Equitable Acceptance Corporation – CFPB Complaint 2018-09-26

Date Received: 2018-09-26

Product: Debt settlement

Issue: Confusing or misleading advertising or marketing

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I was contacted by a company called XXXX XXXX XX/XX/2017. I was hesitant but I was also overwhelmed with the amount of school loans I owe. I thought going to college would better my future and the only thing it has brought me to date is more debt and extra stress. Being a young woman trying to make a way for herself, I was easily fooled into believing that XXXX XXXX would be a great way to pay off my school loans. I did my research to see if it was a scam or to see if i saw anything negative about the company. I did not find anything negative. Being that I don’t have many family members to ask questions about college I just trusted that I was doing the right thing. After signing the contract and being told I was on the {$0.00} dollar payment plan I was excited that I was able to pay off my school loan at a great price. Not putting the pieces together & realizing If i was eligible for the {$0.00} payment, why was I having to pay {$49.00} a month? I was told I did not have to pay till XX/XX/2017. After a month from XXXX, I realized there was a charge added to my Credit for Equitable Acceptance in the amount of {$1500.00}. Which I was NEVER told there would be an additional charge added to my credit on top of my original school loan. Confused & Worried I contacted Equitable Acceptance with my concerns. I was told that after a while the original school loan will drop off but i have to pay the full amount of {$1500.00} in order for my loan to be completely gone from my credit. I also contacted XXXX XXXXXXXX my original Loan provider which told me they do not deal with Equitable Acceptance and that there was nothing that could be done from their end. Knowing that I was in a contract just paid the {$49.00} per month on time just to avoid any negative marks on my credit hoping that eventually my original loan would start to go down. Here we are a year later and I still owe the school the original amount, while also paying Equitable Acceptance for 3 years is insane!. I was contacted the end of XXXX by XXXX XXXX stating I had to re-enroll. Which raised a red flag for me and i started doing my research again. After speaking to a few different people and contacting XXXX XXXX my original school Loan provided I was guided into this direction. I am a hard working women just trying to make a way for myself. Regardless of what was told on the phone it’s obvious they have fooled many other college students. This must be a new company because now the reviews are numerous and its all the same exact story. When you get the original call from XXXX XXXX they state this is a ” STUDENT FORGIVENESS PROGRAM ” any person can make the mistake of believing your loan will be forgiven.I was never once informed on the phone after the 3 years you will still have to pay your original loan.

See also  MRS BPO, LLC - CFPB Complaint ID 3059565

Company: Equitable Acceptance Corporation

State/Zip: MD 206XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3029367

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