Consumer complaint received 2023-08-17
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Problem when making payments — 
Company: Great American Finance Co (IL)

1. I have been having severe, ongoing issues with this company. 

2. There are two promotional balances on this account, with zero percent / eighteen month no interest. I have been experiencing ongoing issues getting accurate information about the two promotional balances, including accrued interest amounts ( pending interest that will be waived if the respective promo bal is paid within the 18 month period ). 

3. Promo balance # 1 currently has a balance of {$220.00}, expiring XX/XX/XXXX. Promo bal # 2 currently has a bl of {$1800.00}, expiring XX/XX/XXXX. 

4. On XX/XX/XXXX, I spoke with XXXX in Customer Service for Great American Finance. She created a plan for me to pay equal payments of {$260.00}, which is greater than the min payment of {$220.00}. I specifically requested for the payments to be applied as follows : {$81.00} towards Promo Balance 1 ; and {$180.00} towards Promo Bal 2. I made a payment for the {$260.00} to be applied accordingly. XXXX said she would forward my request to management. 

5. The company previously wrote in a letter to the CFPB regarding my now-closed complaint : " When payments are received that are in excess of the minimum monthly payment, the additional funds are distributed equally between both purchases. For example, if an additional {$50.00} is remitted, {$25.00} will be applied to the first purchase and {$25.00} will be applied to the second purchase. If a customer requests that the additional funds be entirely applied to the first purchase, that request will be promptly accommodated. '' 6. However, the company did not apply the payment pursuant to my instructions, according to my calculations. Promo bal 1 came down from {$320.00} to {$220.00}, a reduction of {$99.00}, whereas I had specifically requested that it be reduced by {$81.00}. Promo bal 2 came down from {$200000.00} to {$1800.00}, a reduction of {$160.00}, whereas I had specifically requested that it be reduced by {$180.00}. XXXX could not confirm how my payment was applied ( even though basic math produces the information ). She could not transfer me to a manager. She said she would call me back with the information and that a a manager would call me. 

7. Previously when promised a manager call back from Great American Finance, I have never received one. Nor have a received a call back this time. 

8. I spoke with XXXX at Great American Finance, after calling back. She said the min payment amount of {$220.00} consisted of a min payment of {$77.00} for Promo bal # 1 and a min payment of {$140.00} for Promo bal # 2. Based on my calculations, the company split my overage amount evenly between Promo 1 and 2 ( {$22.00} applied to each above the minimum also applied ). 

9. Therefore, it is clear that despite my request, my hours on the phone, my prior federal complaint, my meticulousness, my proactivity, and my willingness to pay extra, the company failed to follow my request for how my payments by applied. 

10. In conclusion, the company is negligently mishandling payments, refusing to honor customer requests for how payment amounts above the minimum are to be applied to the promotional balances. By refusing to keep its promises and by mishandling customer funds, we customers are left in constant fear of being charged Deferred Interest on the promo balances, no matter how proactive we are, no matter how meticulous we are, and no matter how much we are willing to pay before the promo expiration date.