Synchrony Bank Consumer Loan Complaint

Installment loan Managing the loan or lease

Synchrony Bank Consumer loan department,

Installment loan Managing the loan or lease North Carolina

I purchased a mattress for - $ from - and selected 2 years no interest financing. I told the financing officer to set the auto pay to pay off the mattress in 2 years. I set up an auto pay to have the mattress paid off in 2 years, so as not to be hit with any interest. I came to find out Synchrony Bank only collected the minimium payment for those 2 years, then charged my remaining balance ( - $ ) with over - $ of interest charges. The loan was then charged a monthly 29 % interest rate and I owe - on the mattress today. My explicit instructions to the finance officer at the mattress store was to set my auto pay to be complete in 2 years, and I was not aware of a possible 29 % interest rate, as well as being charged for back interest. At no point was I contacted by the company, I never received a loan document, nor was I called or emailed. I have moved, but submit address change documents with the post office.

Synchrony Bank customer in North Carolina
Sep 18, 2015

* Source: CFPB Complaint Database

Synchrony Bank response to complaint:
Closed with monetary relief

Created with Highcharts 4.2.3Synchrony BankComplaint HistoryComplaints9/201510/201511/201512/20150246810Source: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3Synchrony BankManaging the loan or lease45.0%50.0%5.0%Closed with explanationClosed with monetary reliefClosed with non-monetary reliefSource: Consumer Financial Protection Bureau
Created with Highcharts 4.2.3National AverageManaging the loan or lease0.3%8.4%1.4%0.5%1.9%9.2%76.9%1.4%Untimely responseClosed with non-monetary reliefClosed without reliefClosed with reliefClosedClosed with monetary reliefClosed with explanationIn progressSource: Consumer Financial Protection Bureau

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