Consumer complaint received 2023-11-29
Company: Earnest Inc.
State: MN
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
To Whom it May Concern, I am writing to you to express concern with my current student loan with Earnest ( now XXXX )- ( as of XX/XX/2023 ) : I owe {$26000.00} 4.72 % fixed interest {$350.00} monthly payment due the XXXX of each month I have been having trouble paying my student loan but I believe XXXX is engaging in predatory behavior and dishonest practices. 
On XX/XX/23, I spoke with XXXX employee XXXX XXXX about lowering my payments or seeing if there was anything they could be able to do because student loans were becoming unaffordable. They said no. I ended the call. 
On XX/XX/23, I spoke with Employee XXXX XXXX. By this time, my loan was 2 payments behind. My pay due date was the XXXX of every month. She offered me the following options : 1. Add 8 more years onto my loan and make it a 15-year loan, reducing my monthly payment to {$230.00}, 10.35 % interest rate ( unsure if fixed or variable ), and the new total cost of the loan would be {$41000.00} 2. Apply for a 3-month forbearance program to help get me back on track and make up for the missed payments. 
I decided to go for the 3-month forbearance program and was told by Spear that if she changed the payment date from the XXXX to the XXXX of the month ( when I could pay ), I could pay on XX/XX/2023, and not be 3 months behind on payments so it would not get reported to my credit score. I agreed to those conditions, paying {$360.00} on XX/XX/23, which were also sent to me by text. See in the conditions of forbearance section. 
XX/XX/2023- I logged onto my account and noticed there was no option to pay the {$360.00}. It said my next payment date was due on XX/XX/XXXX for the regular {$350.00} payment amount. It appeared no changes had been made at all to my account. XXXX also reported it to my credit file and my credit score dropped XXXX points. 
I called XXXX immediately and spoke to an employee who didnt know what was going on so she transferred me to XXXX XXXX who then looked back into my account and told me she never told me I had to pay on XX/XX/23 even though it is clearly stated in the terms. I told her it was reported to the credit bureaus, and that my credit score dropped XXXX points, and I believed it was a mistake. I asked if anyone else could look at it and she said her manager could but was at break and would call later or the next day. 
After over an hour, I didnt get a call back so I called XXXX and asked XXXX manager, XXXX XXXX . XXXX told me there probably was no mistake and that if something is due, I have to pay it on that day or it gets reported to the credit bureaus. I tried explaining what happened. She told me she knew already but would listen to the phone recording from XX/XX/2023. XXXX called back around an hour later and said she listened to the recording and that XXXX clearly stated I had to pay on the XXXX of XXXX. I asked to hear this recording. XXXX declined. I asked for a copy of the authorization texted to me that we agreed upon on XX/XX/2023 as stated in the text I would receive a copy. XXXX declined. I reminded XXXX that the terms and conditions were incorrect and that it says right in the message that my payment day is XX/XX/2023. XXXX said that didnt apply. 
I have also attached images of the website showing how I cant even pay the correct amount ( {$360.00} ) in the official terms I agreed to on XX/XX/2023. It was never updated in my portal. 
XXXX should be honest they made a mistake and retract the negative credit report to the credit bureaus because I have proof they changed my payment date in the terms and conditions. 
( Attached images do not show up in this box- please contact for images of the terms and conditions )

Company response to consumer: Closed with explanation