Date Received: 2019-12-21
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Their investigation did not fix an error on your report
Consumer Complaint: This particular account situation that is lately filing on my own credit document has a seriously unfavorable relation to my personal ability to obtain a present loan application. I highly recommend you generate verification that Credit Union has been reported completely in accordance with the Fair Credit Reporting Act regulations, it's really a serious problem to misreport. More confirmation of the aforesaid item too. My proper request must over, I was never 30 days/60 days/120 days late in any of my payments and I'm not greatly tuned in to the date opened so I prefer to ask you be investigated as soon as possible and confirmed to be correct. Thanks!
Company Response: Company believes it acted appropriately as authorized by contract or law
State: IL
Zip: 60618
Submitted Via: Web
Date Sent: 2019-12-26
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-19
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: I have a variable interest rate loan with the interest rate tied to one-month LIBOR, as described on Page 3 of my loan 's promissory note : " he variable interest rate is based on the 1-month London Interbank Offered Rate ( LIBOR ) ( currency in U.S. dollars ) that was published on The XXXX XXXX XXXX 's website ( or any generally recognized successor method or means of publication ) on the XXXX day of the calendar month immediately preceding each " Change Date '', as defined below. If LIBOR is no longer available the servicer will choose a comparable index. The interest rate on my loan will change as described below throughout the life of my loan until all amounts owed are paid in full ( whether before or after default, and whether before or after the scheduled maturity date of my loan ). My variable interest rate and Annual Percentage Rate ( APR ) will increase or decrease if 1-month LIBOR described above changes. The variable interest rate is calculated by adding the margin stated at the top of this Note to the 1-month LIBOR index published on the XXXX day of the calendar month immediately preceding each Change Date, as defined below, rounded to two decimal places. ( If the XXXX day of the month is not a business day or is a holiday, the reference date will be the most recent date preceding the XXXX day of the month that is a business day. ) The variable interest rate will change on the first day of every calendar month ( " Change Date '' ) if 1-month LIBOR changes. '' So, per the terms of my Promissory Note, for a given month, my interest rate is determined by rounding the rate published in the XXXX XXXX XXXX on the preceding XXXX of the month to two decimal places. Effective XX/XX/2019, Mohela, my loan 's servicer, is showing my loan 's effective LIBOR rate as 1.71 %. However, the rate published by the XXXX XXXX XXXX on XX/XX/2019 was 1.70275 % ( emphasis added ). The rate can be easily verified by visiting any local library and/or contacting the XXXX XXXX XXXX. Rounding this amount, per the terms of my Promissory Note, results in a rate of 1.70 %, not 1.71 % as is currently being applied. I have contacted Mohela multiple times about this matter and they state that, even though my loan is not being serviced in accordance with the terms of my promissory note, there is nothing that they can do to change the interest rate. Despite my insistence that they research this further and asking to have the issue escalated, Mohela is giving me the runaround. This is completely baffling to me - I am not the only one affected by this issue and I can not understand why a student loan servicer would be so apathetic when an error is pointed out. I would like the CFPB 's help in compelling XXXX XXXX / Mohela to service my loan correctly which, in this case, means retro-actively adjusting my applied interest rate to 1.70 % rather than 1.71 % for the month of XXXX, as well as doing the same for ALL affected customers.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: NC
Zip: 28209
Submitted Via: Web
Date Sent: 2019-12-19
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-10
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: On multiple occasions I've used Mohela 's " pay by loan '' feature to submit payment targeting specific loans to have them be paid off so I can save on the interest. Well, rather than submitting payment as I instruct, Mohela will generically submit the payment to all outstanding loans and just push forward my due dates. While I make payments on other loans, the ones that have had their due dates extended simply sit and collect interest. So instead of paying off the loan, months later I'm faced with a large accrual of interest! This is predatory lending and an attempt to keep servicing the debt even after I've given specific instructions to pay off the debt. Mohela owes me the interest thats accrued when the loan should have been paid off. They have misapplied many of my payments over the several years I have been repaying my loans but this latest one was simply the straw that broke the camels back. When you try to communicate, the representatives are either completely untrained or simply indifferent and on several occasions I've simply given up on trying to get something done. Please intercede.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: FL
Zip: 322XX
Submitted Via: Web
Date Sent: 2019-12-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-12-05
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: Mohela owes me {$200.00} for a loan repayment overpayment. Mohela also owes me {$40.00} for a payment it processed but failed to apply to my loan or refund. It is attempting to scam me out of these funds.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 20850
Submitted Via: Web
Date Sent: 2019-12-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-11-20
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: XXXX Mohela owes me more than {$200.00} as a result of a loan repayment, but refuses to send my funds.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MD
Zip: 20850
Submitted Via: Web
Date Sent: 2019-11-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-11-20
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: I have a variable rate loan that resets monthly on the XXXX. a couple months ago i noticed that the payment went up and started looking harder at is because several things happened that month where the payment should have been reduced : 1. the fed cut rates 25bps and libor reduced accorting ; 2. the day count was lower and 3, it should have been calculated off a lower principal balance since i'm current and the loan is amortizing. so when i questioned they said it was a " timing difference '' and the extra amount goes to principal ... i have been asking for proof of the calculation but they will not provide. they only provide my payment history. i want to make sure they are applying the excess interest to the principal ... .it doesnt appear they are doing so and i have no transparency into how excess is applied. i asked for the calculations, - what should have been the interest and principal amount, and what actually got applied ... thus showing the difference. they claim they can not provide me that information. i believe they are just pocketing the difference rather than actually applying it to principal. they sent a table but i believe it to be incorrect as they never recalculate the starting balance to reflect the excess payment so i'm always paying extra interest on the higher starting balance. it should be easy for them to pull those historical numbers.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: CA
Zip: 92673
Submitted Via: Web
Date Sent: 2019-11-20
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-11-13
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: XX/XX/2019 I sent a letter to XXXX asking them to investigate MOHELA. I asked XXXX to get MOHELA to send the original contract of the loan with my signiture and XXXX failed to provide me with that information. Instead XXXX sent me dispute results saying item is updated with out any proof that an investigation was done.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: MI
Zip: 48507
Submitted Via: Web
Date Sent: 2019-11-13
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-10-31
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: Around XXXX of XXXX MOHELA, the company that bought my student loan a few years ago, increased my monthly payment on my Income Contingent Repayment Plan by over {$1000.00} without notifying me. Because they did not notify me of the increase, I continued paying the same amount that I had been paying for the last 16 plus years. I found out about this $ 1000 monthly increase in XXXX of XXXX when I tried to get a loan for a house and I was told that my credit had a problem. The problem was that MOHELA had reported that I had missed 3 monthly payments. At that time I contacted MOHELA and they immediately corrected the payment to reflect the exact same amount that it had been for the previous 16 plus years. MOHELA then sent me a letter that said I was in good standing. HOWEVER, they did not rescind the notifications they previously sent to the various credit reporting agencies. Due to the fact that the notifications they sent were not accurate, I disputed their claim that I had a late payment. I contacted XXXX, XXXX and XXXX. But MOHELA refused to rescind their notifications with any of these agencies. This led to a correspondence between MOHELA and myself that lasted several months that involved MOHELA giving me the run around. So I filed a complaint with the XXXX XXXX XXXX. Still MOHELA refused to rescind the inaccurate notices to the credit reporting agencies. My credit score is still hurting because of this.
Company Response: Company believes it acted appropriately as authorized by contract or law
State: IL
Zip: 60302
Submitted Via: Web
Date Sent: 2019-10-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-10-29
Issue: Dealing with your lender or servicer
Subissue: Don't agree with the fees charged
Consumer Complaint: To the Consumer Financial Protection Bureau : I am writing to make an official complaint against Mohela, my federal student loan provider, regarding the capitalization of > {$10000.00} in accrued interest on my loan after I entered the first payment period. I graduated from the XXXX XXXX XXXX XXXX XXXX XXXX XXXX on XX/XX/XXXX, repayment for the first time. I believe that the capitalization of my accrued interest is an unfair business practice and I was deliberately misled by Mohela regarding the capitalization of my loan. I have called Mohela to discuss my loan >5 times between XX/XX/XXXX and XX/XX/XXXX and was never told that the accrued interest would capitalize. The two signed promissory notes, one for XXXX XXXX XXXX XXXX ( XX/XX/XXXX ) and one for XXXX XXXX and XXXX XXXX XXXX ( XX/XX/XXXX ) both state that accrued interest " may '' capitalize and the subsequent interest statements that I received also said that interest " may '' capitalize when my loans enter repayment after graduation. None of the paperwork that I signed ever clearly stated the rules and conditions under which this judgement would be made by Mohela. " May '' is a deliberately vague and misleading description that leads me to believe Mohela made the decision to capitalize my accrued interest at their own discretion, and in a deceptive manner. This business practice will likely result in an increase of > {$4500.00} in loan repayment to Mohela. I am happy to provide any additional documentation from Mohela that is necessary to review my claim. I hope that the CFPB will assist me in this matter. Kind regards, XXXX XXXX
Company Response: Company believes it acted appropriately as authorized by contract or law
State: OH
Zip: 453XX
Submitted Via: Web
Date Sent: 2019-10-29
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2019-10-27
Issue: Dealing with your lender or servicer
Subissue: Need information about your loan balance or loan terms
Consumer Complaint: Dear CFPB : I am writing to make a complaint about my loan servicer, Missouri Higher Education Loan Authority ( MOHELA ). Quite simply, I am trying to obtain my loan history dating back to my direct consolidation in XXXX. But MOHELA has been unable or unwilling to provide this information. Thus, I would appreciate your assistance in prompting MOHELA to provide this information. Here is a summary of the facts : On XX/XX/XXXX, I submitted a request through MOHELA 's secure message system for all my payments since XXXX. The next day, MOHELA replied with an attachment that it claimed was " the financial activity from XX/XX/XXXX through XX/XX/XXXX. '' But it wasn't ; rather, MOHELA sent me an attachment that -- quite strangely -- only covered XX/XX/XXXX to XX/XX/XXXX. Even stranger, the attachment was titled, " Payment History Before Mohela [ sic ]. '' Again, it wasn't. Further, MOHELA indicated they would send a separate message with the payment history from XX/XX/XXXX to the present. The same day, XX/XX/XXXX, I replied to MOHELA, explaining that their attachment didn't cover the timeline specified. On XX/XX/XXXX, MOHELA responded with the second part of their message. MOHELA write in part, " We apologize for any confusion or frustration this matter may have caused. The attached document lists the payments made during time prior to your loans being serviced by MOHELA. '' This was unresponsive. I was asking for the period from the date I consolidated the loans ( XX/XX/XXXX ) to the present. I don't understand why MOHELA kept reverting back to wanting to provide my payment history before my loans were serviced by MOHELA. No matter, the attachment that MOHELA provided this time was unopenable. So on XX/XX/XXXX, I sent MOHELA yet another message simply trying to get the same information. In my e-mail, I wrote in part, " I could not open your attachment. When I tried, it gave the error message " could not open ... because it is either not a supported file type or because the file has been damaged ( for example, it was sent as an email attachment and wasn't correctly decoded. '' Can you please either make the corrections and resent it as a secure message attachment or simply print and mail it. From this most recent experience with MOHELA 's customer service, I suspect that the company is still struggling with low service employees, low tech systems, and poor management.
Company Response: Company believes complaint is the result of an isolated error
State: TX
Zip: 77056
Submitted Via: Web
Date Sent: 2019-10-31
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A