Consumer complaint received 2017-08-28
Company: Cottonwood Financial Ltd.
State: TX
Product: Payday loan, title loan, or personal loan
Sub-product: Payday loan
Issue: Loan payment wasn't credited to your account

Complaint:
On XXXX XXXX, XXXX, i took out a payday loan with the Cash Store on XXXX XXXX XXXX XXXX, XXXX TX XXXX in the amount of {$1200.00}. With taking out the loan I was informed that anything paid over the amount due would pay toward the principle, however payments can either be paid in person or automatically ACH out of the my checking account, with payments that are due every pay day a portion would go toward the Principle as well interest that is accrued on a daily basis. Based on a time table of events on XXXX XXXX, XXXX, I made a payment of {$700.00} which would have been primary principle and 4 days worth of interest accrued. From there on allowed the Cash store to automatically ACH my checking account under the assumption that all payments being taken out a portion was going to Principle and the remaining going toward interest. However when calling in inquiring about the discrepancy payments being taken out as the most recent payment that came out on XXXX XXXX, XXXX7, was {$210.00} compared to past history of payments coming out of {$110.00}. I was informed that all of my payments were going toward interest instead of both Principle and interest. 

Based on the time line of events XXXXX XXXXXXXXXXXXX XXXXXXXX/XX/XXXXX/span> Received {$1200.00} loan XXXXX XXXXXXXXXXXXX XXXXXXXX/XX/XXXXX/span> Paid {$700.00} which should of dropped my principle balance considerably as well as lowered my balance subject to interest as well.
XXXXX XXXXXXXXXXXXX XXXXXXXX/XX/XXXXX/span> ACH {$45.00} ACH Can not confirm why this amount was taken out. 
XXXX ACH {$210.00} XXXXX XXXXXXXXXXXXX XXXXXXXX/X/XXXXX/span> ACH {$110.00} XXXXX XXXXXXXXXXXXX XXXXXXXX/XX/XXXXX/span> ACH {$110.00} XXXX ACH {$110.00} XXXX ACH {$110.00} XXXX  ACH {$110.00} XXXXX XXXXXXXXXXXXX XXXXXXXX/XX/XXXXX/span> ACH {$110.00} XXXXX XXXXXXXXXXXXX XXXXXXXX/XX/XXXXX/span> ACH {$210.00} After Calling and inquiring about why the {$210.00} was charged I was told that the amount differs because i was only previously paying interest. However at the time of originally getting the loan i specifically asked the clerk if I make a lump sum how would that figure with my balance she informed me that it would pay the amount subject to interest as well, take the principle down and payment moving forward would be deducted based on the amount subject to interest as well as a portion of the balance. I attempted to resolve this matter with the store directly they informed me that because I had courtesy calls turned off, they were not able to inform me of this matter. I responded the reason I had the calls turned off was because all I am told is how much is due then hang up which I already knew before hand. XXXX informed that anytime a call is made I was to be told the amount due, and exact distribution of the payment. I informed that this was not happening that again this is why i had the courtesy call discontinued. I was informed because of this that is why they can not assist in the matter. I was then provided with the phone number to Cottonwood Financial who is the Corporate company over the Cash Store, phone number XXXX attempted to call 3 times X/XX/2017 between XXXX to XXXX XXXX reached a recording that kept having me repeat action taken and not putting me through to a live person when trying to resolve.

Company response to consumer: Closed with explanation