I was given a call by Performance SLC reporting that they could lower my loan payments and help me with the documentation needed. I just graduated with my master’s degree and had been thinking about making payments while in my grace period. The lady over the phone informed me that this would be a great way to get ahead and I was in a better situation than most since I worked for a government agency and could have my loans forgiven.
I was 24 years old and eager to pay off my $60,000 of debt that I obtained to get my master’s degree, so I said of course. She used a lot of big words and did not allow me to ask questions until she was completely finished. By that time, I forgot a lot of the questions I wanted to ask. When I asked for clarification, she stated the same thing over and over again not really answering my question. I assured myself it was because I had no idea about loans and I just needed to educate myself more.
Once I signed and submitted the paperwork, she had her boss call me and record me agreeing to the contract and that I understood everything. I asked him questions and he said he would answer my questions off of the recording and when he began recording I could only say yes or no to his questions, and if I had additional questions to wait until the recording was finished to ask. I said OK.
About 2-3 months later, I started doing research and I felt as if it was a scam, but I couldn’t find any information about Performance SLC. Then, I began getting an automated bill from Equitable Acceptance. I was confused.
I called Equitable Acceptance and they directed me to Performance SLC, but I could never get in contact with Performance SLC. Finally, a lady from Equitable Acceptance told me they were a third party collection agency that works with Performance SLC through the Dept. of Ed. I told her I wanted to cancel my payments and that I was still within my 30 day timeline, and she said I had to speak with Performance SLC.
Again, I had no luck speaking with them and even emailed them to cancel. By the time, I spoke to Equitable Acceptance they told me it was passed the allotted timeline I had to cancel that was put in my contract. I plead my case, but with no avail. I again thought this was because I was 24 and didn’t know anything about student loans.
Well, a year later, I decided to not re-certify with Performance SLC, which is now no longer (strange, right?), and that Titan Prep took over my case. I called to inform them that I was not going to re-certify and Titan Prep informed me that they had no information about me or my loans. The representative’s name was Toni, Employee ID# C51027.
I asked if there was paperwork that I needed to fill out to confirm that I did not want to continue, she said no because again they have no information pertaining to me, but she informed me that I still had to hold out my contract to Equitable Acceptance.
I called Equitable Acceptance stating that I’m not recertifying and to make sure they do not pull from my account because I’ve met my yearly payments and will not continue. Well, I was wrong. Apparently, when I signed the paperwork with Performance SLC, I signed another consolidation loan of $1450 to be paid out over 3 years with an interest rate of 17.99%. I had no idea!!!! I said this can’t be true. Why would I take out a loan to pay for a loan? Nonetheless, a loan with almost a 20% interest rate! Equitable Acceptance told me that I had to make the payments ($49.99/month) or pay in full to complete my contract or they would report my mis-payments to the credit bureau. This is not right!
Consumer Action Taken:
Since then, I have emailed a few attorney’s to help me get this taken off, but I haven’t had any success with speaking to anyone. I have filed my own re-certification documents (which took me literally 32 minutes because my internet was slow) and was not confusing by any means. I wish I had guidance with student loans before I graduated. This is truly sad.
Date This Problem Happened: September 22, 2017
State You Live in: Texas
Race/Ethnicity: Black or African American
Age Range: 21-35
Total Amount of Fee Paid: $600
Company Name: Equitable Acceptance and Performance SLC
Company Telephone Number:
Website of Company: equitableacceptance.com
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