Consumer complaint received 2019-03-13
Company: Equitable Acceptance Corp
State: NJ
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 emailed XXXX XXXX  attempting to update my payment form in order to keep my account in good standings. I just recieved a call today and yesterday. I reached out to Equitable Acceptance and spoke to a female representative who said I was one payment late and there was a fee for a bank return. I inquired if they had recieved an email as I attempted to contact XXXX XXXX to update my form of payment failing to realized it was not Equitable Acceptance. The female representative stated I was not late as of today but will be on Saturday. I asked why my payment was higher. She reported it was due to missing a payment and bank fee return. I Iinquired if the fee could be waived as payments were ALWAYS made on a timely manner. She reported no because it was a fee the bank posted. She reported not receiving an email for me. Which made me question why would anyone not follow-up with an email for a change of payment. I asked for their email and she stated the company never provides a courtesy call unless the account is late. She proceeded to remind me they were a 3rd party financing the loan in order to keep my account in good standings, I need to pay it off. I asked what was the pay off payment in order to close. She reported it was {$500.00} to close out the service. I told her I would contact XXXX XXXX  aka XXXX XXXX which I failed to realize changed their name. Which made me think even more maybe I should look into this more. Most companies agree to waive a late fee or even a bank return fee. It just happened with another legit company. They understood and reviewed my account stating it does happen and it was a ONE time courtesy. In disbelief I started to realize I was part of a scam! Oh my XXXX I never followed up on the company because I made payments on-time and thought it was legit. Then I realized ummm XXXX and XXXX XXXX  have the same address. Idk how many companies are willing to share the same  exact suite with the same mission. So I just realized ALL the money I've paid XXXX XXXX a.k.a XXXX XXXX  through Equitable Acceptance could have gone towards my Federal Loan Services of {$0.00} repayment. I want to cry because my money isn't coming back to me and through  all my hardships I ALWAYS made sure to scrap my hard earn money to make payments. When I could have just skipped a month if truly needed. I got back on the phone with Equitable Acceptance and spoke to a Male representative who informed me I was 2-payments behind. Maybe it was a simple error on his behalf but in the matter of 22 minutes of my first call was at XXXX when I was only 1 payment late and my next call at XXXX I was 2-payments behind. I told them that I failed to realize for sometime now being part of a scam and will be taking the necessary steps to revoke services and will obtain legal advice. He reported You can give us your lawyers name as we have the information here. I shared my lawyer will contact them but for now I'm placing a stop in payments. It sad how many other consumers are out there right now making payments on-time without realizing they are paying for a FREE service. Yes you would need to submit the application on your own which required your time but it's not worth {$470.00} that could have paid toward your ACTUAL loans you still need to eventually pay. So in almost 4 years since my renewal period of XX/XX/XXXX I could have paid {$1800.00} on my actual loans. Lesson learned wait a few years before trusting a company.

Company public response: Company believes it acted appropriately as authorized by contract or law
Company response to consumer: Closed with explanation