Consumer complaint received 2022-01-24
Company: AES/PHEAA
State: MI
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
I believe I have sufficient evidence that National Collegiate Trust is violating my consumers protection rights and has permanently damaged my and my co signers, my grandpas, credit. I took out two loans thru XXXX XXXX in the amount of {$15000.00}, in XXXX, and another in XXXX for {$6500.00}. XXXX sold my loans right after purchase to National Collegiate Trust and the loans were serviced by American Education Services ( AES ). AES consolidated my payments for the two loans. XX/XX/XXXX a collections company, XXXX XXXX called representing National Collegiate Trust asking for a settlement and threatening to take me to court if I dont. At that time I had already paid {$15000.00} to the {$15000.00} loan and {$4800.00} to {$6500.00} loan. I didnt have what she was asking for so I asked to make a payment and she said it was not an option that I had to talk to my co signers and figure out something. After over an hour long nonstop harassing call, She finally said she would give me a month. She took the {$500.00} I offered as payment to go towards the settlement. I was able to take out {$4000.00} loan against my car. A month later when she called I paid the {$4000.00}, which she said still wasnt enough so I had to set up XXXX withdrawals. The last withdrawal payment was XX/XX/XXXX. I had money in the bank XXXX and XX/XX/XXXX if the agreement was for more. Overall my settlement was for {$5500.00}, which means between the two loans I borrowed {$21000.00}, with XXXX yrs to pay, and paid {$25000.00}, in 9 years. After the settlement I saw on my credit report XXXX XXXXscharged the debt and it has a {$0.00} balance. I have not heard from NCT or AES until last year when they filed two lawsuits against me asking for {$23000.00} for the {$15000.00} loan and {$8100.00} for the {$6500.00} loan. They claimed they arent affiliated with XXXX XXXX but they took the payment and recorded it as recovered principle and interest between the two loans. I then found, before I received the summons, my co signer received in the mail from XXXX a letter asking for a settlement from him this time, proving their affiliation again. Ive had 5 settlement conferences with them where the magistrate instructed them for better balancing and proof of debt. I was never supplied with anything new. I went to court XX/XX/XXXX where they brought a expert witness that works for them at trans world to explain how to read the loan. Before I got my turn to present my case the judge thought we should go to the breakout room and try to settle again. In the breakout room I asked about the balancing discrepancies and their expert witness had no explanation other than he didnt make those reports it was AES XXXX They offered me a {$12000.00} settlement. I said I would consider it, because I have XXXX XXXX XXXX XXXX XXXXs and can not afford a lawyer. I went on to consult with a financial advisor that advised I make this complaint. Now I have my second court date with the judge Wednesday XXXX XXXX.

Company response to consumer: Closed with non-monetary relief