Debt collection -- Attempts to collect debt not owed -- Complaint #4474556
Complaint Overview
Complaint ID: 4474556
Company: Dividend Finance INC.
Product: Debt collection
Sub-Product: Other debt
Issue: Attempts to collect debt not owed
Sub-Issue: Debt was paid
State: California
ZIP Code: 90250
Date Received: 2021-06-19T12:00:00-05:00
Date Sent to Company: 2021-09-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Servicemember
Consumer Narrative
I had chosen to use Dividend Finance because it was easy for my remodeling contractor to manage his risk and because it seemed to suit my needs. The contractor did tell me that the interest rate was 9.99 % APR. Upon approval of financing, I received absolutely nothing from Dividend Finance describing the terms of this loan. I completed a welcome call with Dividend on XXXX XXXX. This call was completely devoid of useful information. On XXXX XXXX I received two letters from Dividend, each dated XXXX XXXX. Neither letter referenced a full account number. On XXXX XXXX, I typed the website noted into the letter into my browser. I opened an on-line account for me ( XXXX XXXX ) and one for my wife ( XXXX XXXX ). It was at this time that I finally obtained the full account numbers for the two loans : XXXX for XXXX in the amount of {$9600.00} and XXXX for XXXX in the amount of {$44000.00}. Both of these amounts were the agreed prices of the work done on my house. Since I had recently closed on a HELOC, my plan was to pay the principal balances of both loans in full immediately. It was at that time I discovered that Dividend Finance charged me {$450.00} interest on account XXXX, and {$60.00} interest on account XXXX. Given the date of the letter, I must surmise that the loan period began on XXXX XXXX. That must interest does not accrue on those amounts at 9.99 % interest in 10 days. I attempted to contact Dividend that day, but no one answered the customer service line at XXXX. I also paid the principal balances in full on both accounts on XXXX XXXX, which Dividend has acknowledged. I contacted Dividend again during the morning of XXXX XXXX and demanded an accountability of the terms and forgiveness of the debt, The customer service agent stated that interest began accruing when they paid my contractor, but neglected to say when that was, except that it was " about a month ago ''. Perceiving that the customer service was not empowered to make a decision of any kind, I asked to speak to his supervisor. He put on an extended hold, and then told me that a manager would call me later to resolve this issue. No manager ever called.
Frequently Asked Questions
What is Complaint #4474556 about?
Complaint #4474556 was filed against Dividend Finance INC. regarding Debt collection specifically about Attempts to collect debt not owed. It was received by the CFPB on 2021-06-19T12:00:00-05:00.
How did Dividend Finance INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Debt collection) and describe your issue in detail.
Can I see other complaints against Dividend Finance INC.?
Yes, visit the Dividend Finance INC. company profile at readthecomplaint.com/company/dividend-finance-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.