Consumer complaint received 2025-01-08 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Payday loan
Issue: Loan payment wasn't credited to your account — 
Company: Solar Mosaic LLC
State: TN

Complaint narrative:
This loan was a deferred interest promotion loan for 12 months, payoff within a year and the accrued interest will not be applied. 
End of the promotion and start of payments were on XXXX. 
Per the financing contract, in multiple areas but specifically pages 11 and 12 state how the deferred interest will be applied and payment application in priority order of each payment. 
Original Amount Of Loan : {$19000.00}. Monthly Payments : {$320.00}. 

Per the Contract : Page 11 " If you pay less than the entire Amount Financed during the Promotional Period, then when the Promotional Period ends, your Loan balance will reflect the unpaid Amount Financed and the interest that accrued from the date Disbursement Date ( s ). Your Loan will be re-amortized at the end of the Promotional Period and, assuming you are not in default under the Loan Agreement, your monthly payment will be lowered to an amount that will fully repay the Loan by the maturity date. '' PAYMENT APPLICATION : To the extent permitted by law, COPY VIEW During the Promotional Period, we apply payments to the Amount Financed. After the Promotional Period, we apply any payment we receive in the following order : ( 1 ) past interest and principal ; ( 2 ) current interest and principal ; ( 3 ) past fees ; and ( 4 ) current fees.

So far every payment that has been made has gone to the deferred interest ONLY and not the Re-amoritized amount as stated in the contract. And since the " Normal '' monthly payments are not being made, the account is accruing an additional interest balance at the same time. Increasing the total amount owed yet again the original loan balance has not decreased, re-amoritized etc. Each monthly billing cycle month after month actually indicate the number of payments left to be made and each month shows the number of payments left increasing, not decreasing. Also in my account details logged in, shows that there has been no interest paid what so ever during this time and with each billing cycle the " deferred interest '' shows up as random other fees, such as late fees and NSF fees. Overall appears as though I am not making my payments at all. 

I have called XXXX number for consumer loan services and every attempt has been a " Laugh in your face, we will do things how we want to '' experience. The entirety of my questioning is " Why are the loan payments not being applied as our contract states? ". Every answer given does not only have nothing to do with what is stated in the contract but attempt to be conveyed as " Well its in your best interest for the loan not to be re-amoritized because that will make your payments go up. Now you wouldn't want that would you? ". And also stated word for word " There is no one that can make your payments be applied as you are stating. The deferred interest has to be paid off first and will not be added to the loan balance ''. As stated in the contract.

Company response to consumer: Closed with explanation