ComplaintsforFreedomRoad Financial

• Initial Complaint

  11/02/2021

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Since Nov. of ***************** has accepted in kind over $7000 in payments annotated directly towards principal and have not adjusted the loan amortization accordingly. The current loan contract does not account for any pre-payment penalty. I have reached out to the firm on numerous occasions to secure an accurate loan pay off amount. However, they have opted not to respond to emails and in some cases **************** agents have hung up on me while seeking formal clarification. In addition, this firm is inaccurately reporting the three credit bureaus that my payments are not on schedule and do not show the actual outstanding principal. I would like close this loan out in the immediate future as I'm in the process of formally filing for bankruptcy and this loan will not be paid once the file is complete.

  Business response

  11/04/2021

  
  
  Tell us why here...Dear ***************,
  The following are responses to your BBB Complaint Claims.
  Payments will first be applied to accrued but unpaid interest, then to principal due on this note and then any late charges or other fees.  Any excess funds are applied to principal and would be reflected on your monthly statement. 
  Your contract stated there were no prepaid penalties for prepayments, none have been assessed.
  FreedomRoad Financial is reporting correctly on your account to the 2 credit reporting companies we report to.   Currently, you have been reported 5 times as past due between 30 and 59 days.   The delinquent payment details are as follows:
  02/15/2020 payment was paid on 03/18/2020 31 days
  02/15/2021 payment was paid on 03/23/2021 35 days
  03/15/2021 payment was paid on 04/16/2021 31 days
  04/15/2021 payment was paid on 05/21/2021 35 days
  05/15/2021 payment was paid on 06/16/2021 31 days
  The following late charges and payment return charges have been assessed on your account.  All assessed fees have been paid and will be reflected on your monthly statement.
  5 NSF fees of $25.00 each
  8 Late Charges of $13.07 each
  The current payoff amount for your loan is $6,478.43 as of 11/04/2021.
  The notes on your account do not indicate that you were hung up on during any telephone calls,but if so, I apologize.  Also, the notes on your loan indicate that a payment history was emailed to you on 06/11/2021 and a payoff statement was emailed to you on 06/15/2021.
  **************** I hope I was able to address all your concerns, if you have any addition question forward them to me at *******************************************************

• Initial Complaint

  08/10/2021

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I am disabled us army vet that gets paid on the 1st of every month. On the first of the month I like to pay my bills including freedom road. As it turns out they have a habit of taking my early payment and turning it into a double payment for the month before. When the due date around the 16th hits and doesn't get payed they count it as a missed payment. As a result it has affected my credit score and keeps adding additional late payment fees. They send nasty letters in the mail and call my ex girlfriend every day. She is not even on the loan and has repeatedly asked them to stop. I don't get email from them because when I first open the loan my girlfriend was in charge of getting the bills payed and she used her email and phone number. I have call freedom road to get my email and phone number put on MY account, but they tell me it can only be changed by a form they have to send me to fill out and mail back to them. I have not received any such .form. Also a form to change my due date.

  Business response

  08/18/2021

  Mr. ********,
  I would like to start with addressing your concerns stated in your BBB Complaint.
  All payments received by 5:00 pm central standard time, Monday through Friday will be credited to your account as of that business day. Pursuant to the terms of your promissory note, payments received will first be applied to accrued interest, then principal due and then to any late charges or other charges. If a payment is more than 10 days late, a charge of 5% of the full amount of the payment will be assessed.
  When reviewing your loan history, it appears that your intent was to make your payments on time. To make your loan current we will reverse $217.58 in late charges, $125.00 for a repossession charge, and a $25.00 return check charge. Once your payment received today 08/16/2021 for $367.58 is processed your next statement should reflect your payment and the reversal of charges. 
  I would suggest that you set up recurring payments with us that would automatically pull your payment monthly. I will email you an “Auto Pay Form” that you can complete. I will also email you the “Loan Due Date Change Agreement” that you requested.
  Regarding the contact with your girlfriend, the notes on your loan dated 07/10/2018 state “******* Authorized ****** (wife) full access.” If you would like this authorization revoked and contact information updated, please email me that information and I will get it taken care of.
  
   If you have any additional concerns, please feel free to contact me at ###-###-#### or nm*****@evergreenbankgroup.com.
  
  Sincerely,
  Nancy M*****
  Vice President, Compliance
  **** ** **** ******* ***** ****
  Oak Brook, IL 60523
  Evergreen Bank Group

  Business response

  08/24/2021

  Dear Me. ********,
  We have reversed all late charges, check return fee, and repo fee, these totaled $367.58. The fees are all addressed in the contract that was signed when the unit was purchased. Making you due for your August 18th payment in the amount of 217.58, there will be a late charge assess if the payment is more than 10 days late of $9.89. Once the payment is received and applied monthly payments will be due on the 18th of the month for $197.80. On 08/18/2021 a loan due date change form was sent to you along with an auto payment form. I also included a phone number and email address if you had any additional concerns.

  Customer response

  08/24/2021

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ******* ********

• Initial Complaint

  05/16/2021

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  On March 7th I made an accidental payment of 3003.00 to freedom road instead of 300.30. I made and immediate phone all to my bank in which they informed me they would cancel it and it would bounce back to my account. It did, so I then just decided to double the payment since it was late to 600 and just got ahead and pay it for the next month also. Then on the 12th. The 3003.00 came back out of my account over drafting it. I called back and forth between my bank and freedom road to try and figure out how to cancel or issue a refund. I needed the refund because I did n have 3000 extra to pay towards my loan. After spending 2 weeks of waiting around trying to get answers, I spent an hour and half talking to just freedom road to refund the money. Everyone I talked to offered no solution stating that they don’t offer refunds. “Because this sort of thing happens all the time.” She said. I’m in tears and honestly a bit financially ruined and out now $3600 and won’t refund

  Business response

  05/24/2021

  Complaint ********
  The Bank reached out to ****** ***** on Monday May 17, 2021. At this time the Bank requested a copy of ******’s bank statement showing that the funds had not been returned to her and a note from her bank stating that there was not a stop payment in place for this payment. ****** supplied the requested documents and an ACH credit was sent to her bank on Tuesday May 18th. ****** was given my contact information and was asked to contact me if she had any additional concerns.

  Customer response

  05/24/2021

  
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ****** *****

*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. ↩