CFPB Complaint

Equitable Acceptance Corporation – CFPB Complaint

Consumer Complaint Submission

Date Received: 2017-10-30T00:00:00

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

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2715404

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.

READ  Collection Bureau of America Ltd. - CFPB Complaint

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.




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