ComplaintsforFreedomRoad Financial

• Initial Complaint

  10/20/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I had a account with freedom Road Financial The motorcycle was stolen and State Farm and Gap Insurance paid for it freedom Road Financial was harassing me calling me constantly and sending me letters and also threatening me that they were going to garnish my paycheck they are reporting incorrect information on my credit report I did not have another choice them to file for bankruptcy because of their harassment and the account is affecting my credit big time.

  Business response

  10/25/2022

  ************** ********* ****** BBB Compliant
  FreedomRoad Financial on 10/13/2021 received and approved a loan application for the purchase of a motorcycle for customer ********* ****** in the amount of $24,539.70.  On 10/13/2021 customer signed a contract and acknowledged that they understood and agreed to all the terms on the contract. The loan term was 60 months, the first payment was due on 11/13/2022.  During collection efforts on 12/20/2021 FreedomRoad Financial was told by the customer that the unit had been stolen, and a police report was filed.  At this time the customer was advised to make monthly payments because insurance settlement can take a while.  Customer stated during conversations they would make a payment.  On 03/18/2022 the customer informed us that she had filed bankruptcy. Bankruptcy was filed on 04/20/2022. FreedomRoad Financial received an insurance check for $20,897.86 on 07/18/2022 and GAP check for $1,147.47 on 09/08/2022 leaving a current payoff balance of $4,031.53 as of 10/24/2022. During this time frame between 11/13/2021 and 10/24/2022 the customer made no payments as required per the signed contract. FreedomRoad Financial is reporting correctly to the credit reporting companies, showing past due for 12/13/2021, 01/13/2022, and 02/13/2022. FreedomRoad Financial stopped reporting as of 03/2022 when notified the customer had filed bankruptcy.

  Customer response

  10/27/2022

  
  Complaint: ********
  
  I am rejecting this response because:
  
  Sincerely,
  
  ********* ****** *********

  like I stated on my letter I receive harassment from Freedom Road  Financial multiple times they keep calling me every day harassing me telling me that they were going to garnish my paycheck if I do not pay and that they were going to report me to the credit bureaus I also receive multiple letters from them and emails from Jasmine P******** , Daniel K****** and from Briana J****** they keep sending emails nonstop those people that I mention work for collection specialist for  freedom Road they cost me a lot of stress I also came out positive for Covid and was without a job for more than 4 weeks I did explain that to freedom Road when I spoke to them on the phone they didn’t understand The harassment continue they keep saying they were going to garnish my paycheck and report me to the credit bureaus I believe the Best way to fix this is to remove the account completely from my credit report for all the pain and suffering that freedom Road cost to me .

  Business response

  10/28/2022

  *********,
  You took a loan out with FreedomRoad Financial and signed a note that you would pay the loan back per the terms of the note. When payments are not made, our collection staff calls customer inquiring about the status of the payment(s) due. Calls are not made to customers that pay per the terms of their note.  Like other lenders, FreedomRoad Financial reports past due loans to the credit bureaus and our collectors were informing you of this.  This information is also contained in your promissory note. In the notes for your account, a collector in March 2022 stated that she informed you that FreedomRoad may look into other legal means to collect our debt.  This could include lawsuits and garnishment.  As a lender, we are entitled to take any action permitted under applicable law and we inform our customers of the possible actions that we might take so that they are aware of those actions before they occur.  We will not change the reporting on this loan as we are obligated to report accurate information to the credit bureaus, which we are doing. With that being said, as a courtesy the Bank did remove the one 90 day past due from your credit report. The loan will not be removed from reporting.
  
  

• 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 *******************************************************

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