Complaintsfor60 Month Loans

• Initial Complaint

  07/20/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  60 month loan have not sent me an 1099c form they charged this account off and written off this account and file it on their taxes as an write off. According to the *** when an account is charged off its considered income, and according to the **** income cannot be reported on a credit report. Thats is reporting inaccurately I previously disputed this account with **********************, *** #**** I let them know this account was not reporting accurately. This account was included in bankruptcy this account was written off. According to the *** when an account is charged off its considered income, and according to the **** income cannot be reported on a credit report. I requested a 1099-C (Cancellation of Debt) from 60MONTHLOANS, ***. **** in regard to the following charged off account listed below. **********************, ***. **** 60MONTHLOANS, *** received a corresponding tax deduction for the uncollected amount associated with this charge-off and I have to file the balance of $3100 as income on my taxes! This account can no longer be reported to my credit report. Not only does this violate my rights per the ****, this is also tax fraud on 60MONTHLOANS, ***S part. Delete this account from my all my credit report immediately for inaccuracy.

  Business response

  07/24/2024

  Dear Customer,

  Thank you for bringing your concerns to our attention. We understand the importance of accurate credit reporting and appreciate the opportunity to address your issue.
  Upon review, we have updated the current balance and the past due balance on your account to $0. Additionally, the account has been removed from credit reporting as of August 2023, following the discharge of your bankruptcy. Please note that no future credit reporting will occur for this account from **********************, Inc.

  Regarding your request for a 1099-C form, we are in compliance with IRS regulations and FCRA guidelines. Because your loan was not specific for business or investment purposes, this case falls under the exception of having to provide a 1099- C form.  However, any further clarification or documentation related to the charged-off amount and its tax implications should be directed to a tax professional or the IRS.

  We have taken the necessary steps to ensure your credit report accurately reflects these updates. Please allow up to one month for these changes to be reflected across all three major credit bureaus.

  Thank you for your patience and understanding.

  Sincerely,

  60monthloans, Inc.

• Initial Complaint

  09/28/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This company has a process for extending payments. I followed it as described and they delayed getting back to you. When they did decide to call me its one call while surely when working, so it lessens the chance to get payment assistance. Plus there office ours are until 3:00pm central time. Same thing has happened twice because they rather run payments and ignore the process they have detailed in their payment assistance language. The voicemail left also stated I can confirm payment extension by email and I did that. I get a last minute call today stating I needed to call back now or payment will be processed. Again call while I am working without opportunity to call backI never run into issues like this until I deal with a company outside of banks and credit unions. This company is a scam. I need someone to speak with me on why the process of extending payments was ignored. Also discussions how I can part ways with this scam company. In addition, I need auto payment removed

  Business response

  09/29/2022

  Hi *******,

   

  I had sent you an email and a text message explaining what went on with the situation you are referring to.  For some reason we had been locked out of our email and did not see your confirmation to reschedule the payments.  As you well know we require a confirmation either from text (preferably) or email.  As soon as we saw the confirmation in the email we did everything we could to get the payment rescheduled.  Luckily our IT was able to reschedule the payment for you like you asked.  So your 9/30 payment was moved to 10/27 as requested.  I have also removed you from ACH.  To make payments on your loan you can either go online to 60monthloans.com and make a one time payment or you can mail ** a check to ************************************************************ 94025.  Your next payment is due 10/13/2022 for $72.16.  Please let ** know if you have any other questions. 

   

  Sincerely,

   

  60monthloans, Inc.

  Customer response

  09/29/2022

  I asked about sort of settlement to part ways. This is not the first this has happened and it will have again

  Business response

  10/01/2022

  Hi *******,

   

  We have a couple of options to part ways with us, depending on how you would like this to affect your credit will determine the best course of action for you.

   

  1st option:

   

  You can pay your loan in full.  The pay off amount as of 10/1 is $2,761.78.  If you wish to pay it on a different date there is a different pay off amount.  This will close out your loan and you will be done.  And this option looks the best on your credit because you have paid your loan in full and is reported that way.

   

  2nd Option: 

   

  If you are wanting to do a debt settlement to pay back less than you owe, this is reported to the credit bureaus as a debt settlement paid for less than the full amount.  It looks negative on your credit but is better than a charge off.  This reporting remains on your credit for 7 years.  You will be able to improve your credit as time goes on though.

   

  2 debt settlement options:

   

  1. Lump Sum:  $1,354.40 

  2. 12 monthly payments of $169.30 for a total of $2,031.60.  These payments will be due on a specific date and can no longer be moved or adjusted.

   

  Please let us know what you would like to do.

   

  I do want to add that we were able to comply with your request the way you had asked for, and we do our best to make sure that we answer each request the day it is given to us.  You may have noticed several texts/emails and calls from us, trying to confirm.  In this last case you had confirmed we just hadn't got the email and as soon as we did, we moved the payment right away.

   

  We are sorry that you want to part ways, but understand your frustration.  Please let us know what option would work best for you.  You can contact us at ************ and press option 7 and then 1.  Our hours are Mon-Friday 9am-5pm PST and Sat 10am-5pm PST

   

  All the best,

   

  60monthloans, Inc.

  Customer response

  10/08/2022

  With the level of interest rate you charge yet the **** option will be considered as a short pay? This is insane. Please provide a fair amount to move on from this company marked paid in full. You have made an insanely amount of interest already. All I am asking for is fairness here. I am well versed on impact of options you have presented.

*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. ↩