Equitable Acceptance

Equitable Acceptance – Consumer Complaint – July 30, 2018

Written by Consumer

Consumer Statement:

I feel I am being scammed by a company referred to as Equitable Acceptance. I have been paying on a $1300 loan fee cost since August of 2017. Surely, by now you would think this fee should be payed. To my surprise, this fee never goes down below $1200. When I review my statement, it showed my payments being made, however, there always seems to be an issue with the payment.
I am an educator and I only received my salary once a month. Therefore, I have scheduled my bills (including this one) to be paid at the beginning of the month. Unfortunately, it appears to me that I am being ridiculously penalized because I pay before the due date. I have never heard of such practice.

Just an example of what my statement looks like. My you my monthly payment is only $49/month, however, I usually pay $60/month.

Payments according to their statement:
8/26/17-Interest Due- 15.76 . Current bal 1392.
9/15/17-Payment Due-49.00 $1 late charge Current Bal 1392.
9/15/17-Payment receiv.-49.00 . current bal 1343

9/20/217 Pay return Adj. 49.00 $1 late charge current bal. 1392
9/26/17 . late fee $10 . current bal 1402.
9/26/17 Interest due 23.39 . current bal 1426.
Same experience for Sept., Nov. Dec. Jan. Feb, & March.

Mind you payments were made monthly- although the statement stated that payment returned- No payments were returned to my bank account. So I am still trying to figure out who received those payments.

I received a call in Feb. and I was told I needed to pay $255. to get my payments caught up. Paid that.

I am so frustrated with this company. At this point I need to know what can I do to have my loan moved?

Consumer Action Taken:

I have tried speaking with the company. NO RESOLVE. All they are trying to do is collect more money. I have been threatened with debtors collectors. At this point, I really do not care. I just request that someone please look into this company and their practices.

READ  Equitable Acceptance Named in Suit by FTC in Student Loan Assistance Scheme. Contracts Not Due.

Date This Problem Happened: August 26, 2017

State You Live in: Alabama

Race/Ethnicity: Black or African American

Age Range: 51-65

Total Amount of Fee Paid: $1,377

Company Name: Equitable Acceptance

Company Address:

P.O. Box 27007
Minneapolis, Minnesota 55427

Company Telephone Number: 612-435-8917

Website of Company: equitableacceptance.com


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Consumer

This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.

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