Complaints

• Initial Complaint

  10/18/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I sent a large payment to be applied to the procioal amount of my loan. I called to informed them that I I wanted the payment applied to principal and noted for the payment. They did not apply it all to my principal and refused to correct it when asked.

  

  Business response

  10/31/2022

  Dear ******************,
  
  Propel Financial Services has been notified that you contacted the Better Business Bureau regarding your account with Propel. We take all complaints very seriously. Below is a response to your complaint,which we hope will provide clarification and resolve your concerns.
  
  Our records indicate that you made a payment in the amount of $11,800 to your account, P140651464, on July 12, 2022. Based on your complaint, your expectation was for the $11,800 to apply only towards your principal balance.
  
  Our policy and the Property Tax Payment Agreement you executed clearly states how funds will be ***************** are applied in the following order of priority: (1) Charges and fees, (2) Interest due, and (3) Principal balance.
  
  
  Because there were charges, fees and interest outstanding, your payment of $11,800.00 was applied as follows:
  
  
  $348.82 (charges/fees)
  $969.71 (interest)
  $10,481.47 (principal)
  
  
  Based on this, your payment appears to have been applied to your account correctly.
  
  If you would like to discuss this further, we are available at ************.
  
  Sincerely,
  The **************** Team
  **********************
  ************
  **************************************

  Customer response

  10/31/2022

  Complaint: 18239582
  
  I am rejecting this response because:
  

  I requested a payoff of my account on 10/18 and submitted my payment the next day, the money was supposed to close my account as requested through email. The payoff amount was sent through email stated $1600.55. My bank showed it was cashed but Propel did not credit my account and payoff. 

  I called on Oct 31 to confirm my payoff was completed and I was told by representative that it was applied as a payment and I still owed $1325.03. I asked how is there an additional $1325.03 after my payoff. 

  My account has not been closed, Propel have added an additional charge with no explanation. I'm sure I've been cheated out of my money. My "account manager" wouldn't even take my call.

  Regards,
  
  *****************************

  

  Business response

  12/08/2022

  Dear ******************,
  
  Propel Financial Services received notification that you rejected the original Better Business Bureau response regarding your account with Propel. Below is a response to your complaint and a timeline of events, which we hope will provide clarification and resolve your concerns:
  
  1.  Our records indicate that you requested a payoff quote on October 18th with a payoff good through date of October 21st, 2022, and we emailed the payoff quote to you on October 18th.
  2.  After we provided you the payoff quote, you then made a payment in the amount of $253.00 on our website on October 18th, 2022. This payment was rejected by your Bank due to a Frozen Account/Blocked Account. A $30 *** fee was added to your account due to the insufficient payment.
  3.  The payoff quote on October 18th, 2022, for $1,600.55 had a payoff good through date of October 21, 2022. We received the payment in the amount of $1,600.55 on October 28th, 2022, 7 days after the payoff quote expired. Since the payoff amount received was after the good through date of October 21, 2022, you accrue interest on the remaining principal amount until the loan is paid in full. Also, when we receive funds for a payoff, and the funds are not the full amount needed to pay off the loan in full, the funds are placed in a Trust account until we can speak with the customer to advise that they still have a balance outstanding. Your balance outstanding was the additional days of interest and the *** fee.
  4.  You then called on October 31st, 2022 and a representative communicated that your loan was not paid in full as the $1,600.55 was not sufficient to pay off the loan in full. Again, there were additional days of accrued interest and an *** fee still owed. The second representative you spoke with on October 31st, 2022, stated you would receive a refund, but this is not accurate.
  
  We appreciate your business and as a courtesy, we have waived the $30 *** Fee and the additional days of interest that accrued on the loan.  Your loan now reflects a $0 balance and we are in the process of completing a Release of Lien.
  
  If you would like to discuss this further, we are available at ************.
  
  Sincerely,
  The **************** Team
  **********************
  ************
  **************************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩