Consumer complaint received 2018-11-29
Company: Equitable Acceptance Corp
State: AZ
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
This complaint is about fraud student forgiveness programs and not doing as they promised. I refuse to payback Equitable Acceptance for their fraud and I will not have my credit ruined because of it. 
Equitable Acceptance promised to get rid of my loans after paying consistently {$49.00} for 3 years until my changed balance of my loans, {$1300.00} was all paid off. 
I was a student at XXXX  College for XXXX XXXX and the program was {$17000.00}. I applied for financial aide and they were able to give me four loans. The first two loans was given to me on XX/XX/XXXX. The Direct Stafford Loan which is {$3500.00} and a Direct Unsub Stafford Loan for {$6000.00}. The next loans I received was on XX/XX/XXXX. Direct Stafford Loan of {$1500.00} and Direct Unsub Stafford for {$660.00}. I paid this through XXXX. It was a student program that combined all my loans into one and each of my monthly payment of {$120.00} would be split into four for each of the loans. The monthly payment got too high for me so I decided to stop on XX/XX/XXXX and sign up for an income driven repayment plan, which was XXXX. I joined on XX/XX/XXXX. All my remaining loans transferred to XXXX and they consolidated my loans into {$11000.00} as my new balance and marked it as pain in full on XXXX. Seeing the amount of my monthly payments in advance made me realize it wasn't the help I needed. I started looking into student loan forgiveness programs. I found out about Equitable Acceptable. Their plan was to have me pay monthly {$49.00} for years until my new current balance for {$1300.00} is paid off and it will have all my loans removed. They promised me that I will have nothing to worry about as they will reduce it until I have no more student loans. I received a call from XXXX on XX/XX/XXXX informing me that I was late on my loans and now I owe {$11000.00}. None of the money I was paying Equitable Acceptance was going into my loans. I have paid Equitable Acceptance about {$360.00} that never went into my loans at all. I called Equitable Acceptance to ask about the situation. They refused to tell me where any of my payments were going and also wouldn't send me any receipts showing my payments. He told me to contact Simple Repayment as for they handle all the money? I've never heard of them and I had no idea they were part of this program that was handling my money. I'm furious. I told the person on the phone how my loans got higher because none of the payments I made was going into it and the man got dismissive. So I asked to be removed from the program and he wouldn't give me that option until I pay off my balance. I will not be continuing my services with Equitable Acceptance or Simple Repayment for they are putting me more in debt instead of helping out. I am not dealing with this program anymore and I will not let them ruin my credit because of this. I will take further actions and will get a lawyer involved if this isn't straightened out. I will not let this scam ruin my credit.

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