Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:03/19/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  The business issue loans for priced goods. I was under the impression my loan payment monthly would reduce the balance of the loan. The loan is 9 months old and I asked now that it is clear the way that the loan works can the balance I paid be incurred adjusted into the loan and that I will pay a higher payment as I do not have that much money to hand over as it was not stated clearly the terms of the loan

  

  Business Response

  Date: 03/29/2024

  The client applied for a $4,000 loan to be collateralized by a steel rose gold Rolex Datejust on June 17th, 2023.  *********** extended an initial offer via email of $4,500 on June 19th, 2023, subject to an in-person evaluation.  After further consideration, the client agreed to ship her watch, fully insured, to our ****** office on June 26th, 2023.  Our team inspected the watch and offered a final amount of $5,000 on June 27th, 2023.  The way our business is regulated is that our offering is a purchase contract, with an exclusive right to repurchase by paying a monthly service fee.  As with all of our clients, our team actively walks the client through any questions they have on our contract, which is sent via email through DocuSign.  While we are not required to, we offer all of our clients two payment options:
  Option 1: Monthly Fee Payment Option.  The contract reads:
  By selecting this option, you have elected to pay a flat Monthly Fee equal to $xx if you choose to extend the Cancellation Deadline. If you choose this option, payment of the Monthly Fee does not result in any reduction of the Repurchase Price.
  Option 2: Scheduled Payment Option.  The contract reads:
  By selecting this option and executing a Payment Schedule, you have elected to pay a Monthly Fee PLUS a Reduction in the Repurchase Price. If you choose this option, you will be required to execute a Payment Schedule (which we will send to you in another email after you complete this Contract) setting forth the amount you are required to pay to extend the Cancellation Deadline, which will include a Reduction of Repurchase Amount with respect to each applicable payment.
  In this instance, the client chose option 1 by actively clicking a checkbox next to the paragraph in our DocuSign contract.  
  As a courtesy to all of our clients, we send an email to them in the month following the closing of their agreement to summarize the payment terms they had agreed too.  The following email was sent to the client on July 14th, 2023:
  

  Hi *******,
  Thank you again for trusting Borro for your collateral lending needs. My name is ******************* and I'm the Director of ***************** at Borro. I wanted to personally introduce myself since I will be your main contact going forward and here to answer any questions you might have during the duration of your loan. 
  Important Next Steps:
  Your first payment of $200.00 is due on 7/27/2023 and it will be automatically drafted via ACH from the account you've provided on your contract. 
  Payments will be then debited each month thereafter (on the same day of the month) pending weekends and/or bank holidays.
  You have selected the monthly fee payment option. As a reminder, this does not result in any reduction of the loan principal. 
  If at any point you are ready to redeem your assets, please contact me to discuss the process. 
  Please let me know if you have any questions - I'm here to help!
  
  Best, 

  At this point, we had notified the client twice that the payment option she selected did not result in any reduction of the loan principal, nor was it brought to our attention that the client did not understand the terms that she had agreed too. We are always happy to speak with clients to discuss anything in more detail. 

  
  The client made her monthly fee payments from July 2023 through February 2024 on time each month.  On March 19th, 2024, the client called our office and spoke with a member of our ***************** team.  She had asked how her payments had been applied to her principal, at which point, our team member notified her that they werent, as she had selected the monthly fee option.  The client became frustrated at this and demanded to speak with a manager.  The situation was brought to the attention of *************************, our CFO, who immediately called the client back.  At this point, the client notified ***** that she did not understand the terms she had agreed to, and thought the payments were paying down the principal.  ***** explained that he understood her frustration and would jump in to help answer any questions she had regarding the contract.  She said that she no longer had any questions but would like to get set up on a scheduled payment option moving forward.  ***** assured her that we would email her the scheduled payment options for a 1-year and 2-year amortization plan so that she could choose what works best for her, which she agreed to look at and get back to us with an answer.  These plans were emailed to her on that same day, March 19th, 2024.  At the end of the conversation, ***** asked if there was anything else he could help with.  The client responded, yes, Id like to apply the payments Ive already made towards the principal of my loan as if I had selected a scheduled payment option at the beginning.  ***** informed her that unfortunately that is not possible, but we are able to get her on a scheduled payment plan immediately to start paying down the balance.  She finished the phone call by saying she would look into the payment plans further and get back to us.  

  
  On March 25th, 2024, the client agreed to a 2-year scheduled payment option, which was sent and executed via DocuSign. Everything has been resolved. 

• Initial Complaint

  Date:10/11/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Made a confirmed appointment to pick up my assets. When I got there, they told me they forgot to get then from the safe and they would need to be mailed to me. Many pieces get damaged in the mail. After I paid for and collected my assets, the company charged me interest again the next month stating they "forgot" to remove me from the list.

  

  Business Response

  Date: 10/16/2023

  When the client arrived for the scheduled appointment, they realized they misread the location and the assets were not onsite. They did not forget his assets. We strive to provide white glove service, so immediately, the team offered various solutions to the client: 1) A team member would go to the safe right then and there to get the assets, and he was welcome to wait or come back to pick them up. 2) We could ship the assets via priority overnight with insurance. Since the client did not have time to wait, he agreed that shipping the assets to him would work best. The cost of shipping and insurance was covered for the client, and a direct signature was required so the package could not be left. We ship assets daily for various clients and adequately pack them, so the comment "many pieces get damaged in the mail" is irrelevant to this situation. The pieces were packed correctly, double-boxed, and NOT damaged in transit. 
  
  The client was refunded the same day the incorrect auto-draft was made. As soon as it was brought to our attention,  it was handled immediately to make it right. 

  Customer Answer

  Date: 10/17/2023

   
  Complaint: 20724262
  
  I am rejecting this response because:

  This is extremely low class that they are not trying to blame me for showing up to the wrong address?  Please explain where was my meeting set up, and where did I go?  Pretty sure the attached email is them admitting fault. On top of that, rectified same day or not, how can they still charge me for my assets when they no longer have them?  That isn't a mistake that should be acceptable.  If I didn't catch this, I'm assuming they would have just kept my money, and charged me again for all future months.  What kind of processes are in place for them to assure that other people aren't being charged incorrectly?  Obviously, they don't have any.  

  Sincerely,
  
  ***********************