Equitable Acceptance Corporation – CFPB Complaint 2017-10-30

Date Received: 2017-10-30

Product: Debt settlement

Issue: Fraud or scam

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: In XX/XX/XXXX, I was contacted by XXXX XXXX, XXXX to consolidate my student loans and lower my monthly payments. They assured me they were a legitimate company representing students and acted as a liaison for the Federal Student Aid. Once agreed to their services, XXXX XXXX prepared a contract and a fee of {$1300.00}. Because I could not afford to make this payment upfront, they enrolled me into a payment plan with Equitable Acceptance Corporation of {$39.00} monthly. I began making payments on XX/XX/XXXX of a monthly fee of XXXX that would go towards maintaining my student loan consolidation and their services. In addition to payments for Equitable Acceptance, I also was paying a direct amount of $ XXXX/month towards my federal student aid account. I have been paying Equitable Acceptance since XX/XX/XXXX.

As of recent,XX/XX/XXXX, it was time to renew my information based on the income-driven repayment plan and to keep my loan amount affordable. As I spoke with a representative of Federal Student Aid, they informed me that the third party ( XXXX XXXX and Equitable Acceptance ) were not legal practices. They informed me to submit a claim onto The CFPB website. In addition, I was informed to cease any authorized automatic debit payments from my account. I contacted my bank immediately to stop payments.

I have supporting documents under attached files from XXXX XXXX, XXXX and Equitable Acceptance.

Thank you.

Company: Equitable Acceptance Corporation

State/Zip: GA 303XX

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Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2715404

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