CFPB Complaint

DISCOVER BANK – CFPB Complaint ID 2469555

Consumer Complaint Submission

Date Received: 2017-04-28T00:00:00

Product: Private student loan

Issue: Struggling to repay your loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I graduated with a XXXX XXXX XXXX in XXXX XXXX . Once my Discover undergraduate loa n went into repayment I quickly fell behind due to the amount of the payment and others I must make on a monthly basis. My mother is the cosigner on this loan, but she is XXXX and on a limited, fixed income. She has been harassed and threatened by calls from Discover dem anding payments of {$1000.00} to {$3000.00} on the spot or her ” credit would be ruined for the rest of her life. ” In XXXX , we were told if we made three consecutive payments of at least {$900.00} they would work with me to lower my monthly payments. When I called after having completed these payme nts ( made with the help of my mother despite neither of us being able to afford it ) I was told they never promised such a thing. I once again fell behind and began to receive calls multiple times a day while I was working, often from local area codes to encourage me to answer. Each time the amount they asked for included what was currently due, but also what was due for the next payment even if it was a month away. In early XXXX , my mother used an open end loan and low interest rate credit card in her name to help me catch up. Discover received {$3400.00} in XXXX XXXX . I called to discuss the options for lowering the monthly payment and was told there were none. The conversation with the ” repayment assistance department ” included phrases such as the following after I described my financial situation such as how much I make and amounts/numbers of other financial obligations : ” in order for the loan amount to be paid off in 15 years, a monthly payment of {$900.00} is required. You do n’t think you ‘ll ever make enough to pay that? That ‘s what your loan balance requires. We only offer temporary solutions. But afte r the 3-6 months the payment will be even higher. ” I offered a monthly payment of {$500.00} which is still more than I can comfortably afford, but the woman would not hear it. I am doing every thing in my power to avoid going into default and further ruining my credit, but Discover has told me a number of falsehoods and offered empty promises.

READ  Aswad & Ingraham, LLP - CFPB Complaint


State/Zip: SC 295XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2469555

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