Date Received: 2017-05-27T00:00:00
Product: Private student loan
Issue: Dealing with your lender or servicer
Consumer Consent Provided to Share Complaint: Consent provided
Consumer Complaint: I started to pay more toward my variable interest rate private loan and for the last 3 payments, my interest rate has been increased. It ‘s as though they see that I ‘m starting to pay more and are each subsequent payment increasing the rate to discourage me from paying the loan off sooner. I make XXXX payment on the loan balance of XXXX . The original loan wa established in 2011 at XXXX with the rate then of 13.75. T he Interest has gone fro m 13.75 to 14.175 in the last 3 months. I ‘m not paying that much toward principal, but I ‘d like to to pay the loan off sooner if I can. Is it legal for Navient to raise my interest rate to discourage me from paying more toward my loan balance?
Company: Navient Solutions, LLC.
State/Zip: DC 200XX
Company Response to Complaint: Closed with explanation
Was Company Response Timely: Yes
Did Consumer Dispute Company Response: N/A
Complaint ID: 2495799
The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.
Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.
In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.