Consumer complaint received 2025-02-28 00:00:00
Product: Payday loan, title loan, personal loan, or advance loan — Installment loan
Issue: Problem when making payments — 
Company: TRUIST FINANCIAL CORPORATION
State: NV

Complaint narrative:
We entered into a loan with Service Finance Company for a solar electric system which was installed. The terms of the contract had the first 18 payments at {$200.00}. The payments after the 18th would increase to {$300.00}, unless we paid a certain percentage of the initial loan balance. We believed the amount of principal paid needed to be 20 % of the initial balance. We believed this because of this language which is printed on the monthy statements, " IF YOU PAY 20 % OR MORE OF THE ORIGINAL AMOUNT FINANCED WITHIN 5 YEARS FROM THE START OF THE CONTRACT AND YOUR ACCOUNT IS CURRENT, YOU CAN REQUEST THAT YOUR REMAINING BALANCE BE RE-AMORTIZED FOR THE REMAINING SCHEDULED PAYMENT PERIODS IN YOUR CONTRACT. '' The initial balance was {$62000.00}. We paid {$14000.00} ( 23 % of the initial amount ) before XXXX XXXX ( the date the XXXX payment was due ). We requested the loan reamortization by email as instructed by a representative of Service Finance Company during a phone call. The request was made XX/XX/year> by email to the address provided, XXXX. We received a response by email from XXXX XXXX, XXXX, that included the reamortization contract. The amount stated in the new contract is {$240.00}. I contacted Service Finance Company by reply email that same day, XX/XX/year> asking for the amount of additional principal I would need to pay to have the payments remain the same. I received a response by email from XXXX XXXX XXXX XXXX XXXX explaining the original loan terms and the reamortization process, but it did not answer the question of the additional amount of principal I need to pay in order to keep the payments {$200.00}. I responded to the email and again asked the question of how much additional principal I needed to pay. I have a number of phone calls to their support number since then asking the same question, but the operators keep referring to the servicing team and can not provide an answer. I requested to speak either someone on the servicing team or a supervisor that may be able to assist. The operator says I can not speak to anyone on the servicing team and a supervisor is busy assisting others, but will call me back within 24 hours. Of the number of calls to the support phone number, only once did a supervisor call me back. His advice was to email the servicing team. I sent one more email XX/XX/year> asking for the amount to all of the email addresses who replied to previous messages, as well as the servicing team and the general support address, XXXX. I have not received a reply. I contacted the sales manager of the solar company we purchased the array XX/XX/year>. He explained the amount needed to keep the monthly payments the same is 30 %. This is information Service Financial should have provided in their reamortization language included with their monthly statements. I found we would need to pay an additional {$4000.00} to meet the 30 %. I went online to make that payment, and was presented with the following disclaimer " Please be aware that we are unable to apply unscheduled payments to future scheduled payments and that your remittance of unscheduled payments on your account does not relieve you of the requirement to make all subsequent payments. We utilize a 15 day billing period and generate your billing statement 15 days in advance of your next scheduled payment. Payments received during the billing period ( i.e. after the billing statement has been generated but prior to your payment date ) are applied to your oldest scheduled payment which is due. If you have remitted an amount in excess of your regularly scheduled payment, the excess is applied to outstanding late charges and then to unscheduled principal reduction. If you make an unscheduled payment prior to the start of your billing period ( i.e. prior to the generation of your billing statement ), we classify this as a partial prepayment of your account and apply the payment as a reduction of principal. '' If the servicing team at Service Financial had provided the information I asked and not stopped communicating with me, I could have made the additional principal payment outside of the 15 day billing period. Because they decided to not provide the information I asked, not all of my additional payment of {$4000.00} will be applied to principal. I believe they purposely did not communicate with me intending for me to miss these deadlines. I also believe they are trying to force me to sign the contract that I do not want.

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 non-monetary relief