Equitable Acceptance Corporation – CFPB Complaint 2018-12-17

Date Received: 2018-12-17

Product: Federal student loan servicing

Issue: Dealing with your lender or servicer

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I was contacted by XXXX XXXX from XXXX XXXX via the phone a year a ago just a few months after graduating from college. The company was going to help me reduce federal student loans payment. I am still struggling to pay back my student loan since I am currently an XXXX XXXX member doing my year of service. I unfortunately believe them and now I have more loans to pay instead of helping me they are adding more problems. XXXX wanted me to sign the contract immediately and pay {$49.00} a month for the service charge to Equitable Acceptance Corporations. However. I recently, I realized that I could do it through them in order to keep my loan payment at XXXX since I dont have enough money to pay for loans. They have been scamming people. They give false information. What XXXX XXXX said on the phone is very different to the contract and the contract were signed on the phone. After reviewing my credit report I notice that the service is a line of credit and not a loan. I am very disappointed that these people have taken advantage of my current situation and used it for their win. I have been paying them for nothing. Please do something about this company. They are criminals who enjoying seeing people suffer.

Company: Equitable Acceptance Corporation

State/Zip: IN

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3102096

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