CFPB Complaint

ACS Education Services – CFPB Complaint

Consumer Complaint Submission

Date Received: 2017-05-19T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: ACS Education services Consolidated student loans from college from XX/XX/XXXX – XX/XX/XXXX ( University XXXX XXXX ) an d law school from XX/XX/XXXX – XX/XX/XXXX ( XXXX XXXX XXXX ). After I filed Chapter XXXX bankruptcy in XXXX and received a discharge in XXXX XXXX , I set up payment arraignments with ACS-Education, the servicer for these student loans. The XXXX l oans totaled roughly {$35000.00} and I have made each payment on time since XXXX XXXX . The issue lies in my legally required periodic billing statements which I should receive each month ( Regulation Z – Truth in Lending A ct & Student Loan Act ( CFR 682 ) ). I have elected for Automatic Clearing House ( ACH ) paym ents from my checking account to receive a .25 % interest rate reduction. I can only receive this reduction by also electing to receive all information via email, which is great. However, ACS-Education only submits ACH Remittance notices via email and not Billing statements. In addition, Billing statements are not available online at their website either. The representatives also confirm that I am unable to do ACH payments to get the interest rate reduction AND recieve my legally required statements which should have my balance, interest acrued, interest rate, interest paid, principle paid, remaining balance, payment options, etc. Increasingly troubling is that I am unable to get my statements printed for the past 3 years and the representatives from ACS Education claim all of the same information is on the website but they are incorrect because various disclosures are missing, various information is incomplete on their website. The inten t of Congress an d the legislature to requir e Creditors ( including student loan servic ors ) to provide periodic billing statements is to ensure fairness, transparency and Notice ( knowledge ) i s given to the consumer whom owes the debt. Furthermore, t he US Gover nment allows consumers to file private right of actions against Creditors who violate these fundamental Lending practices and issue statutory penalties of {$1000.00} per occurance under Fair Debt Collections Practices Act ( Ro senthal Act-California state law similar in nature to FDCPA ). However, since these loans are backed by the Federal Government, these servicors are given immunity and protected by a law that shields consumers from filing lawsuits via private right of action. For example, these violations by ACS should warrant {$1000.00} fine for each month they failed to provide me my state ment ( times 2 for both loans ), which would equal {$72000.00} over the past 36 months they failed to meet their requirement. Even more puzzling is tha t ACS essention ally coerces debtors into ACH payments so they can receive a APR reduction. This practice then prevents statements from being created and sent to debtors, thereby saving Billions of dollars in printing and mailing costs which more than makes up for the messly .25 % APR rate reduction consumers receive. This appears to be much more of a organized crime such as racketeering then simple loan servicing. I am appalled at this and I do not simply want to get my statements hereon out, but I want to be compensated for damages incurred just as if the Loan servicer was a creditor not shielded by the fact that these are Federal student loans ( Student Loan Act ). Lastly, ACS h as further harmed me by failing to provide me with all of my legally available payment options. Since I owe over {$30000.00} wit h ACS and co mbined with all my student loans over {$60000.00}, President Obama wrote into law the student releif act that provides extended loan payment terms from 10 to 20-25 years, but ACS continuously for 3 years indicated that was n’t an option. Recentl y I forced their hand by issuing the law and asking to pull the promissory note which gave 25 years regardless while all the w hile ACS clai med I only had 10 years to pay the loan. These acts are abusive to say the least and displa y ACS ‘s willful disregard to laws, consumers, fairness, transparency and equitable relief. I am disgusted and ashamed to say this only ha ppens in America.

READ  Navient Solutions - CFPB Complaint

Company: ACS Education Services

State/Zip: CA 917XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2488075

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