I got a small loan with Security Finance back in December for $388.18 with payments of $75 for 7 months and since then have mailed them my monthly payments each month which was due on the 29th of each month. I never missed a payment and always paid an extra $25 all but one time when I only paid the mimimum of $75. Each month after mailing my payment I saw that the check was cashed either the next day or 2 days later and was applied to my account. On Thursday May 23rd I called the Lebanon office to find out my payoff amount. I made a check out for the exact amount I was told and mailed it to them that same day. It was around $134.00. It was $133 and some change but I honestly made the check out right then and the only place I wrote the amount I was quoted was on the check I mailed and I did'nt take note of the exact amount because I trusted them to cash it in just a couple days like they had all my others payments and I always round up when balancing my checkbook so I entered $134.00 I my check register.
I expected that this last and final payment would also be applied to my account within 2 days like all the others yet on May 29th when I checked my bank account I saw that it had not cleared my bank yet so I called Security Finance to ask why. I honestly can not be certain of the name of the lady I spoke to but I think it was Carol and I was told they had not received my payment. The lady sounded nervous on the phone and when I assured her they had to have received it I mailed it 6 days ago she told me that maybe the post office misplaced it, she remembered me calling Thursday May 23rd and said she would make a note of my call but that I now owed additional interest and to call back tomorrow they might get it by then.
I am very upset because I do not believe for one second that my payment was lost in the mail. I had this EXACT same thing happen with them several years ago with a different loan I had with them and again it was only my last and final payment that coincidently got lost in the mail. For this to happen to only my final payment not one, but 2 times is more than a coincidence. I honestly feel they received my payment on Friday the day after I mailed it and they are not applying it to my account so they won't miss out on month end bonuses or something. I understand this is a serious accusation but I am not the only one who has experienced a lost final payment with them. My own mail lady remembers me mailing the payment and can vouch that I did.
I called the Post office and spoke to the delivery superviser who told me they had received numerous complaints from others who had mailed final payments to Security Finance and other finance companies and those payments were being reported as lost or never received. It only seems to be the final payments that ever get lost so there is something very wrong here! I also am friends with the manager of World finance in Mt Juliet who told me they do busness very similar to Security finance and it would be beneficial for Security Finance to hold my payment until the first of the month so they can keep my account on the books for month end credit and bonuses ect and it would not look as good if I paid my loan off early.
I have never had any mail lost with the post office in my life except for 2 final payments I mailed to Security Finance. I know in my heart that both payments were delivered on time and just not applied for their benefit because I did not use delivery confirmation. The ladies in that office assumed they could get a way with it but this is too big of a coincidence to be happening again and the fact that the delivery superviser has received numerous other complaints makes it obvious that there is a serious issue here. The first time I gave them the benefit of the doubt but this time I am certain I am being lied to. I have too many friends who work at the post office to believe they lose just my final payments and other people's final payments yet none of my other mail or anyone else's ever gets lost.
I have certainly learned my lesson about not using delivery confirmation and trusting that people are honest enough to respect my business and treat me right especially when I have been a dependable and well paying loyal customer! I called the office back like the lady told me to yesterday to see if they ever received my payment and was immediantly placed on hold and they never came back to me and I was eventually disconnected. It seems they avoided me all together so I have reported this to the BBB and the FTC and I am just sickend by this.
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