Date Received: 2018-12-08
Product: Private student loan
Issue: Struggling to repay your loan
Consumer Consent Provided to Share Complaint: Consent provided
Consumer Complaint: On XX/XX/2018 I submitted for economic hardship forbearance, due to the amount I make monthly not being sufficient to pay the assigned monthly payments for my student loan. On XX/XX/2018 I was notified that my request was denied due to exceeding the maximum time limit allowed to request this type of forbearance, despite providing current proof of earnings. I have regularly been in contact with XXXX XXXX to discuss options and they have not and continue to not provide me with any other options for repayment or getting my account in good standing. On XX/XX/2018 I made a payment of {$850.00} to attempt to decrease the days delinquent and avoid negative reporting to credit agencies, per the suggestion of the representative via the phone. However on XX/XX/2018 I received notification from XXXX XXXX regarding a drastic reduction in my credit score. On XX/XX/2018 I contacted XXXX regarding credit counseling and how to rectify my current situation. Unfortunately I have been provided little to no options as the result of the lender. Presently, I am receiving threats of default and further negative credit reporting despite continually contacts and pleas to provide other options that would allow me to pay a more suitable amount for my current income level.
Company: Social Finance, Inc.
State/Zip: MO 658XX
Company Response to Complaint: Closed with explanation
Was Company Response Timely: Yes
Did Consumer Dispute Company Response: N/A
Complaint ID: 3094766
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.
