FASTBUCKS HOLDING CORPORATION Complaint: Problems when you are unable to pay

#1668128 23 Nov 2015

Consumer Loan Installment loan

Complaint #1668128 submitted on 11/23/2015 relating to FASTBUCKS HOLDING CORPORATION. Complaint relates to Consumer Loan Installment loan - Problems when you are unable to pay .

Complaint was submitted via Web and sent to the company on Monday 23rd November 2015.

Narrative (may be redacted).

I have been laid off and unemployed for a little over 2 weeks now and was unable to make my {$72.00} payment with Fast Bucks, located on XXXX XXXX in XXXX Idaho, with whom I have an installment loan with. As of today, My loan is three calendar days late. I called Fast bucks at XXXX this morning, XXXX. XXXX, to let them know my situation with my employment, unemployment insurance, and that i will be in sometime this week to make a payment. That is when I was informed that my account " has '' to be put into bad debt. The store also told me my account will still accumulate interest while in bad debt and that they will still accept payments from me.

Now is this very confusing to me because i thought " bad debt '' only occur after all attempts are made to collect on the debt. And if they are saying that my account is going into " bad debt '', which means the debt to them is not collectible, then why are they still threatening to racking up interest on my account? When i asked the store if it is normal and recognized in state law to continue applying interest in this situation that they informed me about, they said " yes ''. The store also explicitly told me that the CFPB knew about it and approves it.

When I called the CFPB, i was informed that they could n't find anything in relation to the store practices when it came to interest and bad debt practices. I also was informed by the CFPB that they could n't give me any legal advice with my matter - understandable. They did tell me I could write a complaint on the matter.

Still wanting answers i tried to call back the Fast Bucks store and got no answer, but the call did get forwarded to the Fast Bucks corporate office. I told corporate about my situation and asked about the " bad debt '' and what steps are taken before a account in put into bad debt. Corporate was VERY vague and told me multiple times " its all depends on the customer ''. " everyone situation is different ''. This too i thought was very strange that the representative could n't give me any details on how long a debt that is unpaid goes before being put into bad debt. The representative exclusively told me that there were no such time frames implemented within the company. When asked to speak to a manager, he told me " he will tell you the same thing ''. I terminated the call after that.

I feel Fast Bucks as a whole is treating my unfairly. I feel that they are threatening me with false information about putting my account in bad debt. I feel Fast Bucks purposely with holding information on the debt collecting process including : grace periods, time frames and legal steps when collect debts and putting accounts into " bad debt ''. I feel its fraudulent to put someone account into " bad debt '', to write off as a business expense, and still collect interest and payments from the persons whom holds the debt.


Thank you.

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