Business Profile

Consumer Finance Companies

Nicholas Financial, Inc.

Headquarters

This business is NOT BBB Accredited.

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Complaints

This profile includes complaints for Nicholas Financial, Inc.'s headquarters and its corporate-owned locations. To view all corporate locations, see

Customer Complaints Summary

49 total complaints in the last 3 years.
16 complaints closed in the last 12 months.

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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:02/17/2023
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.
They financed a car for me that legally shouldnt have been sold in the *********** because it was not inspected. When I called for help, the man that answered the phone was interruptive, told me he couldnt help me, had a strong tone and hung up on me. When my car was purchased it was supposed to be inspected within 10 days. It took almost 2 months. I then found out that Nicholas Financial sold my account to another company. I want the first two months of my loan knocked off the total amount since I couldnt use it for that time.
Business Response
Date: 02/21/2023
I have reviewed her account and the account notes and I'm not showing that we were made aware of any issues with the inspection. Additionally, Nicholas Financial did not sell the vehicle to the customer. She purchased the vehicle from ********************* and Nicholas Financial merely agreed to finance the vehicle for her. With that being said, she is contractually obligated to make her payments as stated on the loan documents she signed.
Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to WPM for account servicing. Nicholas Financial remains the lender and the transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. All accounts are still Nicholas Financial customers and the accounts have not been sold.
Customer Answer
Date: 02/21/2023

Complaint: 19423799

I am rejecting this response because:
I did make Nicholas Financial aware of the inspection issue.

Sincerely,

***************************
Business Response
Date: 02/21/2023
As previously stated, Nicholas Financial did not sell you the vehicle. Nicholas Financial financed the vehicle for you. A used car dealer can sell you a vehicle without having it inspected. It is your responsibility to have the vehicle inspected at a certified PENNDOT inspection station. The state inspection is only required to license the vehicle once per year. If it has been done within the last year, or has not been licensed, then they have no responsibility to have the vehicle pass the state inspection.
Nicholas Financial stands by its initial response.
Customer Answer
Date: 02/22/2023

Complaint: 19423799

I am rejecting this response because:
A dealership has 10 days in the *********** for the car to pass inspection.

Sincerely,

***************************
Initial Complaint
Date:02/16/2023
Type:Service or Repair Issues
Status:
ResolvedMore 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.
I'm trying to sell my 2010 ******* I thought I misplaced my Title to the car; when I went to the tag/title place, they state ******* Financial still has an electronic lien on my Title and they could order my actual paper title. I payed this car off 3 yrs ago, I didn't realize they never sent my documents. I spoke 3 different people 3/9/23 from the company that couldn't comprehend that they fix issue electronically to expedite issue, they said I would have wait **** business days for a paper to state that car is payed. I spoke to the *** whom stated all they have to do is electronically clear this lien off my records. I've emailed on 2/10 and 2/14 to inquire if they can do this electronically and I uploaded a copy of the *** record of it still showing lien, but I get no response.
Business Response
Date: 02/16/2023
Customer had 2 accounts with **********************. The first account was an auto loan, account number ******, that was paid off 03/27/2020 and the *** lien was released on 04/07/2020. On 12/31/2020, she opened a consumer loan with us, account number *******, and used the same collateral from her first loan. She paid the 2nd loan off on 02/03/2022 but the branch never notified our **************** to submit the request to release the *** lien.
I have submitted that request today. I have attached proof of the request to release the *** lien.
Nicholas Financial apologizes for the delay and any inconvenience this may have caused the customer.
If she has any further questions, she may contact us at ************.
Customer Answer
Date: 02/23/2023

Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that the electronic lien being removed, this resolution is satisfactory to me, however I do not want to close case until I receive the release form they stated sent on 2/9/23; and mentioned this would take **** business days, but I have not received yet

Sincerely,

*******************
Initial Complaint
Date:02/10/2023
Type:Product 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.
I paid the loan off in full and NF is refusing to release my title. I have called over and over again, and I continue to get nothing but the run around. I am constantly told that ** is a "Electronic Release", (and so is ****) yet, when I ask for it to be released, I am placed on hold for an extended period of time, or told that someone will return my call. Never happens.
Business Response
Date: 02/10/2023
The customer paid off her charged off account on 02/06/2023. She was informed, prior to making the payment, that our Company policy is to wait 10 business days before we release the title. Her title is scheduled to be released on 02/20/2023. We are not refusing to release her title. We are following our Company policy.
Customer Answer
Date: 02/10/2023

Complaint: 19375040

I am rejecting this response because:

Sincerely,

***********************
Customer Answer
Date: 02/15/2023

Complaint: 19375040

I am rejecting this response because:
After speaking with several staff and having them reference corporate I was informed if payment rendered in the form of guaranteed funding (ie. money order/ cashiers check etc) hold would not count ON PAYMENT! Never discussed a hold on TITLE! Since you all would be receiving FULL & FINAL PAYMENT why would a title be held? The form of payment issued was bank cashiers check. I also spoke to several staff regarding ELECTRONIC LIEN RELEASE being an option and to let them call me back then days later NOTHING. Yes, this was a charge off not sure WHY that was important nonetheless, Its paid and Im told one thing and another is happening. The fact there is a designated person to reply to these BBB messages while clients/customers calls are placed on hold for long period of time with no resolve, given the run around and expectations set are unmet is baffling!

Sent from Nieshas iPhone

Sincerely,

***********************
Business Response
Date: 02/15/2023
It has always been our Company policy, for any payment other than cash, there will be a 10 day business hold before releasing a title. Regarding the electronic lien release, this is only possible if the title is an ELT. This specific title is a paper title, therefore, we are unable to release it electronically.
Nicholas Financial stands by its initial response.

Customer Answer
Date: 02/19/2023

Complaint: 19375040

I am rejecting this response because:
While it make zero sense to go back and forth.. the bottom line is I actually ASKED the representative if I could go into a local location and was told the local branch offices were shut down and no longer operational, I asked if a payment over the phone was possible and was TOLD no the ONLY payment method was to MAIL a check and if I mailed a personal check it would delay the process 10 days to ensure funds would clear so to remit payment in a form that was guaranteed (bank cashiers check or money order) which I did same day and mailed priority! No sense in responding.. it is the 19th of Feb. from prior reply the paper title will be mailed tomorrow 20th of February! Im hoping FREE OF LIEN So I could continue the process I need to continue! Thanks!
Sincerely,

***********************
Initial Complaint
Date:02/09/2023
Type:Billing 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.
Car financed through Nicholas Financial with a monthly payment of ****** which the term is almost paid off. Now that the term is almost over Im receiving notification account transferred to Westlake and am sent a billing statement without any breakdown stating past amount due of $953.70. I was under the impression only one payment was left but now after being transferred instead of showing a $350 amount due it shows a total due of $953. What happened to the financing? Im transferred after making payments one week late and now that the financing is almost done? How am I being asked for a total balance and why is the car not paid off? Again no breakdown at all on the statement. Now Nicholas Financial has reported to the credit bureau that I am am over 30days past due! None of this makes sense. Have had problems from the very beginning of the loan with little help at all from the company. Company financed me a car from the state of IL when in fact they were not licensed at the time in my state of residence which was WI. The dealership went out of business and Nicholas did nothing to help or provide registration or license plates but demanded payment. I had to file a complaint and through the state purchased in order to get registration and plates which took months but payment was always expected on time. Most horrible experience ever and still happening. Would NEVER recommend anyone to this company. It honestly killed me to have to send payments to this company monthly after the experience Ive had.
Business Response
Date: 02/10/2023
Customer opened this loan 01/05/2019. Her original Maturity date was 01/19/2023. Had she made all of her scheduled payments, by her due date, her loan would have been paid off on her original Maturity date of 01/19/2023. Due to a deferment processed in April 2020, her Maturity date was pushed out to 02/19/2023.Since the origination of her loan, she's had the deferment, numerous late charges and accrued interest, which would affect her last payment amount.
Her loan opened on our original servicing platform 01/05/2019, account number *******. We converted to a new servicing platform on 02/01/2019 Account number *********** 0. All payments made through the end of 2022 were on this platform. Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to them for account servicing, Account number ********. ********************** remains the lender and all servicing will be managed by WPM. This transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. The accounts are still Nicholas Financial customers and the accounts have not been sold.
Her balance was converted over correctly across all the servicing platforms.
I have attached the payment history of all her accounts for her review.
Should she have further questions regarding her account, she should reach out to WPM at **************.
Customer Answer
Date: 02/15/2023

Complaint: 19370151

I am rejecting this response because:
when making online payments the amount due when paying will include any late fees accrued during that time which was never included. So now that loan is almost payed off you add up all the late fees and interest during the whole loan period? Amounts paid were the amount showing due. If there was a late fee due at that time it should have been included in the monthly amount due. So now that the loan should be paid off by 2/19/23 that definitely is not the case with the amount due showing over $900. The loan definitely would not be paid off 2/19/23. This is just another horrible customer experience added to the rest of the issues Ive had with Nicholas Financial. Now that you are actually in WI Id never accept a loan or refer anyone else to this Financial business.
Sincerely,

******* Arms
Business Response
Date: 02/16/2023
The customer originated the loan on 01/05/2019, promising to pay $346.01 every month for 49 months. If the account was paid as agreed (all payments made on her due date with no extra charges or deferments) the account would have paid out on 01/19/2023. Unfortunately, the customer has not paid as agreed, causing her to have a higher balance than originally amortized. At some point during the course of her loan, in an effort to help her keep the account current, we extended a deferment. Also, she has incurred 13 late fees. When a customer pays late, they pay an additional day of interest for each day past the due date which reduces the principal reduction and causes more interest to accrue on future payments than originally scheduled. Additionally, if a customer incurs extra charges and doesn't add them to their standard monthly payment, they also experience less principal reduction than scheduled because interest and extra charges are always taken from the payment prior to principal reduction. The monthly statements that she received also reflect any extra charges and accrued interest. Hopefully this helps the customer understand how her handling of the account has negatively affected her balance.
We encourage her to review the statements (attached) and the payment histories (previously attached on our response to her prior complaint). She is welcome to contact our office at ************** to go over the account, step by step, so that she fully understands each charge, how payments are broken down and how her payment habits affected her balance and interest accumulation.
Any other account questions she may have should be directed to WPM at **************.
Customer Answer
Date: 02/17/2023

Complaint: 19370151

I am rejecting this response because:I thought I was financing a car not applying for a credit card. I applied for this vehicle as a co-signer and ended up being the one financing the car once paperwork was received. Never received paperwork when leaving dealership due to being there so long and late in the evening. Between the dealership and Nicholas Financial the entire transaction was bootleg. You live and learn but the responses will never get accepted from me. Horrible experience overall and will be glad when this car is PAID off and title in hand.

Sincerely,

******* Arms
Initial Complaint
Date:01/30/2023
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.
Back in December or 2021 I paid my vehicle loan off. I was told that I didnt have to take action that the title would be sent electronically to the *** in *******, where the van is registered. Now January 2023, I am trading my supposed paid off vehicle and dealer tells me that dmv cant realease the title because there is a lein on the vehicle that shows a $0 balance!! Someone at Nicolas ******************** did not finish the job they were supposed to. So I call and get forwarded to westlake and they have no record of my account, the *** number or anything. I mean why would they though, my account was paid off well before they took over. So now I am stuck with a vehicle that has a lein on it for NO BALANCE AT ALL and a lender that is unreachable or out of business, whatever the case is.
Business Response
Date: 01/30/2023
We apologize for any inconvenience. Your original title was held electronically in the ****************. When you moved to *********, we had to Print your title and send it the ** DMV. We never did receive the ** title. After you moved back to **, you must have had your ** title transferred to ** and our third party vendor never received it and has no record of it. I have attached a lien release letter to help you obtain a free and clear title.
Please feel free to contact us at ************ should you require anything else.
Initial Complaint
Date:01/30/2023
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.
In July 2018 I purchased a vehicle for $7000.00. Nicholas Financial was the original lender. In September 2022, my loan matured (meaning it should have paid off) after $14,000.00 is payments. Nicholas Financial then transferred the ac out to WPM who is claiming I still owe $5600. I have attempted to speak with someone since December 8, 2022 to no avail.
Business Response
Date: 01/31/2023
Serena T***** opened this loan 07/04/2018. Her original Maturity Date was 07/04/2022. Due to a hardship due date change to the 17th and 2 hardship deferments, her original Maturity Date was pushed out to 09/17/2022. Had she made all of her scheduled payments, by her due date, her loan would have been paid off on 09/17/2022. Since the origination of her loan, she's had a hardship due date change, had several NSF's, forced place insurance, late charges, 2 hardship deferments and accrued interest.
Nicholas Financial has
partnered with Westlake Portfolio Management (WPM) to provide customer service
and account management. As of 12/01/2022, all Nicholas Financial accounts were
transferred to them for account servicing. Nicholas Financial remains the lender
and all servicing will be managed by WPM. This transfer does not affect any of
the terms, conditions or obligations of the contract other than who services
the account. The accounts are still Nicholas Financial customers and the
accounts have not been sold.
She has spoken to WPM on several occasions. Per their call log: 12/06/22, 12/08/22, 12/16/22, 12/26/22 and 01/27/23.
I have attached a payment history for her review.
Customer Answer
Date: 02/01/2023

Complaint: ********

I am rejecting this response because: Nicholas Financial Payment Ledger is in error. The initial payment system was erroneous & would not deduct funds on the proper dates causing the NSF. The account payments were brought up to date in 2020 and has not missed a payment nor made a partial payment since.
There is should not be such a large remaining balance.

Sincerely,

Sarena T*****
Business Response
Date: 02/02/2023
Nicholas
Financial stands by its initial response. She is encouraged to contact our office so we can go over the account step by step with the customer so that she fully
understands each charge, how payments are broken down and how her payment
habits affected her balance and interest accumulation.
Initial Complaint
Date:01/24/2023
Type:Billing 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.
In accordance with the Fair Credit Reporting act. This account has violated my federally protected consumer rights to privacy and confidentiality under 15 USC ****. 15 U.S.C **** section 602 A. States I have the right to privacy.15 U.S.C **** Section 604 A Section 2: It also states a consumer reporting agency cannot furnish a account without my written instructions In accordance with the Fair Debt Collection Practices Act. Debt collectors are not allowed to communicate with me under the 15 USC 1692C Account#**********
Business Response
Date: 01/24/2023
Under the Fair Credit Reporting Act, 15 USC 1681, Section 602 (a) is the accuracy and fairness of credit reporting.
§ 602. Congressional findings and statement of purpose
[15 U.S.C. § 1681]
(a) Accuracy and fairness of credit reporting.
Customer has not specified what she determines is inaccurate. Customer may submit online disputes through the credit bureaus which she can specify what she thinks is inaccurate and her dispute will be responded to accordingly.
Under the Fair Credit reporting Act, 15 USC section 1681, Section 604 (a), Section 2 is Permissible purpose of consumer reports
§ 604. Permissible purposes of consumer reports
[15 U.S.C. § 1681b]
(a) In general. Subject to subsection (c), any consumer reporting agency may
furnish a consumer report under the following circumstances and no other:
(2) In accordance with the written instructions of the consumer to whom
it relates.
Per 15 USC 1681 604 (a) (3) (F) (i), Nicholas Financial had Permissible purpose to furnish a consumer report.
(3) To a person which it has reason to believe
(F) otherwise has a legitimate business need for the information
(i) in connection with a business transaction that is initiated
by the consumer;
Customer originated a loan with Nicholas Financial on 02/24/2016. I have attached a copy of her contract.
Nicholas Financial never received a cease or desist from the customer so contact was maintained to service her loan.
As of 12/01/2022, all Nicholas Financial accounts were transferred Westlake Portfolio Management (WPM) for
account servicing. Nicholas Financial remains the lender and all servicing will
be managed by WPM. This transfer does not affect any of the terms, conditions
or obligations of the contract other than who services the account.
Initial Complaint
Date:12/28/2022
Type:Billing 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.
I had initially had an auto loan, paid it off and received a personal loan from the Nicholas Financial branch office in ***********, *******. A two-year loan, my final payment is due in January 2023. My payments have always been paid automatically via my bank account. I have never made a late payment. I received a letter from them stating as of December 1. 2022, my account has been transferred to *****************************, LLC' They listed a phone number to call for customer service questions and the letter stated if I had an existing agreement to automatically pay that they would no longer be processed by Nicholas and I would have to make other arrangements, listing options and a website for payment. I called the phone number and the representative did not have access to any information, stated he could not find the account number in the letter I received, asked me for the Vin Number for my car, and repeatedly asked me for my entire Social Security number. I responded by stating I did not have a car loan, that my car was only used as collateral on the loan, and that I was not going to give my personal information (Social Security) to what was clearly an offshore call center. Although the letter stated that as of December 1, 2022 no payments would be made to Nicholas Financial, I have the usual monthly charge deducted from my bank account on December 3rd/ I only have one payment left and no confidence that I can make this final payment. All the phone numbers for Nicholas Financial are invalid, they are now Westlake, I cannot access their payment website, and I have no verification of the remaining balance. This was not a car loan. It was a personal loan, my second personal loan through this company. I am at a loss as to how to proceed.
Business Response
Date: 12/28/2022
Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to them for account servicing. Nicholas Financial remains the lender and all servicing will be managed by WPM. This transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. The accounts are still Nicholas Financial customers and the accounts have not been sold.
After receiving this complaint, I tried to call the customer on the cell phone number we have on file ************. It rang a few times and then dead air. I was not able to leave a message. I confirmed that ************************************* has his account. His account number with them is ********. He can call WPM at ************ and provide this account number. They should be able to pull his account up without him having to give his full social security number. We did receive his last ACH payment on 12/01/2022. The payment information was passed on to WPM and posted to his account. After 12/02/2022, all automatic payments with Nicholas Financial were cancelled. He will need to make his final payment to WPM.
Initial Complaint
Date:12/22/2022
Type:Billing 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.
Nicholas Financial has transferred my debt making me unable to pay debt through app or website just saying you can no longer pay here call number i am so confused. They are charging me late fees like this change was a request of mine. At the time of relinquishing the debt from there company they issued a late payment to the credit reporting agency when in fact the payment system has been alter and compromised. In which case i was unable to make said payment and was waiting on response from company which i never received. Account: #******** Nicholas Financial are money hungry sharks i asked to switch my due date to suffice my pay schedule and one year later i owe more than the original debt paying *********************************************************************************** change of account all they want is money money money. I have knowledge that contract and rights and state laws have been violated and demand contact and resolution to the matter asap
Business Response
Date: 12/22/2022
Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to them for account servicing. Nicholas Financial remains the lender and all servicing will be managed by WPM. This transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. The accounts are still Nicholas Financial customers and the accounts have not been sold.
Customers received letters, emails and texts regarding the transfer.
If the customer went to our website after the transfer date to make a payment, they were redirected to WPM's website that outlined all of their payment options.
At the time of the transfer on 12/01/2022, this customer was still due for his 11/14/2022 payment. Since no payment was made in November, a late fee was assessed on 11/25/2022, which was prior to the transfer date. I have reviewed the account notes and did not see anything referencing a request for a due date change. Had the customer contacted his local branch, they would have assisted him with getting a due date that worked better for him.
Customer also did not provide proof of full coverage insurance, so CPI (force placed insurance) was also assessed on his account. I also have no record of him trying to contact us.
The customer should contact WPM *************) if he has any questions regarding his account.
Initial Complaint
Date:12/09/2022
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.
On Dec 1 I went to pay my bill threw Nicholas financial, on their website it directed me to a debt collector. Thinking this was a mistake I called the branch and it wouldn't even give me an option to speak to anyone sent me straight to the bill collector. Speaking to the debt collector they informed my my account was sent to them because it was 12 days late. That is completely unlawful because I wasn't 30 days late. There was no communication from Nicholas financial expect on Dec 2 I got a text and today ( Dec 7) I got a letter dated for November 30th which they knew I would not get this letter before the 1st. Nicholas financial is the most unprofessional company I have ever dealt with. They will not ************* at all! The way they sent my account out was shady and tells me what a sneaky company they are about ur personal information!
Business Response
Date: 12/09/2022
As per the letter the cusotmer attached to her complaint, Nicholas Financial has outsourced servicing of accounts to ***************************** and his has no affect of any of the terms, conditions or obligations.
Nicholas Financial has consollidated all of their branch locations and outsourced the servicing of all of our accounts, not just this customer. This action is by no mean derogatory nor does it have any different affect on ones credit. By federal law, when a 3rd party is servicing and collecting accounts for another company, they are required to identify themselves as a debit collector. Going forward all statements will come from Westlake, payments will be made to Westlake and the customer should contact Westlake to make arrangements for payments if need be, and Westlake may call her if she is behind on her payments.
Customer Answer
Date: 12/09/2022

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.
I would have liked a better notice from the company that they was going to use a third party for their service!
Sincerely,

*******************
Customer Answer
Date: 12/21/2022

Complaint: 18540154

I am rejecting this response because:
I had previously filed a complaint in the company for selling my information to a debt collector even though it was delinquent! I was informed that the company closed down the business in my area and it would not hurt my credit score but it did! It took 11 point from my credit because it now shows as a closed account and was sold to a another business! I want this fixed asap

Sincerely,

*******************
Business Response
Date: 12/22/2022
Nicholas Financial has partnered with ***************************** (WPM) to provide customer service and account management. As of 12/01/2022, all Nicholas Financial accounts were transferred to WPM for account servicing. Nicholas Financial remains the lender and the transfer does not affect any of the terms, conditions or obligations of the contract other than who services the account. All accounts are still Nicholas Financial customers and the accounts have not been sold.
The Processor of our credit reporting file has submitted these accounts to report as transferred for servicing. In doing so, the accounts were reported as closed with a zero balance. From my understanding, WPM will report a new tradeline with the new account number. I do not know when they will start reporting these accounts. I am unaware of how this reporting impacts the credit scores.
Customers should file any credit disputes with the credit bureaus.

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