CFPB Complaint

Ameritech Financial – CFPB Complaint

Consumer Complaint Submission

Date Received: 2018-10-26T00:00:00.000

Product: Private student loan

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I signed on with Ameritech Financial in XX/XX/XXXX with understanding that they were taking over my student loans through XXXX, into the Graduated Student Loan Forgiveness Program, which would allow me a 1-year period of no payments. After that they would follow up with me to discuss a reasonable income-based monthly payment installment plan. Around XX/XX/XXXX, a company called XXXX – XXXX XXXX XXXX – contacted me about a supposed past-due medical collections, in which I arranged with them monthly repayments of {$88.00}. This collection billing continued until XX/XX/XXXX, when I received the courtesy letter from FTC concerning the Ameritech Financial lawsuit over the bogus Student Load Forgiveness scam. I signed on with Ameritech Financial in XX/XX/XXXX with understanding that they were overtaking my student loans through XXXX, into the Graduated Student Loan Forgiveness Program, which would allow me a 1-year period of no payments. After that Ameritech Financial would purportedly follow up with me to discuss a reasonable income-based monthly repayment installment plan. Around XX/XX/XXXX, a company called XXXX – XXXX XXXX XXXX – contacted me about a supposed past-due medical collections, in which I arranged with them monthly payment installments of {$88.00}, without suspicion. This medical-collection continued until I received the courtesy letter issued from FTC, in XX/XX/XXXX, concerning the Ameritech Financial lawsuit over the bogus Student Load Forgiveness scam. The letter stated that Ameritech Financial had been mishandling funds and misrepresenting themselves to millions of consumers nationwide as student loan forgiveness repayment program, for billing amounts between {$82.00} and {$90.00} per month, using possibly a 2nd or 3rd party administrator or service. Suddenly the light bulb went off in my head. The supposed medical billing payments I understood I was making to XXXX were actually bogus processing fees AF had been sneakily charging me, and millions of others. Never any mention of any these fees during the initial student loan forgiveness signup, of course. Nor anywhere found in any of the documentation disclosures they sent me.

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I called XXXX immediately to cancel all future payments, and naturally they swayed any responsibility, insisting the matter was strictly through AF, the party administrator. So I called AF to cancel the continued payments, calling them out on their fee scam. The manager proceeded to ” inform ” me that I knew all along they were charging a monthly processing fee, otherwise I wouldn’t have qualified to sign up, blah blah blah. I responded that, obviously if I was being charged a monthly fee, I would indeed not have signed up with their bogus program. They were scammers and they knew it, and I was entitled to my money back. Once again, I requested a full refund and the manager then blathered endless excuses and empty reasoning, while blaming and twisting around the FTC announcement. Es set, refusing to comply, in claim that their guaranteed loan forgiveness services were legit, before insisting I tear up my FTC letter. Then proceeded to drill me with nonsensical questions, which I ignored then interrupted that I was taking legal action against them. As of this day, Ameritech Financial owes me a full refund of {$1500.00}.

Company: Ameritech Financial

State/Zip: MI 49512

Company Response to Complaint: Untimely response

Was Company Response Timely: No

Did Consumer Dispute Company Response: N/A

Complaint ID: 3057319

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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