Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #15681589

Complaint Overview

Complaint ID: 15681589

Company: Avant Holding Company, INC.

Product: Payday loan, title loan, personal loan, or advance loan

Sub-Product: Installment loan

Issue: Charged fees or interest you didn't expect

State: Pennsylvania

ZIP Code: 19148

Date Received: 2025-09-02T12:00:00-05:00

Date Sent to Company: 2025-09-02T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Consumer Narrative

Avant is misrepresenting my account and damaging my credit. THIS IS NOT A DUPLICATE COMPLAINT. The original agreement is labeled as a loan, but under TILA and UCC it functions as a consumer credit transaction, not an actual loan of Avants pre-existing funds. The Truth in Lending disclosure box even states : This is the cost of your credit as a yearly rate. That confirms it was my credit that was monetized, not Avants assets. No lawful consideration was provided, meaning the note I signed was the actual asset Avant booked. I was never given full disclosure of this fact, nor of my rights under the UCC, which constitutes misrepresentation under TILA. The contract is structured as a promissory note meeting UCC 3-104 ( a negotiable instrument ), yet Avant inserted language claiming : This Note is not a negotiable instrument. At the same time, Avant reserved the right to assign or sell the note while stripping me of defenses like presentment and notice of dishonor. This is deceptive and misleading a deliberate contradiction designed to obscure my rights. Despite these defects, Avant continues to report the account as an installment loan. The account was later charged off, but no IRS Form 1099-C was issued as required under 26 U.S.C. 6050P. If it was cancelled, Avant failed to meet IRS reporting requirements ; if it was not cancelled, then charge-off is a false and misleading status. Either way, the reporting is inaccurate under the FCRA. Avant dismissed my dispute as duplicate, but this is the first time I raised these consumer credit transaction issues. They have never provided proof of consideration, a copy of the monetization of the note, or IRS cancellation documentation. Instead, they continue furnishing inconsistent, damaging information to Experian and TransUnion. This is a violation of : FCRA inaccurate reporting and failure to reasonably investigate disputes. TILA misrepresentation and lack of disclosure of credit terms. UDAAP unfair and deceptive practices by treating a consumer credit transaction as a loan and double-dipping on charges. Avants misrepresentation of the nature of this account, their contradictory contract language, their failure to provide proper documentation, and their continued reporting of a charged-off balance are unlawful and harmful to my credit.

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