the balance due on this contract.
Whitebridge appreciates the customer's arguments, but it has made a policy decision not to report to a credit bureau. Reporting customer payment experience is not a legal requirement. However, such reporting does create potential liabilities to the credit reporter under federal law. Whitebridge cannot change its policy at this time.
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.
Initial Business Response /* (1000, 5, 2016/04/27) */
Thank you for the opportunity to review the situation and offer our response. Please be advised that Whitebridge Financial is not affiliated with the business where Mr. [redacted] completed his loan application and entered into a financing...
agreement. However, Mr. [redacted] did sign the completed credit application that was submitted to Whitebridge that certified he had read the application and the information provided to Whitebridge was accurate. Based on this information he was approved for credit. Upon credit approval, Mr. [redacted] then proceeded to sign a financing agreement. Whitebridge spoke with Mr. [redacted] via telephone on 04/04/2016 and reviewed the loan terms. At that time no issues or concerns were communicated. Mr. [redacted] then contacted Whitebridge on 04/11/2016 and informed us of his concerns regarding the accuracy of the credit application. Whitebridge contacted the originating dealer to discuss his concerns. They indicated the information was correct and that Mr. [redacted] informed them that if they could get the medication working properly he would be satisfied. It is our understanding they have been working with Mr. [redacted] to make the necessary adjustments. Mr. [redacted] also stated his wife was recently laid off from work. If this has resulted in a financial hardship that is the cause of the issue here, Whitebridge may be able to assist him with special payment terms that can reduce his monthly payments. He may call our office at 877.203.2797 and we will be happy to assist. Additionally, Whitebridge will again contact the service provider in an attempt to help resolve any product issues that may be outstanding. Finally, attached are copies of the completed credit application and contract signed by Mr. [redacted].
Initial Consumer Rebuttal /* (3000, 8, 2016/04/28) */
I'm not disputing the paperwork it's the figures on the paperwork, like the $6500 a month salary, the 20+ years employment and the $ 500 a month for my mortgage. I did not put these figures on this paper it was done for me, IF anyone would have bothered to do a credit check they would have seen this was all false information, why would I put false info on a credit app knowing your going to check my credit for the loan. I don't know of any loan company that wouldn't check that info out for a $3349 loan if that was the case I don't know how your still in business?
Final Business Response /* (4000, 11, 2016/05/05) */
Upon review of this customer's response I would like to reiterate that we relied on the accuracy of the information provided on the credit application as part of the process when approving Mr. [redacted] for credit. In many cases it is not possible to verify income levels or time of employment as many businesses simply will not provide this information and it is not always public record. As a result, the credit bureau and information provided on the credit application are used in the credit decision. When Mr. [redacted] signed the application he specifically attested to its accuracy. Once approved Mr. [redacted] then proceeded to sign a loan agreement, then verbally confirmed the agreement with our staff. At this stage we have an open loan with Mr. [redacted] and are unable to simply close his loan balance based on the information provided. We would again like to offer Mr. [redacted] modified payment arrangements if he is suffering a financial hardship that is the cause of this complaint.
Final Consumer Response /* (3000, 14, 2016/05/06) */
You DID NOT get those figures from me!!!! I never seen the credit application till a week later, you never bothered to run a credit check and IF you had you would have seen ALL of my bills and loans that I have and SHOULD have been denied cause if I'm not mistaken if you still would have approved regardless I'm sure that's called predatory lending and I'm sure that's illegal too? I've talked with a loan company locally and they said you can't give a loan with out a credit check and these are people I've done business with for years. As I have been saying why would I give FALSE information when I KNOW your going to run a credit check????? And if you didn't that is YOUR issue. I'm going to get my credit reports from all 3 credit companies and show that you never bothered to do your job.
Initial Business Response /* (1000, 5, 2016/02/26) */
Contact Name and Title: Ronald O. K[redacted], Counsel
Contact Phone: [redacted]
Contact Email: [redacted]
Whitebridge has attempted to explain its procedure to the customer. Whitebridge calculates interest charges on a daily...
basis. The monthly statement shows the amount of interest accrued since the previous payment and reflects the amount as of the statement date. The actual amount of interest accrued as of the actual payment date is not known until a payment is made. Since interest is not on a precomputed basis, we cannot advise the customer of the amount that will be deducted from the next payment for interest.
With respect to the [redacted] request. This form reflects the amount of interest earned, not paid. Whitebridge has no obligation to provide a customer with the amount of interest paid on a contract, since that amount is not deductible by the customer on her income tax.
Initial Consumer Rebuttal /* (3000, 7, 2016/02/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Because it's bull. I don't care if they computer the interest every 4 hours, they do not send the payment information until one month later. Furthermore, there is no way they cannot give me the information. I have twice received it upon special request in the form of my amortization schedule. If it's on the schedule, then they can give it to me. Furthermore, I'd like an explanation of why when I send it 10 days before the due date, it gets applied on the due date. And, I'd like an explanation of why on 11/25/2015 from a payment of $150.11, $95.09 was applied to the principle, but the next month (29 days later) from a payment of $150.12, only $86.68 was applied. (See attached - sorry about it being upside down, that's the way I received it.) Don't give me any bull about daily interest. I feel certain that your accounting practices are not only not GAAP standard, but they appear to be illegal.
Just get me an up-to-date statement each month with all pertinent account figures. Everybody in the freaking world does it - so can you!!
Final Business Response /* (4000, 13, 2016/03/09) */
We understand the issues raised by our customer. As previously stated, our statements are software driven by an outside vendor. We have reviewed the software calculations and they are correct, based upon the method of calculation used. That being said, Whitebridge appreciates a good customer. While it cannot alter its monthly statements at this time to produce the customer's desired results, it proposes to treat all payments made to date as applied to principal and forgive any accrued interest from the beginning of the contract through the last payment made. In addition Whitebridge is offering to reduce the customer's annual interest rate on the unpaid balance to 8 per cent per annum. It is hoped that this adjustment will offset any issues raised by our customer.
Final Consumer Response /* (2000, 15, 2016/03/10) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Whitebridge would like to comply with the customer's request, but is not able to do so. The reporting of payments to a credit reporting agency is not as simple as a phone call or sending an email. A creditor must have a relationship with the credit reporting agency and must regularly send electronic...
files of all accounts. Whitebridge does not have a direct relationship with all of the credit reporting agencies and is not set up with the required software to report debtor status. There is no method available to just report payments on a single account to all of the credit reporting agencies.
Whitebridge Financial is the assignee of the retail installment contractThe MOR contract does not provide for payments to be made by credit cardWhitebridge has no knowledge of what was promised by the sellerIt can only purchase a contract based upon the terms contained in the written agreementWhitebridge is not affiliated with MOR and cannot be bound by oral statements made by its agentsWhitebridge will not accept a credit card payment for the balance due on this contract
Whitebridge is waiving the balance due for late fees and interestThe account will be shown as closed
Whitebridge appreciates the customer's arguments, but it has made a policy decision not to report to a credit bureauReporting customer payment experience is not a legal requirementHowever, such reporting does create potential liabilities to the credit reporter under federal lawWhitebridge cannot change its policy at this time
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
Initial Business Response / [redacted] (1000, 5, 2016/04/27) */ Thank you for the opportunity to review the situation and offer our responsePlease be advised that Whitebridge Financial is not affiliated with the business where Mr [redacted] completed his loan application and entered into a financing agreementHowever, Mr [redacted] did sign the completed credit application that was submitted to Whitebridge that certified he had read the application and the information provided to Whitebridge was accurateBased on this information he was approved for creditUpon credit approval, Mr [redacted] then proceeded to sign a financing agreementWhitebridge spoke with Mr [redacted] via telephone on 04/04/and reviewed the loan termsAt that time no issues or concerns were communicatedMr [redacted] then contacted Whitebridge on 04/11/and informed us of his concerns regarding the accuracy of the credit applicationWhitebridge contacted the originating dealer to discuss his concernsThey indicated the information was correct and that Mr [redacted] informed them that if they could get the medication working properly he would be satisfiedIt is our understanding they have been working with Mr [redacted] to make the necessary adjustmentsMr [redacted] also stated his wife was recently laid off from workIf this has resulted in a financial hardship that is the cause of the issue here, Whitebridge may be able to assist him with special payment terms that can reduce his monthly paymentsHe may call our office at and we will be happy to assistAdditionally, Whitebridge will again contact the service provider in an attempt to help resolve any product issues that may be outstandingFinally, attached are copies of the completed credit application and contract signed by Mr [redacted] Initial Consumer Rebuttal / [redacted] (3000, 8, 2016/04/28) */ I'm not disputing the paperwork it's the figures on the paperwork, like the $a month salary, the 20+ years employment and the $ a month for my mortgageI did not put these figures on this paper it was done for me, IF anyone would have bothered to do a credit check they would have seen this was all information, why would I put info on a credit app knowing your going to check my credit for the loanI don't know of any loan company that wouldn't check that info out for a $loan if that was the case I don't know how your still in business? Final Business Response / [redacted] (4000, 11, 2016/05/05) */ Upon review of this customer's response I would like to reiterate that we relied on the accuracy of the information provided on the credit application as part of the process when approving Mr [redacted] for creditIn many cases it is not possible to verify income levels or time of employment as many businesses simply will not provide this information and it is not always public recordAs a result, the credit bureau and information provided on the credit application are used in the credit decisionWhen Mr [redacted] signed the application he specifically attested to its accuracyOnce approved Mr [redacted] then proceeded to sign a loan agreement, then verbally confirmed the agreement with our staffAt this stage we have an open loan with Mr [redacted] and are unable to simply close his loan balance based on the information providedWe would again like to offer Mr [redacted] modified payment arrangements if he is suffering a financial hardship that is the cause of this complaint Final Consumer Response / [redacted] (3000, 14, 2016/05/06) */ You DID NOT get those figures from me!!!! I never seen the credit application till a week later, you never bothered to run a credit check and IF you had you would have seen ALL of my bills and loans that I have and SHOULD have been denied cause if I'm not mistaken if you still would have approved regardless I'm sure that's called predatory lending and I'm sure that's illegal too? I've talked with a loan company locally and they said you can't give a loan with out a credit check and these are people I've done business with for yearsAs I have been saying why would I give information when I KNOW your going to run a credit check????? And if you didn't that is YOUR issueI'm going to get my credit reports from all credit companies and show that you never bothered to do your job
Whitebridge Financial regrets that it cannot accept a credit card payment to pay off this contractThe customer was given the right to pay off the contract, without incurring interest, if the total contract amount is paid off within six monthsThe contract signed by the customer does not provide
for payments by credit cardWhitebridge conceded to accept small credit card payments from this customer, as a courtesyThe customer has the right to take advantage of the promotional offer in the contract, but the customer cannot satisfy his obligation through the use of a credit cardWhitebridge purchased this retail installment contract from the customer's sellerAll of the terms contained in the contract were disclosed and agreed to at the time of purchase, including the interest to be charged on the unpaid balance
I am rejecting this response because:
They have not answered nor provided me with what I have asked for--documentation showing that they have policies and procedures that they follow in issuing credit to consumers and what criteria they used to approve credit for my dadI'd also like to know what credit reporting agency issued his credit scoreAs I mentioned in my original complaint, my parent's credit had been frozenMy dad has a very hard time saying no and feels obligated to purchase when a fast speaking salesman gets a hold of himDue to my mom's alzheimer's and opening multiple credit cards without realizing she was and getting them into serious financial trouble, they asked me for helpBecause I live hours away, the only thing I felt I could do was to put a freeze on their creditBoth of my parents agreed that this would help prevent them from getting into purchases they could not afford and in 2013, we placed the freezeSo, once again, I am asking White Bridge--how and why did you issue my dad a loan when his credit was frozen? I understand that he signed a contract and I understand that you called and explained everything to himBUT, he is years old and has never had a good grasp on financial issuesI'm sure he signed the contract because a salesman had just spent hours in his home and he felt obligated to buyI'm sure when you called him on the phone and explained everything to him he said he understood, but in reality only understood about 25% of what he was toldI know this because when I was made aware of the purchase and he gave me the contract to look at, I asked him if he knew how much he was paying in interest and he was shocked when I told himHe also was surprised by other things in the contract that I brought to his attentionHe agrees because he doesn't understand and he TRUSTS that people at financial institutions and salesman are telling him the truthIf White Bridge does not have proper credit procedures in place and criteria for consumers to obtain credit, then they are to blame for people who should not be given credit, getting it and getting into troubleTherefore, they need to reap the consequences of a poor decision--to give my dad credit
I am rejecting this response because:
When signing up for this it was said to us that we could pay with credit card. There was nothing ever said that we couldn't
I am rejecting this response because:The company apparently has no problem with causing negative impacts on a customer's report, but has no such compunction about putting themselves in a position where they might be under some degree of scrutinyIf this is the company's position, it appears that the manufacturer may be the most appropriate avenue to pursue this issuePerhaps they will change their financial providerwith the interest rates this company charges it would be good for all involved
We have reviewed the complaint and we have reviewed our receipts as of last nightWhitebridge has not received the payments claimed to have been made by the customerIt appears that in the past, the customer has used a bill pay serviceIf the customer can produce something from his bank,
indicating that Whitebridge has received the funds, we will be able to track the problem and correct the accountIt is often the case that a customer schedules a payment through bill pay and, for various reasons, the payment is not submittedIt is the choice of the customer as to how he wants to pay the amounts dueIn the future Whitebridge requests that the customer refrain from using obscenities when communicating with its staff
In response to the complaint issued on 2/2/in regards to *** ***’s Whitebridge Easy Rest Adjustable Account:Please be advised that Whitebridge Financial is not affiliated with the business where Mr*** completed his loan application and entered into a financing agreementHowever,
Mr*** did sign the completed application on 10/6/that was submitted to Whitebridge on that certified he had read the application and the information proceeded to Whitebridge was accurate. Based on this information he was approved for credit. Whitebridge spoke with Mr*** via telephone on 10/16/and reviewed the loan terms and also, per his request, set up automatic monthly draws from his checking account in the amount of $175.07. At that time no issues or concerns were communicated.On 7/21/2016, Whitebridge received a phone call from *** *** asking questions regarding Mr***’s loan and how he would be able to cancel. She was advised that without Mr***’s consent we were unable to discuss his account. On 7/26/Mr*** called in and gave us consent to talk to Ms***. On 7/29/Ms*** called in and questioned the legitimacy of this accountA copy of the credit app and the contract was mailed to her that same day.On 1/5/Mr*** called Whitebridge and said his wife had passed away in March and he had been experiencing financial problems ever since. On 1/9/Whitebridge Financial sent out a letter to his home extending an offer where we would lower his payments from $to $50.00; lower his interest rate from 17.99% to 0.00% and waive $in interest, taking his balance down from $to $3165.00, in an attempt to help him during his financial struggleTo this date, we have not received a response in regards to the offer that was extended.If you have any further questions, please feel free to contact Whitebridge Financial at ***
Whitebridge Financial is the assignee of the retail installment contract. The MOR contract does not provide for payments to be made by credit card. Whitebridge has no knowledge of what was promised by the seller. It can only purchase a contract based upon the terms contained in the written agreement. Whitebridge is not affiliated with MOR and cannot be bound by oral statements made by its agents. Whitebridge will not accept a credit card payment for the balance due on this contract.
Whitebridge appreciates the customer's arguments, but it has made a policy decision not to report to a credit bureau. Reporting customer payment experience is not a legal requirement. However, such reporting does create potential liabilities to the credit reporter under federal law. Whitebridge cannot change its policy at this time.
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.
Initial Business Response /* (1000, 5, 2016/04/27) */
Thank you for the opportunity to review the situation and offer our response. Please be advised that Whitebridge Financial is not affiliated with the business where Mr. [redacted] completed his loan application and entered into a financing...
agreement. However, Mr. [redacted] did sign the completed credit application that was submitted to Whitebridge that certified he had read the application and the information provided to Whitebridge was accurate. Based on this information he was approved for credit. Upon credit approval, Mr. [redacted] then proceeded to sign a financing agreement. Whitebridge spoke with Mr. [redacted] via telephone on 04/04/2016 and reviewed the loan terms. At that time no issues or concerns were communicated. Mr. [redacted] then contacted Whitebridge on 04/11/2016 and informed us of his concerns regarding the accuracy of the credit application. Whitebridge contacted the originating dealer to discuss his concerns. They indicated the information was correct and that Mr. [redacted] informed them that if they could get the medication working properly he would be satisfied. It is our understanding they have been working with Mr. [redacted] to make the necessary adjustments. Mr. [redacted] also stated his wife was recently laid off from work. If this has resulted in a financial hardship that is the cause of the issue here, Whitebridge may be able to assist him with special payment terms that can reduce his monthly payments. He may call our office at 877.203.2797 and we will be happy to assist. Additionally, Whitebridge will again contact the service provider in an attempt to help resolve any product issues that may be outstanding. Finally, attached are copies of the completed credit application and contract signed by Mr. [redacted].
Initial Consumer Rebuttal /* (3000, 8, 2016/04/28) */
I'm not disputing the paperwork it's the figures on the paperwork, like the $6500 a month salary, the 20+ years employment and the $ 500 a month for my mortgage. I did not put these figures on this paper it was done for me, IF anyone would have bothered to do a credit check they would have seen this was all false information, why would I put false info on a credit app knowing your going to check my credit for the loan. I don't know of any loan company that wouldn't check that info out for a $3349 loan if that was the case I don't know how your still in business?
Final Business Response /* (4000, 11, 2016/05/05) */
Upon review of this customer's response I would like to reiterate that we relied on the accuracy of the information provided on the credit application as part of the process when approving Mr. [redacted] for credit. In many cases it is not possible to verify income levels or time of employment as many businesses simply will not provide this information and it is not always public record. As a result, the credit bureau and information provided on the credit application are used in the credit decision. When Mr. [redacted] signed the application he specifically attested to its accuracy. Once approved Mr. [redacted] then proceeded to sign a loan agreement, then verbally confirmed the agreement with our staff. At this stage we have an open loan with Mr. [redacted] and are unable to simply close his loan balance based on the information provided. We would again like to offer Mr. [redacted] modified payment arrangements if he is suffering a financial hardship that is the cause of this complaint.
Final Consumer Response /* (3000, 14, 2016/05/06) */
You DID NOT get those figures from me!!!! I never seen the credit application till a week later, you never bothered to run a credit check and IF you had you would have seen ALL of my bills and loans that I have and SHOULD have been denied cause if I'm not mistaken if you still would have approved regardless I'm sure that's called predatory lending and I'm sure that's illegal too? I've talked with a loan company locally and they said you can't give a loan with out a credit check and these are people I've done business with for years. As I have been saying why would I give FALSE information when I KNOW your going to run a credit check????? And if you didn't that is YOUR issue. I'm going to get my credit reports from all 3 credit companies and show that you never bothered to do your job.
Initial Business Response /* (1000, 5, 2016/02/26) */
Contact Name and Title: Ronald O. K[redacted], Counsel
Contact Phone: [redacted]
Contact Email: [redacted]
Whitebridge has attempted to explain its procedure to the customer. Whitebridge calculates interest charges on a daily...
basis. The monthly statement shows the amount of interest accrued since the previous payment and reflects the amount as of the statement date. The actual amount of interest accrued as of the actual payment date is not known until a payment is made. Since interest is not on a precomputed basis, we cannot advise the customer of the amount that will be deducted from the next payment for interest.
With respect to the [redacted] request. This form reflects the amount of interest earned, not paid. Whitebridge has no obligation to provide a customer with the amount of interest paid on a contract, since that amount is not deductible by the customer on her income tax.
Initial Consumer Rebuttal /* (3000, 7, 2016/02/29) */
(The consumer indicated he/she DID NOT accept the response from the business.)
Because it's bull. I don't care if they computer the interest every 4 hours, they do not send the payment information until one month later. Furthermore, there is no way they cannot give me the information. I have twice received it upon special request in the form of my amortization schedule. If it's on the schedule, then they can give it to me. Furthermore, I'd like an explanation of why when I send it 10 days before the due date, it gets applied on the due date. And, I'd like an explanation of why on 11/25/2015 from a payment of $150.11, $95.09 was applied to the principle, but the next month (29 days later) from a payment of $150.12, only $86.68 was applied. (See attached - sorry about it being upside down, that's the way I received it.) Don't give me any bull about daily interest. I feel certain that your accounting practices are not only not GAAP standard, but they appear to be illegal.
Just get me an up-to-date statement each month with all pertinent account figures. Everybody in the freaking world does it - so can you!!
Final Business Response /* (4000, 13, 2016/03/09) */
We understand the issues raised by our customer. As previously stated, our statements are software driven by an outside vendor. We have reviewed the software calculations and they are correct, based upon the method of calculation used. That being said, Whitebridge appreciates a good customer. While it cannot alter its monthly statements at this time to produce the customer's desired results, it proposes to treat all payments made to date as applied to principal and forgive any accrued interest from the beginning of the contract through the last payment made. In addition Whitebridge is offering to reduce the customer's annual interest rate on the unpaid balance to 8 per cent per annum. It is hoped that this adjustment will offset any issues raised by our customer.
Final Consumer Response /* (2000, 15, 2016/03/10) */
(The consumer indicated he/she ACCEPTED the response from the business.)
Whitebridge is waiving the balance due for late fees and interest. The account will be shown as closed.
Whitebridge would like to comply with the customer's request, but is not able to do so. The reporting of payments to a credit reporting agency is not as simple as a phone call or sending an email. A creditor must have a relationship with the credit reporting agency and must regularly send electronic...
files of all accounts. Whitebridge does not have a direct relationship with all of the credit reporting agencies and is not set up with the required software to report debtor status. There is no method available to just report payments on a single account to all of the credit reporting agencies.