Payday loan, title loan, or personal loan -- Getting a line of credit -- Complaint #6873329

Complaint Overview

Complaint ID: 6873329

Company: Simmons First National Corporation

Product: Payday loan, title loan, or personal loan

Sub-Product: Personal line of credit

Issue: Getting a line of credit

State: Missouri

ZIP Code: 65203

Date Received: 2023-04-21T12:00:00-05:00

Date Sent to Company: 2023-04-21T12:00:00-05:00

Company Response: Closed with explanation

Timely Response: Yes

Consumer Disputed: N/A

Submitted Via: Web

Tags: Older American

Consumer Narrative

I was attempting to gain an extension on a HELOC that Ive had for decades ( originally obtained in XXXX MO ). The original bank, XXXX XXXX XXXX, had offered me the HELOC as a way to keep me and my very small business covered during lean times. It worked very well for me. Renewal/extension was always a pretty straightforward matter and the loan officers then were helpful. Simmons Bank took over XXXX XXXX ( then XXXX ) a few years ago. I am now XXXX XXXX XXXX and the HELOC was going to reach maturity. I supplied many pieces of information. The process continued to drag on due to delays on their end ( e.g. asking for one piece of info and then a week later, another ) with an XX/XX/XXXX maturity date looming. They discovered two small liens totaling around {$7000.00}, the result of a wonderful program offered by the XXXX of XXXX MO to help low-income homeowners get needed repairs to their homes. The loan for seniors like myself was zero interest with zero payments and only payable if the house changed hands. I am filing a complaint because when time ran short on the renewal, the unnamed underwriter instructed XXXX XXXX, the person who was emailing me, to suggest that I, at XXXX and on Social Security, with an admittedly low income, use the remainder of the HELOC to pay that off. Why? So that Simmons Bank could be # 2 to collect on a default of the mortgage or loss of the house, rather than # 4. Thereby putting a person of my age under the unnecessary burden of paying interest of 7.5 % or more on a loan offered by the City that was meant to be zero interest, zero payments. Preying on low-income seniors! Giving terrible advice, as well. Next, my son wired the funds to pay off the HELOC on XX/XX/XXXX and Simmons held the excess funds from the wire for 2 weeks. No one asked me what I wanted done with the excess. No one contacted me about the excess at all. When I inquired as to the whereabouts of the money, I was told that it would be put into a cashier 's check and mailed to me, instead of simply putting it into my account. On XX/XX/XXXX, I told both XXXX XXXX and the then named loan officer, XXXX XXXX, that I wanted it put into my account. They wrote a cashier 's check, regardless, and because I called and expressed my extreme frustration and anger, the money was finally put into my account. I'm sure that my letter of the previous week to the president and COO of Simmons may have red-flagged my account -- but no one did anything about it until I called XXXX XXXX. Simmons is generally hated in my community, especially by all of us previous XXXX customers, who were not given a choice of banks. Many of us were stuck with Simmons and its utterly deplorable customer service and unethical business practices.

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This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.

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