Payday loan, title loan, personal loan, or advance loan -- Charged fees or interest you didn't expect -- Complaint #8575316
Complaint Overview
Complaint ID: 8575316
Company: Bread Financial Holdings, 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: Florida
ZIP Code: 33010
Date Received: 2024-03-18T12:00:00-05:00
Date Sent to Company: 2024-03-21T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
About 1 years ago, one of my XXXX XXXX XXXX XXXX XXXX after eating. I rushed to the nearest dentist office to get it fixed. I was told thaXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX. The dentist office told me that the XXXX would cost about {$10000.00}. I did not have anywhere near that kind of money so they offered me a credit card ( Alphaeon ) that I could use to pay for the XXXX and I could pay them back monthly. I agreed and have been paying every month ever since. So far, I have paid back nearly {$8000.00} and I currently have a balance of NEGATIVE {$1300.00}. Their explanation was that these were due to 5 different promotional interest rate charges. I did not at anytime agree to any of these promotions nor this absurd interest rate. I had several more minor work done and no one ever mentioned anything about a promotion and the total debt is about {$14000.00}. I had excellent credit at the time of had the dental work done and started with this credit card company and since then it has done nothing but drag down my credit score despite always paying on time. Alphaeon sent me an illustration showing that if I only pay the minimum amount it would take me 26 years to pay off this debt and cost me {$46000.00}. Mind you the minimum payments are in the {$500.00} range. The illustration said that if I pay {$620.00} a month it would be paid off in 3 years. I have no problem paying for the dental work that I received. I don't even have a problem with paying a little interest but this is outright robbery. How can an American citizen be subjected to this kind of predatory practice. On what planet does someone pay {$8000.00} toward there {$14000.00} loan and still be negative {$1400.00}? I've attached several images showing my payments and their correspondence.
Frequently Asked Questions
What is Complaint #8575316 about?
Complaint #8575316 was filed against Bread Financial Holdings, INC. 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 2024-03-18T12:00:00-05:00.
How did Bread Financial Holdings, 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 (Payday loan, title loan, personal loan, or advance loan) and describe your issue in detail.
Can I see other complaints against Bread Financial Holdings, INC.?
Yes, visit the Bread Financial Holdings, INC. company profile at readthecomplaint.com/company/bread-financial-holdings-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.