My complaint is regarding Student Loan Services Managers (SLS) and National Secure Processing (NSP).
The company claims to help students consolidate their loans and achieve lower monthly payments. They are part of the same company, SLS is the account management side; NSP manages the payments.
I signed up with the company early January 2015. After graduating in June 2014 I needed to repay my student loans. I choose this company to help me consolidate my loans, unaware I could do it on my own.
I have been paying the company 256.82 per month since 3/2/15 until they lowered my payment to 51 on 1/4/16. Of the 256.82 I gave them 178.38 was for federal loan payment, 10.00 was a processing fee, and 68.44 was a management fee. I do not have a breakdown on the $51.00 payment. I also paid an initiation fee of 109.00.
In the last couple days I discovered this company was a scam. They had taken over my Fed Loan Servicing account (a department of education approved company where my federal loans were housed) in my name with their contact information. I never knew I had a fed loan account. All documentation from them was re-routed to SLS so I never saw anything.
Fed loan servicing had been requesting payments of 327.28 for several months; they never received any money from SLS. Fed loan issued multiple past due notices.
SLS then claimed forbearance on my account without my knowledge so that the payment was reduced to 0.00. In the meantime they were putting the 178.38 I was paying them into a “trust” account.
They have done other shady things including not giving me tax information when I requested it. I have spoken with SLS and they cannot give a reasonable explanation as to why any of that happened. They have agreed to cancel my account and refund me 1783. I spoke with Robert, an account manager, to request the rest of my money back since they misrepresented their business and messed up my federal student loan repayment. I thought the money I was paying them was going onto my student loan directly. Instead, my credit has been dinged because of missing payments and the interest on my loans is growing more than it should have. They refuse to refund the rest of the money because it was for fees I had agreed to pay. They said I had been delinquent on my account with them. I was not actually delinquent their customer service person wrote down my account/routing number wrong so a payment didn’t go through the first time. I was proactive about it when I noticed the payment had not been withdrawn and called them to find out why and then corrected the error. I am an extremely responsible individual and have never missed payments on anything. I would have never requested forbearance on an account and would have payed what was owed. Fed loan servicing closed their version of my account and it is now all in my control. I have documentation to prove all of this.
My hope in resolving this issue is to be refunded the full 2830.20 that I gave them and that this business will not continue to do the same thing to other people. I hope that the negatives this has done to me can be undone with fed loan servicing and my credit score. Please contact me for more information or documentation. Thank you.
Consumer Action Taken:
I’ve contacted them on multiple accounts. I’ve filed a complaint with the BBB and the Oregon Attorney General. The BBB closed my complaint because they got returned mail from the address listed. I called them to ask for an address and they refused to give it to me.
Date This Problem Happened: March 14, 2016
State You Live in: Oregon
Age Range: 21-35
Total Amount of Fee Paid: $1046
Company Name: SLS Managers/NSP Processing
23172 Plaza Pointe Dr. Suite 130
Laguna Hills, CA 92653
Company Telephone Number:
Website of Company: slsmanagers.com
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