Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #7870297
Complaint Overview
Complaint ID: 7870297
Company: Universal Account Servicing, LLC
Product: Payday loan, title loan, personal loan, or advance loan
Sub-Product: Installment loan
Issue: Charged fees or interest you didn't expect
State: Texas
ZIP Code: 77386
Date Received: 2023-11-17T12:00:00-05:00
Date Sent to Company: 2023-12-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I signed a 24 month no interest loan agreement with XXXX XXXX XXXX Universal Account Servicing. I've made payments consistently for 14 months. I missed the month of XXXX and became 22 days late. I submitted payment to bring my account current. Upon account review, I see the full interest for the the past life of the loan has been applied to my account balance. My account is now subject to future interest as well. I called customer service who stated " we offer a 7 day grace period for late payments and your account is subject to accrued interest if you miss a payment '' I reviewed my loan contract and none of this verbiage is in the agreement. I was transferred to a supervisor who stated the contract agreement statement of " Minimum monthly payment required '' translates to " You will have to pay all past interest and future interest if you miss a payment '' The only reference to a late payment is a late fee " If any payment is more than 10 days late you may be charged 5 % of that installment or {$5.00} whichever is less '' - The tactics employed at this organization are deceptive and harmful to consumers who believe a No Interest offer will hold up. I look forward to them correcting the situation.
Frequently Asked Questions
What is Complaint #7870297 about?
Complaint #7870297 was filed against Universal Account Servicing, LLC regarding Payday loan, title loan, personal loan, or advance loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2023-11-17T12:00:00-05:00.
How did Universal Account Servicing, LLC respond to this complaint?
The company responded with: "Closed with explanation". The response was not 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 (Payday loan, title loan, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Universal Account Servicing, LLC?
Yes, visit the Universal Account Servicing, LLC company profile at readthecomplaint.com/company/universal-account-servicing-llc 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.