Date Received: 2018-10-27T00:00:00.000
Product: Private student loan
Issue: Dealing with your lender or servicer
Consumer Consent Provided to Share Complaint: Consent provided
Consumer Complaint: On XX/XX/18 and one time before that I requested from Discover how they recalculate variable rate loans. Instead of just increasing the payment amount, they extended the loan term. This only benefits the lender not the borrower unless the borrower requests a lower payment. I have once again requested from Discover, my original loan documents to see what the agreement for recalculating variable rate loans was that I signed and also how they recalculate loan payments.
Company: DISCOVER BANK
State/Zip: NY
Company Response to Complaint: Closed with explanation
Was Company Response Timely: Yes
Did Consumer Dispute Company Response: N/A
Complaint ID: 3058085
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.
