American General Finance Complaint - American General Financial mislead us on a loan
Resolution Update on 08/26/2010:
I must admit that I have to withdraw my complaint posted on 8/25/10. It was all due to a large misunderstanding. I had sent a letter to American General Financial containing the information I posted on this site. I received a phone call from the Regional Manager today stating that this was all a major misunderstanding and that application would revert back to its original status and the loan would be approved. The whole incident happened because of miscommunication between the home office and the local office. In speaking with the main office and the local office, everything has been settled to our satisfaction and we are now very happy with American General. Thank you American General. Donald G. Powers
COUNCIL BLUFFS, IOWA -- American General reviewed our credit report and suggested that we apply for a loan to refinance our home, consolidate some bills, and do some home improvement. We followed the requirements of supplying the proper paperwork and such. We were contacted a few times asking for different information. Each time we were told that the loan looked good. On 8/23/10, we received a phone call stating that our loan was OK'd and they needed some information about the bank that had our mortgage. When I called them back with the information they required, I specifically asked them if the loan was passed for sure and could we contact some companies about estimates on the home improvement. They said, "Absolutely". We contacted some companies and set up appointments. We also told a couple of our friends about our plans. On 8/24/10, we received a call stating that the loan was refused because of something that they saw on the credit report. This item that they mentioned has been on the credit report for 8 months. They should have seen it when they originally checked the credit report. Also, I might mention that our house which they would have had for collateral on the loan is worth much, much more than what the loan would have been for. I feel that we were the victims of unfair business practices. I suggest you don't deal with American General unless you want the rug jerked out from under you.