Date Received: 2023-05-05
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: FSA loan repayment is not a life time commitment until you die. Who is Nelnet the XXXX? All borrowers with loans held by XXXX ( Direct Loans and federally held FFELP Loans ) who have accumulated time in repayment for at least 20 or 25 years will see automatic forgiveness of their loans. This is in accordance with the Department of Education 's rules governing repayment of Student Loans. My loan was consolidated in XXXX with XXXX not Nelnet and, at that time in accordance with the Department of Education rules for FSA repayment of Student Loans was scheduled to close in XXXX not be transferred to Nelnet and have 3 additional non existent school loans added to my FSA in my FSA loan account. Close my loan now!
Company Response:
State: PA
Zip: 15301
Submitted Via: Web
Date Sent: 2023-05-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-05
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: It appears the promissory note I signed in XXXX is in violation of the Department of Education 's rules for the repayment of XXXX loans, as it seems to state the " repayment of the loan is until I die '', not the DOE rule in XXXX which was the XXXX was scheduled to close in 10 years XXXX. In XXXX the DOE 's rule was the XXXX loan was to be closed in 10 years which was XXXX. If the promissory note contradicts the DOE rule for repayment of the XXXX loan then the promissory note is illegal and therefore null and void. Close my XXXX loan now! Instead the loan was transferred from XXXX to Nelnet and XXXX additional nonexistent loans were added to my XXXX. The current DOE 's rule is : All borrowers with loans held by XXXX ( Direct Loans and federally held XXXX Loans ) who have accumulated time in repayment for at least 20 or 25 years will see automatic forgiveness of their loans, again not until I die, as Nelnet has expressed in print. My consolidated loan date was XXXX at which time the DOE XXXX close rule was 10 years XXXX. My XXXX loans are not " pay until you die '' in accordance with the DOE XXXX repayment rules, as Nelnet put in print as a response to a CFPB complaint I filed, and pointed to the promissory note I signed. The XXXX loans are governed by the rules of the Department of Education. As Nelnet stated their role in XXXX repayment is not as a collection agency and therefore it seems to have no reason to be reporting old XXXX loans that were scheduled to close in XXXX, which should never of been transferred to Nelnet from XXXX to the National Credit Bureaus and are not " pay until you die '' It appears the promissory note I signed in XXXX, " pay until I die '' is in contradiction to the DOE rules that govern the repayment of XXXX Loans and therefore is null and void! Close my loan now!
Company Response:
State: PA
Zip: 15301
Submitted Via: Web
Date Sent: 2023-05-05
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-07
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: There is information that needs to be adjusted immediately. Please see the attachments for a detailed statement.
Company Response:
State: MD
Zip: 21146
Submitted Via: Web
Date Sent: 2023-05-07
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-08
Issue: Incorrect information on your report
Subissue: Account information incorrect
Consumer Complaint: Ive have contacted the Loan Service provider to report accurately report account status to all major credit bureaus. The company denied my request and stated they have the right to not report at this time.
Company Response:
State: CA
Zip: 90744
Submitted Via: Web
Date Sent: 2023-05-08
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-06
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: The promissory note for my FSA is invalid and expired per the following : 1. Student loan promissory notes Borrowers may sign a promissory note when they take out private or federal student loans. Federal student loan borrowers may sign a Master Promissory Note ( MPN ) that can be applied to multiple loans. By signing the MPN, a student agrees to repay all loans according to the terms and conditions of the MPN. Federal student loan MPNs are currently valid for up to 10 years. My FSA consolidation promissory note was signed in XXXX it is now 5 years passed XXXX which was 10 years. It is now XXXX 15 years passed the date of validity. 2. Except as provided in subsection ( e ), an action to enforce the obligation of a party to pay a note payable at a definite time must be commenced within six years after the due date or dates stated in the note or, if a due date is accelerated, within six years after the accelerated due date. 3. A promissory note is a written promise to pay within a specific time period. This type of document enforces a borrower 's promise to pay back a lender by a specified period of time, and both parties must sign the document. Only one signature is on my promissory note mine! There is no specified time or repayment on the promissory note! 4. A promissory note is valid for 3 years from the date of its execution. Post this period it will become invalid. Also read : Bill of Exchange. I lived in Virginia at the time of the signing of the promissory note XXXX the time limit in Virginia is 6 years. The note was signed in XXXX it is now 15 years past the signature date for the State of Virginia. 5. The note must be written by hand. My Student Loan Promissory note is not hand written. The note must be stamped by revenue stamps as per the rules of the Indian Stamp Act. Promissory notes are valid for three years only. There is no limit on the amount to be borrowed for a promissory note to be issued.XXXX XXXX, XXXX XXXX. All Promissory Notes are valid only for a period of 3 years starting from the date of execution, after which they will be invalid. There is no maximum limit in terms of the amount which can be lent or borrowed. The issuer / lender of the funds is normally the one who will hold the Promissory Note. The Department of Education is the loan holder not XXXX or Nelnet. The promissory note for my FSA is invalid and has expired per the above. Close my FSAL now!
Company Response:
State: PA
Zip: 15301
Submitted Via: Web
Date Sent: 2023-05-06
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-04
Issue: Communication tactics
Subissue: You told them to stop contacting you, but they keep trying
Consumer Complaint: Nelnet is willfully and knowingly in violation of the FDCPA.I have notified them to not communicate with me by USPS mail with a tracking number of : XXXX. They received my notification on XX/XX/2023. There is no excuse. I have no contract with them. They continue to contact me.
Company Response:
State: IL
Zip: 60620
Submitted Via: Web
Date Sent: 2023-05-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-04
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: In accordance with Fair Credit Reporting Act XXXX Account # XXXX US DEPT OF ED/XXXX : Installment Loan, has violated my rights. 15 U.S.C 1681 Section 602 A. States I have the right to privacy. 15 U.S.C 1681 Section 604 A Section 2 : It also states a consumer reporting agency can not furnish an account without my written instructions.
Company Response:
State: MI
Zip: 48180
Submitted Via: Web
Date Sent: 2023-05-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-03
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: Nelnet became the server of my student loans on XX/XX/XXXX and never reported to the credit reporting agencies that the loans were transferred in to them. Nelnet has never reported any of the accounts on my credit reports as paid in full. I've disputed these accounts with Nelnet as not being reported and had to email copies of my credit reports to them to show that they are still listed and being reported by the previous servicer XXXX. On XX/XX/XXXX, I was transferred to the Resolution Specialist XXXX who said she was the highest person in the company that I could speak to when asked for a supervisor " I'm the highest person you can talk to there is no one higher than me ''. XXXX said they Nelnet sent in a notice to the Credit Reporting Agencies each time I disputed it with them. " We sent the CRA 's notice that the accounts we paid in full '', I asked her how can they report an account that they never reported before since they were in suppression per the Depart of Education from XXXX to XXXX " We weren't allowed to report anything during that time period and once that ended we reported to the CRA 's that the accounts were paid in full. So I asked her how can you report accounts as paid in full if Nelnet never reported them in the first place as being transferred from XXXX, and that Fedloan account numbers are not the same account numbers that Nelnet shows, she said " it doesn't work that way, I asked how can you report account paid if you never reported the accounts in the first place, that Nelnet has never been listed on my credit reports and that she can see what's reported on them since she had copies of them in front of her. She stated " Its up the CRA 's if they report what we sent them and correct it not Nelnet, so I asked again how can Nelnet report accounts paid on full if they never reported them in the beginning and that they had to have my permission to report them so they stated " you gave the Department of Education and its servicers permission to report them and I can send you a copy of them '', I stated to her if that's correct them send me written proof of what was submitted to the CRA 's, she stated " I can send you copies of the letter we sent you when you disputed with Nelnet, I said no send me proof of what you transmitted to the CRA 's, per FCRA I have a right to the procedures that were done to report these accounts to the CRA 's. She hung up on me because I got loud because she kept interrupting me as I talked and asked her questions.
Company Response:
State: TX
Zip: 77095
Submitted Via: Web
Date Sent: 2023-05-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-03
Issue: Dealing with your lender or servicer
Subissue: Received bad information about your loan
Consumer Complaint: My student loan with XXXX XXXX was sold to XXXX XXXX XXXX in XXXX of XXXX. At that time, my student loan payment was {$370.00}. I have made almost all my payments on time ( with an exception after my house caught fire and another where I had an unexpected medical expense ) and frequently larger amounts than have been requested, but my variable interest rate continues to rise and so does my payment amount. I spoke with someone today on XXXX at XXXX XXXX and asked how I could lower my payments. She told me one way to lower it XXXX XXXX, but said that every three months, my rate would continue to increase. This didn't seem correct to me ; I've had a variable interest rate on my student loans since XXXX of XXXX and XXXX XXXX had lowered it before when the market was good. I know the market is bad now, but she distinctly said that it would raise every three months. I sought advice from my parents, who told me to request a Terms of Service from them. I called back at XXXX XXXX and spoke to another person who said that my rate was actually adjusted monthly. She also said very clearly that variable rates do not go down and that it would continue to rise until I hit my maximum interest rate of 18 %. I understand that if I had signed a contract with this company saying that, I would be at fault, but I did not. My original loan that I signed a contract for was with XXXX XXXX and my loan back then was clearly variable and amounts went up and down. I'm highly concerned about this, as I don't work in a very high paying role ( I work for a non-profit ) and if my loan will keep slowly marching to an 18 % interest rate even when I'm paying over what I owe, I won't be able to survive. I'm paying {$550.00} a month right now, which is a huge strain on me. It's a variable rate and should be able to decrease, I just need them to reassure me of that and they tell me that it won't. For the record, in XXXX of XXXX, I was paying {$370.00} ( or about 8.36 % of my annual pay ) and I'm now paying {$510.00} ( or around 11.21 % of my annual pay ).
Company Response:
State: PA
Zip: 19125
Submitted Via: Web
Date Sent: 2023-05-03
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Date Received: 2023-05-04
Issue: Incorrect information on your report
Subissue: Information belongs to someone else
Consumer Complaint: I am in possession of the documents submitted by Great Lakes as proof that I obtained a lease from them. They did not provide anything with my signature and nothing showing they verified my identity. They did not provide any proof that I consented to their company sharing my private and personal information with a third party, including credit reporting agencies. Please provide SIGNED DOCUMENTATION of this consent to share private information with third parties or assume you do not have any. The consent must be signed separately from the lease per federal law. At this point I have made multiple attempts for this company to cease sharing all personal and private information with ANY AND ALL THIRD PARTIES, INCLUDING CREDIT REPORTING AGENCIES AND THEY HAVE NOT COMPLIED TO FEDERAL LAW. They quote that a wet signature is not needed by the law they cited but by that same law they are also required to provide an option to opt out of electronic services where they clearly and conspicuously explain the softwares needed to use these services and express ability to opt out. Please provide this documentation as well. According to 15 U.S. Code 6802 - Obligations with respect to disclosures of personal information, A financial institution may not disclose nonpublic personal information to a nonaffiliated third party unless ( A ) such financial institution clearly and conspicuously discloses to the consumer, in writing or in electronic form or other form permitted by the regulations prescribed under section 6804 of this title, that such information may be disclosed to such third party ; ( B ) the consumer is given the opportunity, before the time that such information is initially disclosed, to direct that such information not be disclosed to such third party ; and ( C ) the consumer is given an explanation of how the consumer can exercise that nondisclosure option. So far none of this has been provided. It is my right as a consumer and they are refusing to cooperate in good faith. According to 15 U.S. Code 7001 - General rule of validity, ( c ) Consumer disclosures ( 1 ) Consent to electronic records Notwithstanding subsection ( a ), if a statute, regulation, or other rule of law requires that information relating to a transaction or transactions in or affecting interstate or foreign commerce be provided or made available to a consumer in writing, the use of an electronic record to provide or make available ( whichever is required ) such information satisfies the requirement that such information be in writing if ( A ) the consumer has affirmatively consented to such use and has not withdrawn such consent ; ( B ) the consumer, prior to consenting, is provided with a clear and conspicuous statement ( i ) informing the consumer of ( I ) any right or option of the consumer to have the record provided or made available on paper or in nonelectronic form, and ( II ) the right of the consumer to withdraw the consent to have the record provided or made available in an electronic form and of any conditions, consequences ( which may include termination of the parties relationship ), or fees in the event of such withdrawal ; ( ii ) informing the consumer of whether the consent applies ( I ) only to the particular transaction which gave rise to the obligation to provide the record, or ( II ) to identified categories of records that may be provided or made available during the course of the parties relationship ; ( iii ) describing the procedures the consumer must use to withdraw consent as provided in clause ( i ) and to update information needed to contact the consumer electronically ; and ( iv ) informing the consumer ( I ) how, after the consent, the consumer may, upon request, obtain a paper copy of an electronic record, and ( II ) whether any fee will be charged for such copy ; ( C ) the consumer ( i ) prior to consenting, is provided with a statement of the hardware and software requirements for access to and retention of the electronic records ; and ( ii ) consents electronically, or confirms his or her consent electronically, in a manner that reasonably demonstrates that the consumer can access information in the electronic form that will be used to provide the information that is the subject of the consent ; None of which has been provided.
Company Response:
State: CA
Zip: 92345
Submitted Via: Web
Date Sent: 2023-05-04
Company Response to Consumer: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A