Date Received: 2020-04-03
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: I am writing regarding a student loan with NavientXXXXSallie Mae. To my surprise I was notified today by the credit reporting agencies that my student loan with Navient was reported 60 days late on my credit report. I was able to see the reporting with XXXX and XXXX which immediately dropped my credit score by 100 points. I was never made aware that I was delinquent as I have automated payments set up to draft monthly from my checking account. I called the lender after the credit reporting incident on XX/XX/ 2020 to discuss why they did not take automated payment. The representative I spoke with was extremely rude and on a power high. She basically said " I got ya '' in a tone of blackmail as a delinquency was reported. I tried to explain that I had an automated payment set up and as far as I know credit reporting on delinquencies for student loans occurs at the 90 day mark. I explained that to the rep in which she said it does not apply to them and that I could dispute the information with the credit reporting agencies. She mentioned that they had tried to reach out to me to make me aware but I never got a call nor did anyone leave me a message. I was contacted back in XXXX to discuss a suitable long term repayment plan with the lender, however I was not made aware that the automated payment expired. I am under the understanding that my loan is being automatically drafted monthly. While I had her on the phone, I mentioned that with the Covid-19 Crisis that everyone is now on guard taking care of themselves and loved ones and it is easy to be distracted or not answer solicitation calls at this time. I asked what they had to offer during this crisis in terms of helping us with loan payments and credit reporting. The rep laughed and said it was nothing personal but I needed to make a payment no matter what, crisis or not. As far as I know, I should have automated payments set up on my account. I tried to reason with her that this reporting will destroy my credit and any hopes of financial stability during this crisis that is hitting our nation where we need to stick together. I have never spoken to anyone as cold as this rep. Unfortunately, I did not get her name but she paints a horrible picture as a representative of this company, especially during a national pandemic crisis. Keep in mind I am currently enrolled as a XXXX XXXX XXXX at XXXX XXXX XXXX University and I am on a limited budget, yet I have automated payments set up as piece of mind. I know that it is money that I used and I am responsible for it, however, what happened was the lender 's mistake or an oversight by me during a crisis we are dealing with. All lenders out there are doing their best to help their customers during this crucial time, yet Navient took it upon themselves to cancel my automated payment without my knowledge, report the delinquency to the credit agencies then treat me like a criminal and demand payment. I just made a large payment to make my account current during a time when people have lost their jobs, including myself, and I don't want to risk anymore negative reporting, yet with the drop of 100 points in my credit report I will likely lose many accounts with other creditors due to this derogatory information reported by Navient.
Company Response:
State: NH
Zip: 03060
Submitted Via: Web
Date Sent: 2020-04-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-03
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: SITUATION : I set up an automatic monthly payment of {$820.00}. on my consolidated student loans in XX/XX/XXXX after my deferment ended while I was in graduate school, and I have not missed a payment. I reviewed my statements in XX/XX/XXXX back to XX/XX/XXXX and noticed that the way interest was being charged on my loan was not correct. As the principal is paid down, the amount amount of interest should go down, and the amount credited to principal should go up each month as in a mortgage. That was the way I set up the interest to be charged, but it was not being charged that way. The interest amount stays roughly the same month to month. ACTION TAKEN : I called Navient and talked to customer service who could not correct the problem. I asked to be transferred to a supervisor. RESULT : The supervisor confirmed that the interest was not being charged correctly. He told me I would receive a letter in 3 to 5 business days telling me how Navient would correct the issue. About three weeks later, the letter came. The letter summarized the capitalized interest while my loans were in deferment. It did not address how the interest was currently being charged since the loans came out of deferment in XX/XX/XXXX. ATTACHED : Attached is one of the statements that I have highlighted the interest and principal totals paid, which is similar interest amount to all the other statements. Also, highlighted is a section called " How do I pay with instructions? '' that details how a customer can instruct the lender to allocate interest differently so the consumer does not pay more interest than needed on the loan. Also attached is a copy of the letter from Navient showing they did nothing to address the problem. DESIRED ACTION : I want Navient to apply the payments since XX/XX/XXXX as I directed so that as the principal is paid down monthly, the monthly amount going toward interest is also reduced.
Company Response:
State: CA
Zip: 90065
Submitted Via: Web
Date Sent: 2020-04-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-02
Issue: Struggling to repay your loan
Subissue: Problem lowering your monthly payments
Consumer Complaint: On XXXX XX/XX/2020, I inquired with Navient about applying for disaster forbearance due to the Covid-19 pandemic. I did not authorize Navient to put my student loans in forbearance at that time. On XX/XX/2020, I received an email from Navient stating that my loans had been placed in disaster forbearance. The email further stated that my loans would continue to accrue interest at a rate of 3.5 %. This rate is higher than my previous interest rate of 2.275 %. I called Navient on the afternoon of XX/XX/2020 to inquire : 1 ) Why my loans had been put in forbearance without my authorization, and 2 ) why my interest would go up if the loans were in forbearance. The representative and supervisor with whom I spoke apologized for putting the loans in forbearance without my authorization. I then asked about the increase in the interest rate. They stated that the interest rate would increase because I would no longer receive certain discounts while the loans were in forbearance. The discounts are : 1 ) a 0.225 % rate reduction for payments made by automatic withdrawal from my bank account, and 2 ) a 1 % rate reduction for consolidated loans. I understand why I would not receive the discount for automatic withdrawal. But, denying the rate reduction discount for consolidated loans is predatory. If the interest on my loans only increased by 0.225 %, then they would accumulate {$1400.00} in interest over the 3-month forbearance. If the interest increased to 3.5 % as Navient says, the loans would accumulate {$2000.00} in interest. Thus, Navient would make an additional {$590.00} from my loans. At a time of national crisis, Navient is trying to profit off of the financial difficulties of hard-working citizens. Their disaster forbearance should allow lenders to continue with their previous interest rates or at the very least keep the discount for consolidated loans.
Company Response:
State: OH
Zip: 43606
Submitted Via: Web
Date Sent: 2020-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-02
Issue: Dealing with your lender or servicer
Subissue: Trouble with how payments are being handled
Consumer Complaint: I currently have a Unsubsidized Consolidated Loan with Navient. I took the standard 10 year repayment term and have been paying by automatic bank drafts every month. I have never been late and have made extra payments to my loan in order to pay off this loan early saving myself approximately four years in interest payments. In the past I have felt, as has been alleged in charges filed against Navient, that they have never acted in my best interest. I always came out on the wrong end of the stick so to speak. I have managed to repay this loan and can potentially pay it off within the next 16 months saving me a large amount of interest and time in terms of the length of the original ten year repayment term. Navient, now curiously that the 0 %, interest has been offered by the Federal Government, wants to increase the length of my loan. I had strategically been increasing my payments in order to take advantage of the 0 % government mandated change to Federal loans in repayment ... of which my loan qualifies. Navient now wants to extend my loan repayment timeline, stating they NOW notice that there is a much shorter time line, based on the payments I have made, for the loan to be paid off. That of course from my perspective is the point. That was my intent all along. I did not request any change to my loan agreement. Frankly, I suspect Navient does not seek to act in my best interest. They have never acted in my best interest in the past. I have sent an email on their internal email site asking them to explain how does what they are suggesting, increasing the time for repayment, help me? I fail to understand how what they propose helps me at all. I did not ask them to change the terms of my loan and demanded that they leave my loan alone and uphold the terms of my original agreement, unless they can show exactly how I can benefit. I am concerned that other Navient clients in the same position fortunately that I am, may be taken advantage of by Navient, with clients wanting to use the 0 % interest rate to their advantage. They did not seek to make any changes prior to this 0 % interest rate. They were happy to charge the exorbitant 6 %. Now why the rush? I suspect it's because the rates are now in the borrowers favor to take advantage and significantly move towards paying off their loans.
Company Response:
State: GA
Zip: 30189
Submitted Via: Web
Date Sent: 2020-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-02
Issue: Written notification about debt
Subissue: Didn't receive notice of right to dispute
Consumer Complaint: The company XXXX XXXX XXXX XXXX began garnishment of my paycheck without serving me any paperwork. I don't know if I've been sued or what or when the court case was. They are also in violation if the CARE Act by refusing to stop student loan collection after XX/XX/2020.
Company Response:
State: TX
Zip: 76048
Submitted Via: Web
Date Sent: 2020-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-02
Issue: Took or threatened to take negative or legal action
Subissue: Threatened to sue you for very old debt
Consumer Complaint: I received a Letter from XXXX XXXX XXXX XXXX, XXXX XXXX. XXXX XXXX. XXXX, GA XXXX. with a Contact # XXXX. Dated XX/XX/20. CREDITOR : NAVIENTFAMS ID NUMBER XXXXINTEREST {$1900.00}, with a PRINCIPAL {$70000.00}, OTHER CHARGES {$40.00}, TOTAL {$72000.00}. Listed on the Letter is a XXXX XXXX, Vice President of Operations @ XXXX. I have requested for the Umpteenth time to be Released as Co-signer from all Loans.
Company Response:
State: CT
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-02
Issue: Improper use of your report
Subissue: Reporting company used your report improperly
Consumer Complaint: I was hit with a hard inquiry that I did not initiate - Three of them actually - and I need them removed from my credit. Talking to the company was either inconclusive, ignored or impossible ( not able to contact ).
Company Response:
State: TX
Zip: XXXXX
Submitted Via: Web
Date Sent: 2020-04-02
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-01
Issue: Problem with a credit reporting company's investigation into an existing problem
Subissue: Investigation took more than 30 days
Consumer Complaint: RE : XXXX This request is in response to your tradeline listed on my personal consumer file related to potential negative debt ; referenced above. I am aware that your company has the ability/legal rights to report this debt to the credit bureaus as you deem necessary. Furthermore, you have the ability to change the listing since you are the information furnisher. Unfortunately, the negative item is factually accurate, reporting the negative mark was well within your right, even if it damages my credit standing. As granted by the fair debt collection practices act, I fulfilled my right to dispute this debt. Today, with the account being closed ; I see no other reason for your tradeline to remain on my file accept to maltreat. Not every merchant reports your credit activity the same way. Some lenders report to all three agencies ; some to just one. And because theres no legal obligation for merchants to report credit information, some never report your activity to any of them. Its completely voluntary. In addition, not every vendor do business on credit. For example, doctors dont typically report your payment activity to credit reporting agenciesunless they send your bill to a collection agency, at which point it will likely show up on your credit reports as an outstanding debt. There are laws, however, governing how your activity is reported. In 1970, the Fair Credit Reporting Act created a legal framework for credit reporting agencies and outlined the rights of consumers as wellincluding your right to a free copy of each of your three credit reports annually. Because credit reports can contain a lot of information, credit scores were developed to sum up the credit behavior reflected in credit reports with a convenient score. Above all, improving my overall credit worthiness is why I request a complete removal of your tradeline. In conclusion, thanks in advance for considering my request.
Company Response:
State: MD
Zip: 21207
Submitted Via: Web
Date Sent: 2020-04-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-01
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Since before XXXX of 2019, there has been a company called " Pioneer '' that has been harassing myself XXXX, and my son XXXX. They claim to have a partial loan of {$24000.00} in their ownership, and keep harassing me to apply for a payment plan. I'm already paying this same exact loan through the U.S. Department of education. Through the U.SXXXX Department of Education, I've already paid over {$10000.00} through garnished wages and garnished income tax refunds taken from my son and myself. My son went to XXXX XXXX XXXX from XXXX XXXX for 9 months, after that he joined the XXXX XXXX XXXX ... Where the military paid for his studies from that time and on. My son is a XXXX XXXX XXXX veteran, why on earth am I being charged over $ XXXX for 9 months of schooling by two separate companies? I've pleaded with Pioneer, asking them to send me a promisary note stating the agreement " I signed '', through mail as evidence ... But they refuse to send it to me, because clearly it's a fraud and I never signed an agreement to make payments through this company.
Company Response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
State: FL
Zip: 34743
Submitted Via: Web
Date Sent: 2020-04-10
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2020-04-01
Issue: Incorrect information on your report
Subissue: Account status incorrect
Consumer Complaint: I'm writing because I've requested verification on inaccurate information that's on my credit report. Which relates to late payments Its been well past 30 days and I have not received any update or response. Late Payment : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly payment Late Payment : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly payment Late Payment : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly payment Late payments : XX/XX/XXXX, XX/XX/XXXX $ XXXXMonthly Payment 4 Late payments : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly Payment Late payments : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly Payment 6 Late payments : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly Payment 7 Late payments : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly Payment 8 Late payments : XX/XX/XXXX, XX/XX/XXXX $ XXXX Monthly Payment 9 XXXX XXXX XXXX I NEVER HAD THIS ACCOUNT
Company Response:
State: CA
Zip: 90249
Submitted Via: Web
Date Sent: 2020-04-01
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A