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AES/PHEAA – CFPB Complaint

By on July 12, 2018
Consumer Complaint Submission

Date Received: 2018-05-11T00:00:00

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I paid four of my five student loans in full with a refinance through XXXX. I left one student loan open because the interest rate was lower than my refinance. I owed a very small amount on ” loan sequence 2 ” and had pre-paid a couple of years of payments on that loan. XX/XX/XXXX I decided to start re-paying the debt that was pre-paid through at least XX/XX/XXXX because I would like to start a family and thought I should get rid of that loan first. When I made the {$92.00} payment, all four of the closed loans re-opened. I called onXX/XX/XXXX to complain to XXXX as the 4 loans should have been paid in full. I told XXXX XXXX that I wanted the loans which re-opened with credit to be reapplied to the total debt owed and DID NOT WANT checks sent to me. I was told no little checks would be sent. I received two checks for about {$2.00} each about one week later. After two calls and multiple escalations I was told my loan would be entered into a ” lead review ” which would take two weeks maximum. After two weeks, I called again and I was told the process could take up to 30 days. Meanwhile, the amount owed increased. I continue to call XXXX and the problem is not fixed. XXXX is now reporting my credit as OVER 260 DAYS PAST DUE which is a LIE and IS Seriously affecting my credit. I had to buy a new car and was not able to get the promotional rate. MY LOANS ARE REPORTING AS ALMOST IN DEFAULT WHICH IS A LIE. MY CREDIT IS REPORTING AS HAVING SERIOUS DELINQUENCY WHICH IS A LIE. EVERY TIME I CALL XXXX they demonstrate a complete inability to assist me. The first person who answers informs me my loans are significantly past due and in risk of default after multiple escalations I finally reach someone who has a clue and says it normally does not take this long to correct. It has been a month and a half and my credit is messed up.

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Additionally, XXXX never explained to me the consequence of paying the income based repayment. My loans therefore capitalized as follows : on XX/XX/XXXX – {$10000.00} and on XX/XX/XXXX – {$550.00} ( despite on time regular payments since the first due date XX/XX/XXXX. I made regular on time payments until XX/XX/XXXX. On XX/XX/XXXX my interest capitalized {$17000.00}. This added a total {$28000.00} to my amount owed. I then made on time payments until XX/XX/XXXX and I paid 4 of my loans in full in XX/XX/XXXX

Company: AES/PHEAA

State/Zip: NH 038XX

Company Response to Complaint: Closed with non-monetary relief

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2903803

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.

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