Consumer complaint received 2025-07-18 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem with the payoff process at the end of the loan — 
Company: TRUIST FINANCIAL CORPORATION
State: OH

Complaint narrative:
XX/XX/XXXX, XXXX EDT I spoke with XXXX XXXX, representative at Service Finance Company, LCC ( Customer Service is in the XXXX ) that is the only contact number available to XXXX  customers. The company headquarters and operations are located in XXXX XXXX, Florida at XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, Florida XXXX. 

I told her I would like to payoff my loan. She provided the Payoff amount {$10000.00}. I have a copy of the Payoff Notice dated XX/XX/XXXX and an email from XXXX XXXX with the mailing address I requested to mail my certified check by XXXX. The same day I went to my bank received the certified check and mailed it by XXXX and enclosed a letter stating in the letter " This payment is tendered with the express understanding of accord and satisfaction, serving as full and final payment for all obligations related to my loan account, thereby discharging all debits. Acceptance and negotiation of this check will constitute your agreement that all outstanding balances on my loan are fully satisfied and paid in full. I also enclosed a copy of the Payoff Notice as proof of the payoff amount dated XX/XX/XXXX. Service Finance received the XXXX  on XX/XX/XXXX XXXX XXXX  signed by XXXX XXXX at the locations XXXX XXXX told me to send it to, Service Finance Company , LLC, ATTN XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX, MD XXXX. The check was posted to my account on XX/XX/XXXX, reference # XXXX. I called Service Finance on XX/XX/XXXX XXXX XXXX, they show me owing a balance {$15.00} with a due date of XX/XX/XXXX and a principal balance remaining of {$15.00}. as of today, the principal balance remaining has increased to {$15.00}. There is inconsistence with their website. Under the Payment Center they have my payoff posted to the left it has " There are currently no scheduled payments, at the top it has " Your next payment will be due XX/XX/XXXX ''. 

I called customer service on XX/XX/XXXX, regarding the {$15.00} payment due on XX/XX/XXXX. She told me they would waive it, allow 24-48 hours for it to get waived. Once it is waived, I would receive an email confirmation that it was paid in full. I asked her to have a manager, preferably an XXXX  representative call me. I did not receive an email or a phone call. I checked the website they have not waived. They are charging me a daily " per demi interest rate ''. That is another issue I have with this company. The loan I signed and agreed to is an installment loan with a fix interest rate for 15 years. No where in my contact does it reference a daily " per demi interest rate '' from the last payment to the next payment. I was set up with Service Finance Company through my roofing company XXXX XXXX XXXX. 

They do not follow a standard installment amortization ; therefore, my payments are not being applied as an amortization installment loan. My interest and principal would be more consistent monthly. There was one month they applied XXXX to my principal. There is no monthly consistency with interest and principal because of the additional per diem interest that was not mentioned in my contact. 

Example of their calculation for fix interest plus a daily per diem interest : Current loan amount multiplied by interest rate divided by 365 calendar days ( 366 for year XXXX leap year ) equals per diem interest rate multiplied by number of days starting from the day after you last payment date to the current payment date. 

I have called them every month for the past 6 months to explain to me how they come up with my interest/principal amounts. Using the calculation, they provided doesnt always agree with what I come up with. My initial load amount was {$10000.00}. I have made 6 monthly payments {$800.00} ; my payoff balance was more than my original loan amount. In 6 months, I have gain mothering but aggravations trying to understand how my payments were calculated and applied. Very confusion and difficult experience with customer service. 

Any assistance you can provided me to get this resolved without any additional financial hardship would be greatly appreciated. I am a XXXX, this is causing me undue XXXX.

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 explanation