Student Loans

How Do I Get My Money Back From Equitable Acceptance?

Consumer Complaint Submission
Written by Steve Rhode

Question:

Dear Steve,

Equitable Acceptance continues to take money for nothing. I have been paying since 2017. And they have taken over $3,000

How do I get my money back? I didn’t want to stop payments in fear of a bad credit score.

Kim

Answer:

Dear Kim,

Equitable Acceptance has been in a lot of hot water.

I guess that since you are contacting me that you hired some student loan assistance company at some point and they sold your contract for payment to Equitable Acceptance. That seems to be how the majority of unhappiness with Equitable Acceptance started.

My personal opinion is that it is always better to attempt to remedy a situation with calm communications and reasonable request.

That is the foundation of my guide How to Get Your Money Back From a Debt Relief Company if You Feel Like You’ve Been Scammed.

As the guide shows you, if the company is unwilling to come to a mutually agreeable solution, there are other avenues you can escalate your complaint to.

The Federal Trade Commission (FTC) has sued some student loan assistance companies that utilized Equitable Acceptance financing. The FTC alleged, “The lawsuit also alleges Equitable Acceptance violated the TSR by providing substantial assistance to Manhattan Beach Venture when it knew (or consciously avoided knowing) that the company engaged in deceptive and abusive telemarketing. In addition, the complaint charges that Equitable Acceptance violated the Truth in Lending Act and state consumer protection provisions by – among other things – failing to clearly disclose important information about the financing.” – Source

Equitable Acceptance has already entered into some limited judgments and offered up refunds in other cases like this one.

When it comes to concerns about your credit report, that is a legitimate concern. But you might want to look and see which credit reports Equitable Acceptance is reporting to now. One place to check your credit report is at AnnualCreditReport.com.

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So here is my bottom line advice. If you feel like you are not receiving any service for the money that is being withdrawn from you, then raise those concerns with the company. If you feel the company is not responsive or reasonable in addressing your concerns, you always have the right to escalate the issue as I describe in my guide.

If this issue started with you looking for assistance regarding federal student loans, it would be a smart idea to look at the National Student Loan Data System to see the current status of your loans. I would also make sure that your contact information and mailing address are accurate with your student loan servicer.

Some student loan assistance companies changed the mailing addresses of consumers and redirected mail.


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About the author

Steve Rhode

Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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