Consumer complaint received 2016-07-31
Company: FIRST HORIZON BANK
State: PA
Product: Consumer Loan
Sub-product: Installment loan
Issue: Managing the loan or lease

Complaint:
My name is XXXX XXXX and I have a home equity loan with First Horizon. My account number is XXXX and my home address is XXXX XXXX XXXX, XXXX, PA XXXX. I have been making extra payments to PRINCIPAL on this loan every month for about 3 years now. This is now the 2nd time I have had to go through the CFPB to get an error on the part of First Horizon corrected. My current problem is that I I mailed in a check ( # XXXX ) for additional PRINCIPAL to First Horizon on XXXX XXXX, in the amount of {$1200.00}. This amount is totally separate from the {$490.00} that is automatically taken out of my checking account on the XXXX of each month as part of my installment payment. First Horizon received my additional PRINCIPAL check on XXXX. I know they received it that day because they have the " effective date '' listed as XXXX on my XXXX statement that was mailed to me. However, they list the " post '' date of the check as XXXX, which is 8 days later. In order for the additional principal to be counted towards the same month, it must be received and posted to your account by the XXXX of each month. My previous month balance was {$44000.00}. Ialwasy send in additional principal in amount that make round numbers. I had principal due of {$260.00} for XXXX ( as part of my automatic deduction of {$490.00}, with the other {$220.00} going to interest ), so that is why I sent an additional principal check of {$1200.00}. {$260.00} + {$1200.00} = {$1500.00}. Therefore, my previous balance of {$44000.00} in XXXX would have now been an even {$43000.00} for XXXX. However, when I received my XXXX statement, First Horizon DID NOT put the additional {$1200.00} to principal, even though they had my check by XXXX XXXX. Instead, they purposely posted it to my account XXXX day after the XXXX of the month, so they could charge me interest and prevent me from paying down my principal faster. My XXXX statement shows a balance due of {$43000.00} when it was supposed to be only {$43000.00}, resulting in me having lost {$210.00} of the PRINCIPAL sent it, with it all going to interest instead. I state that First Horizon does this on purpose because this went on for about 6 months about 2 years ago and I had to contact the CFPB to get it corrected. I even had a First Horizon Vice president send me a letter apologizing for their errors. 

For this current problem, I called First Horizon at XXXX on XXXX XXXX and spoke with a customer service representative. He took down all my information and apologized for their error. He took down my phone number and said someone would call me back in a few days. No one called back so I called First Horizon again on Wednesday the XXXX at the end of the day. I was told that each case is handled in the order they are received and that I would still have to wait longer for someone to call and to get my issue corrected. It is now XXXX XXXX, 9 days after I first called and no one has call me from First Horizon. Tomorrow is XXXX, so a new bank statement will be generated that will also be incorrect because the error from XXXX is still not corrected. I also did not know how much PRINCIPAL to mail in for XXXX because suspiciously, First Horizon left the " principal due '' and " interest due '' section of my statement blank. Every previous statement always shows my current principal due and my interest due. That is how I calculate the amount to send it to keep it a even numbers ( this way it is real easy to spot on of First Horizons endless errors with this loan ). 

To recap, they incorrectly used my PRINCIPAL check for interest, did not provide the " principal due '' or the interest due '' on my statement ( which I believe is illegal ) and have not called me back in 9 days. Since they refuse to call me back, I had no choice but to again go through the CFPB to seek help. 

Sincerely, XXXX XXXX XXXX ( h ) XXXX ( c )

Company response to consumer: Closed with non-monetary relief