Preferred Credit, Inc. Consumer Loan Complaint

Preferred Credit, Inc. Consumer Loan department,

Installment loan Managing the loan or lease California

I purchased a set of Saladmaster cookware and used Preferred Credit, Inc. ( PCI ) for the financing. The promotional financing was 12 months same-as-cash. The contract says that I will not be charged interest on the balance until the 12 month period expires and the interest will only be applied to the unpaid balance. I received - statements, - in - and - in -. My - statements shows an interest charge of $55.00, which increased my overall balance. I contacted PCI and spoke to a supervisor named -. I explained that I was not supposed to be charged interest and that I wanted the statement corrected. She said that even though I do n't have to pay the interest right now, PCI is required to show the interest that " would be due '' if I did n't pay before 12 months. They do not however, report the actual balance without the interest


under the 12 month same-as-cash agreement. The supervisor refused and said they were required " by law '' to report the balance that included the interest, even though I do n't owe that amount unless and until I do n't pay the balance within 12 months. PCI is falsely reporting my actual debt balance on my monthly statements by including the unearned interest. The statement does not reflect the actual balance, which does not include the interest. Additionally, PCI is falsely reporting the debt balance that includes the unearned interest to the credit bureaus, which makes it appear that my actual debt is greater than it currently is.