Synchrony Financial Consumer Loan Complaint

Synchrony Financial Consumer Loan department,

Installment loan Managing the loan or lease Connecticut

About three years ago I purchased a mattress from Sleepy 's. The cost was about $3500.00. Since this was a new memory foam mattress, Sleepy 's did not discount the price but I was told that, as long as my credit checked out, the 'loan would be interest free, ' as long as I made my payments on time, I was given a Synchrony Bank credit card, and I put the payment schedule on my - On-Line Banking account to ensure that the payments were made in plenty of time to meet the deadlines and I would never be late making a payment. Recently I opened one of my statements for this account and noticed that I was being charged nearly $1800.00 in interest. In calling Synchrony and asking how this was possible since I had made all the payments on time, I was informed that I had failed to repay the principle


I am - years old and have been a - for over 50 years. I also have a - income and a - net worth so the amount of money involved is almost immaterial to me. However at the same time this type of behavior totally incenses me. It is bald faced trickery. The only excuse for making this type of loan in the first place is to collect 29,9 % interest from people who have little or no credit risk. I am sure somewhere in the 'fine print ' of the original contract this fact ( the 'loan holiday ) was described, probably in great detail but how many people in my business especially have time to read contracts like these, and how many poorer people can understand them?