I feel very mislead and misinformed about American General Finance's business practices and preformance. I am not however saying that the employees at this particular branch are horrible awful people that led me astray. The women that work there are very nice and pleasant and have tried to help my husband and I as much as possible. It is the company they work for that is in the wrong.
This is the second loan my husband and I have taken out with American General. The first loan was so easy, paid off, no problems with anything. We then found that we needed to take out another small loan the following year. The salesperson was eager to draw up the paperwork, add short term, life, and or disablity insurances to the loan. We declined. Then she asked us about the involuntary unemployment insurance.
This "just in case" insurance was explained as if one of us were to become involuntarily unemployed this would cover some of the lost income and cover our loan payments. We decided due to the harsh economic climate we would add this coverage to our loan for protection. We placed it in my husband's name (because he made the higher wages, in our household). We then went on our merry little way.
Imagine our surprise when my husband's job let him go! Well a week after he lost his job my husband ruptured a disk in his back between the L2 and L3 vertebra. We were told by the orthopedic doctor that our only option was surgery. So my husband had a spinal fusion done. We knew we were safe. We had all the bases covered.
Well my husband applied for unemployment benefits which we found out after calling American General "had to be done" and my husband had to be unemployed for at least 30 days before they would be able to file the claim. So we completed our end of the deal. We turned the rest over to American General.
Well we waited for several months and had not received or heard anything from American General or Yosimite Insurance (a sister company of AGF). So I called a few times and spoke with several different employees they all said they were waiting on a reply.
Well to our horror it was DENIED! Well my husband is still unable to work we are waiting to hear from SSI about disability for him. We are buried in debt and drowning. So now American General Finance is threatening to garnish my already stretched wages. Because we are now 4 months behind on our payments. Oh yes but in 8 to 12 weeks we can refile or claim and see what happens. We needed help and were paying for that ill fated life line. Now I don't know what I'm going to do I'm supporting myself, husband, and eight year old daughter.
Do not purchase or add on this "just in case" insurance / safety net. It's a crock!
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