Yesterday I made my first secret shopper call after the FTC TSR went fully into force. My vote of the call yesterday was a FAIL. You can read my comments on that call here.
So today I decided to call the exact same company back and confirm what the sales representative had told me yesterday. That didn’t happen. Today I was told a slightly different story on fees and how it works. If I understand it correctly, of the first 16 payments, 70% is held for fees that will be earned when debts are eventually settled.
If you listen to the call in the mindset of a scared and nervous consumer the way the service is explained becomes very confusing. In fact I’m not sure I totally understand what the fees were. Are they 33% or $12,000?
Even the math doesn’t add up. If the monthly payment is $814 and that includes the $84.95 monthly fee that leaves $729.05 that is split 70-30 or $510.33 in fees that’s deposited but 16 of those payments only equals $8,165.36 and not $12,000.
What seems more likely is the $84.95 is actually not included in the monthly payment as stated.
Listen to the call and post your observations and comments below.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
I can always use your help. If you have a tip or information you want to share, you can get it to me confidentially if you click here.
- How to Get Your Federal Student Loans Forgiven if You Go to Prison - May 17, 2022
- I Can’t Pay My Online Payday Loans - May 17, 2022
- There is More to Forgiving Student Loans Than Either Side is Talking About - May 16, 2022