CFPB Complaint

Social Finance, Inc. – CFPB Complaint 2018-12-08

Consumer Complaint Submission

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

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