Voltage Reducer Problem

[Telg8n]

I have upgraded my EZGO TXT to 48 volts. I have a 3 position key switch. I also have a 25 amp voltage reducer to run my 12 volt accessories. The accessories will be a charger receptacle and light kit. I have the reducer wired from the L spade on the switch to the input side of the voltage reducer. I have the negative on the input side of the reducer connected to the negative of the battery pack. I then have the positive output connected to a fuse block and the negative output side connected to a grounding terminal. I have looked at Scotty B's wiring diagram for this and believe I have connected everything accordingly.

Here is my dilema. When the key is in the 2nd position and no accessories on I get a reading of 12.7 volts at my positive fuse block and ground terminal. However, as soon as I turn on my headlights or plug something into my accessory receptacle, my voltage at the positive fuse block and grounding terminal drops to around 2.0 to 2.5 volts. My lights won't come on nor anythig plugged into my receptacle. Can anyone help me out with a suggestion? Is my voltage reducer bad? Any help is very much appreciated.