Consumer complaint received 2017-12-29
Company: KILOWATT FINANCIAL, LLC, A SPRUCE FINANCE COMPANY
State: CO
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Charged fees or interest you didn't expect

Complaint:
XXXX XXXX XXXX is my lender for solar panels installed at my residence. Initially, the lender was " XXXX XXXX XXXX '' until my loan was transferred/sold to XXXX XXXX. 

Upon switching to XXXX XXXX there was no website or digital access to my loan. All correspondence was done via mail, sending a check from my bank. However XXXX XXXX switched to an online service at sometime in the summer of XX/XX/XXXX. This caused many errors and was apparently a difficult and poorly managed transition. 

My minimum payment was around {$78.00} for a one year grace period per initial contract with the solar manufacturer and XXXX XXXX. After this time period end a new amortization schedule was created making my minimum payment {$280.00}. All of this is fine. However there was also a Federal tax credit for installing solar panels. I received {$4000.00} in a tax refund that I sent in the form of a check to XXXX XXXX. Unfortunately XXXX XXXX lost this check and it was never cashed. Of course I had my bank cancel the check and then payed the minimum payment of {$78.00} for two months, since the {$4000.00} was supposed to have been paid in XX/XX/XXXX. Therefore I paid {$150.00}, which is exactly two months of payments for XX/XX/XXXX and XX/XX/XXXX. This was demonstrated to XXXX XXXX by sending them my bank account statements. 

Spruce Finance started claiming that I missed a payment and is now requiring me to pay two payments of {$280.00} with an additional {$15.00} per month of " late fees. '' They automatically drafted a payment of {$580.00} without my knowledge from my account. I called their XXXX number and spoke to several telecommunications agents that were not helpful in resolving the issue. I sent a fax on XX/XX/XXXX with my bank statements from XX/XX/XXXX and XX/XX/XXXX that shows I made the payments they are saying I missed. I also sent them a copy of the XX/XX/XXXX statement from XXXX XXXX that shows I owed a minimum payment of {$78.00}, pre-amortization. I received correspondence from them saying they received my fax are are again reviewing my account. However they are still saying I owe them {$600.00} in past due amounts. 

I have records from my bank that prove I never missed a payment. These documents have been sent to Spruce Finance and they have acknowledged that they were received. However they have done nothing to fix the problem. I have continued to make the minimum payments of {$280.00}. 

It appears that either Spruce Finance has poor account management, which poses a huge risk to consumers, or they are engaging is criminal practices that effect multiple clients. Essentially, they have skimmed $ XXXX monthly late fees from me when I have never missed a payment. At this point, given their inadequate communication ability, I am not sure I will get this money back. So who is benefiting from the money I have lost? This organization is ready for an external audit to expose their irresponsible and/or criminal practices. 

Thank you.

Company response to consumer: Closed with explanation