CFPB Complaint

Navient Solutions – CFPB Complaint

Consumer Complaint Submission

Date Received: 2018-12-22T00:00:00.000

Product: Private student loan

Issue: Getting a loan

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I am a XXXX Veteran and I’m XXXX that is apart of the XXXX XXXX XXXX XXXX XXXX. I was falsely misled that my XXXX and my XXXX would of taken care of my education now i am stuck with this debt. I have attached the action suit against the school.

On Thursday, XX/XX/2018 the Department of Education announced that theyre immediatley approving {>= $1,000,000} in Borrowers Defense to Repayment Discharges, including discharges for people who attended XXXX XXXX.

This email is from the XXXX XXXX XXXX XXXX XXXX at the XXXX XXXX XXXX XXXX XXXX XXXX XXXX and contains an update about the students claims in the XXXX bankruptcy.

We are writing to let you know that today, the Bankruptcy judge gave final approval to the Settlement Agreement between Student Claimants and the XXXX Trustee. The court will grant the final order approving the Settlement in approximately ninety days, assuming no states or the U.S. Attorney General file an objection to the Settlement. The Students allegations against XXXX included XXXX use of high-pressure sales tactics to get students to enroll and remain enrolled, and that XXXX deceived and misled students about financial aid options and costs of attendance, job placement and salary rates, the quality of equipment and experience of instructors, the desirability of XXXX graduates by employers, XXXX accreditation status, the transferability of credits, and career placement assistance.

The full settlement can be found here, but as a quick recap, some key terms of the settlement are : Student Claimants get an approved {$1.00} billion claim in the bankruptcy. In exchange, former XXXX students give up their claims against the estate of XXXX, and keep their rights to seek further relief from the Department of Education and private lenders ; Over {$500.00} million in student debt held by XXXX is canceled and that cancellation will not be taxable ; and The Trustee returned the {$3.00} million that students paid directly to XXXX after it declared bankruptcy ( this already happened ).
At this point, we do not have any information about any distributions to the student class from the approved claim amount. If, at the end of the bankruptcy, there is money in the estate to pay unsecured claims, the student class will receive a proportional share based on the size of the allowed claim. Any amount distributed to the student class will be divided fairly, and the distribution must be approved by the court.

READ  PORTFOLIO RECOVERY ASSOCIATES INC - CFPB Complaint

This is a significant victory for students, but we know that there is so much more work to be done. We know that students still have billions of dollars in outstanding federal and private loan debt as result of attending XXXX and we will continue to fight on behalf of students until all XXXX-related debt is discharged.

There are no other updates at this time and no action is required on behalf of class members, but as always, we will continue to provide you with any updates as they arise.

Sincerely, The XXXX XXXX XXXX XXXX XXXX This email is from the XXXX XXXX XXXX XXXX XXXX at the XXXX XXXX XXXX XXXX XXXX XXXX XXXX, and contains an update about the students claims in the XXXX bankruptcy. This email is to provide you with an update about claims against XXXX, and does not create an individual attorney-client relationship or provide individual legal advice.

Company: Navient Solutions, LLC.

State/Zip: OH 43209

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 3107877

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.

About the author

Research Department

Here is where you will find important stories located from around the web which can impact you and your financial life.

%d bloggers like this: