Consumer complaint received 2018-11-05
Company: KEYCORP
State: CA
Product: Debt collection
Sub-product: Private student loan debt
Issue: False statements or representation
Sub-issue: Attempted to collect wrong amount

Complaint:
I have private student loans which are now owed to XXXX XXXX XXXX. These loans were initially taken out through XXXX XXXX XXXX XXXX, XXXX XXXX XXXX, XXXX, OH XXXX ; XXXX XXXX XXXX XXXX XXXX ; XXXX XXXX XXXX XXXX ( XXXX ) XXXX XXXX. An XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX was done XX/XX/XXXX. There were a total of 5 private student loans were requested and Promissory Notes were signed for the same : ( 1 ) XXXX XXXX XXXX # 1 : {$15000.00} requested XX/XX/XXXX ; ( 2 ) XXXX XXXX XXXX # 2 : {$4000.00} requested XX/XX/XXXX ; ( 3 ) XXXX XXXX XXXX # 3 : {$6500.00} requested XX/XX/XXXX ; ( 4 ) XXXX XXXX XXXX # 4 : {$10000.00} requested XX/XX/XXXX ; and ( 5 ) XXXX XXXX XXXX # 5 : {$5000.00} was request XX/XX/XXXX but XXXX XXXX {$1200.00}. On XX/XX/XXXX a complaint was filed with the XXXX XXXX XXXX by XXXX XXXX XXXXXXXX XXXX against me XXXX XXXX, Case No. XXXX. I offered to pay {$100.00} per month, which is what I could do since working part-time due to illness, XXXX wanted {$500.00} per month. I declared XXXX XXXX Bankruptcy on XX/XX/XXXX which stayed the case until XX/XX/XXXX and to which I have made payments of {$120.00} per month. In the Court case, XXXX claimed I owe : 1st : {$42000.00} plus interest {$40000.00} interest plus XXXX % per annum from XX/XX/XXXX + Atty. Fees ; 2nd : {$42000.00} + interest XXXX % per annum from XX/XX/XXXX ; As to 3rd & 4th Causes of Action : {$42000.00} + interest at the rate of XXXX % per annum from XX/XX/XXXX ; and costs of suit. Yet, to date I have not received a breakdown as to what is actually owed despite numerous requests for the same. My XXXX XXXX XXXX Case Summary states that Status : Deemed Complete ( no Remand from Federal Court ) XX/XX/XXXX ; and I'm not sure exactly what this means. The rate of interest for these loans is calculated as : " The Variable Rate is equal to the Current Index, plus ( a ) XXXX % per annum during the Interim Period, and ( b ) XXXX % per annum during the Repayment Period, but in no event more than the maximum rate allowable under applicable law. The Variable Rate will change quarterly on the first day of each XXXX, XXXX, XXXX and XXXX ( the " Change Dates ( s ) '' ) if the Current Index changes, and at the commencement of the Repayment Period. The " Current Index '' for any ca! endar quarter beginning on a Change Date ( or for any shorter Date ) is the most recent index as of the Change Date. The Index is the average bond equivalent rate of the final auction for 91-day United States Treasury Bills during the prior quarter. ( The bond equivalent rate of the weekly auction average United States Treasury Bill is established by the Federal Reserve Board in Statistical Release H.15 ( 519 ) under the designation 'Auction Average ( investment ) -3 month. ' ) If the Index is no longer available, you will choose a comparable substitute. '' I have attempted to find this rate to make my own accounting but to date I have not been able to find anyone who understands this interest rate as quoted. Please help me. Sincerely, XXXX XXXX

Company response to consumer: Closed with explanation