Consumer complaint received 2025-09-05 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Charged fees or interest you didn't expect — 
Company: TRUIST FINANCIAL CORPORATION
State: NJ

Complaint narrative:
FACTS AND TIMELINE I applied and was approved for a {$25000.00} loan for roofing material from Service Finance on XX/XX/XXXX. The work on the roof was completed on XX/XX/XXXX, at which point my loan officially commenced. I was advertised and promised a XXXX 0 % interest promotional period from XX/XX/XXXX until XX/XX/XXXX. The representative who helped me set up my account suggested I pay the minimum amount for the duration of the promotional period and pay the balance at the end of the period, which I agreed with. Henceforth, I paid {$740.00} every month starting XX/XX/XXXX, until XX/XX/XXXX. 

Since my promotional period was set to expire on XX/XX/XXXX, instead of making another minimum payment in the month of XXXX, I made 2 additional payments- one for {$10000.00} and another for {$5000.00}, both paid on XX/XX/XXXX. At that point, I had made 11 payments of {$740.00} ( total of {$8100.00} ) and two large-sum payments totaling {$15000.00}, so I had already paid off {$23000.00}, which means that my remaining balance was only {$2600.00} as of XX/XX/XXXX. On the very same day that I submitted the {$15000.00} payment ( XX/XX/XXXX ), I also set up a FINAL payment on the company 's website ( from my phone ) for the remaining balance on my account ( {$2600.00} ), to be paid the day before the expiration of the promotional period, XX/XX/XXXX. 

Service Finance now falsely claims that they never received that payment. Instead, they continued to charge me the minimum payment, which I did not notice until a few days ago because : ( 1 ) I considered that account closed for good as I had made all payments necessary during the promotional period ; ( 2 ) I am the sole caretaker of my infant child, and ( 3 ) Service Finance had continued to charge an account that I no longer use or monitor. Indeed, it appears that my last payment of {$2600.00}, which I had set up to be paid on XX/XX/XXXX never posted. Instead, Service Finance charged me {$740.00}, thus leaving me with {$1800.00} balance to be carried over a day after the promotional period. I was instead charged two payments that I never agreed to ( {$740.00} on XX/XX/XXXX and {$740.00} on XX/XX/XXXX ). 

Why the payment I set up " never posted '' remains an enigma - that payment would have brought my account balance to {$0.00}, and I had never agreed to be charged {$740.00} instead. 

Now, the {$1800.00} balance has multiplied by 4 times ballooning my current balance to a whopping {$7000.00}, thus imposing more than {$5000.00} in back interest on a {$1800.00} balance. A balance that was falsely created by Service Finance by pretending their system did not work and they " never received my payment ''. This was far from the first time I had encountered " technical issues '' with the company, and they all seemed to have to do with payments. 

SUMMARY & CUSTOMER SERVICE Service Finance has engaged in unfair and deceptive practices by inflating my loan balance from {$1800.00}, to over {$7000.00} as of today through the retroactive imposition of {$5000.00} interest at 23 % APR. In fact, they continued to charge my account without my knowledge or permission, and extracted another {$740.00} on XX/XX/XXXX, which brought my account balance down to {$1100.00}. 

Thinking that this is clearly a mistake, I called Service Finance yesterday and offered to pay my entire current balance ( {$1100.00} ) over the phone or online. They refused to accept my payment because they insisted that I owed {$7000.00} instead. 

A few times, I asked the supervisor I spoke with what the total amount of interest was that was charged during the life of the loan, and he clearly stated that it was {$130.00}. I asked point-blank multiple times whether they had charged me over {$5000.00} of back-interest because last time I checked my balance was around {$2000.00} and now it was over {$7000.00}. The representative laughed incredulously and said " Of course not! That would be ridiculous. '' I am glad I then checked myself and did the math because, indeed, they had done so. The company states that all of these calls are recorded, so I would love to obtain a copy of them. 

LEGAL 1. System Failure I had auto-pay set up, which failed due to Service Finances system error, not my negligence. Penalizing me for their operational failure is unreasonable and unlawful.

2. Misrepresentation A Service Finance representative told me that interest would accrue prospectively after the promotional period, not retroactively. I relied on that statement. Retroactively charging more than {$5000.00} contradicts their own employees representation and constitutes misrepresentation.

3. Unconscionability Transforming a {$1100.00} balance into a {$7000.00} balance represents a penalty more than six times the actual balance. This is grossly disproportionate, unconscionable, and an abusive lending practice. 

4. Pattern of Abuse Public reports ( e.g., a XXXX XXXX XXXX XX/XX/XXXX ) reveal multiple consumers experiencing the same failures : auto-pay errors, login/verification problems, and unclear disclosures. This is not isolated misconduct but a systemic predatory pattern.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with monetary relief