Consumer complaint received 2021-10-05
Product: Payday loan, title loan, or personal loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: Solar Mosaic LLC (CA)

I was introduced to Mosaic as the loan servicer for a home improvement project I was pursuing on XX/XX/XXXX. The intended job was to be part of outfitting my roof with solar panels and Mosaic was to provide the financing. I was pre-qualified and signed the loan agreement. 

I understood that there were certain provisions prior to being billed for this loan such as the Solar Panel contractor completing a project and having a representative from Mosaic verify installation prior to sending the funds. 

My loan application was approved over the weekend with a report sent to me on XX/XX/XXXX. The amount was for {$45000.00} to be paid over 25 years with finance charges to total {$50000.00}. 

After inquiring further about my rights and deciding that I did not like the terms, I decided to cancel the project. To do so, I spoke with the solar contractor and did not have much difficulty with them. I also wrote a certified letter on XX/XX/XXXX, which was verified and received on XX/XX/XXXX. 

I believed the matter to be over and did not receive a subsequent message until XX/XX/XXXX. An email sent to me indicated I had a statement for review. I was unable to open the statement as I had never signed up for an account and did not want to hand over more personal info to this finance company. I sent an email the same day ( XX/XX/XXXX ) inquiring about these events. 

The email response from Mosaic indicated that the loan was already funded and could not be cancelled. I am unclear how this occurred as the project was already verified to be cancelled by the contractor. Additionally, how could a cancelled project be funded? What about the aforementioned verification of the installation? 

I called the same day and the representative stated that the loan was cancelled on XX/XX/XXXX. She was unclear why I was receiving the statement. Her explanation was that the auto-debit in the system was sending the alert and I should ignore it. She would disable the information and remove it from the system and I should not receive any more emails. 

However, on XX/XX/XXXX, I received another email stating that my loan closing certificate was ready and that my first payment was scheduled to be due on XX/XX/XXXX in the amount of {$150.00}. As I had already requested the matter to be cancelled and called just a week ago about the same issue, I realized there was something wrong. I called another representative the same day. The representative did not seem informed at all and needed multiple holds in order to answer basic questions on my account. 

After being placed on hold about 4 times, and waiting for about half an hour total, she summarized the issues to me. First, it appeared that my cancellation received on XX/XX/XXXX was never processed. She would send the cancellation process to the next step. I should receive a confirmation within 7 days. Secondly, I should still continue to make payments. Third, failure to make timely payments could damage my credit score. Fourth, any payments received if the project is cancelled would be refunded. 

At the time of this writing, it has been nearly 7 days and I am unable to wait any longer before taking action. Naturally, I was receiving the runaround just to get the project cancelled. I was especially suspicious about actually giving them money and believe the likelihood to see that money returned to be extremely small. Therefore, I sought help and assistance from wherever I could, including the CFPB.