Consumer complaint received 2016-02-01
Company: JPMORGAN CHASE & CO.
State: IL
Product: Student loan
Sub-product: Non-federal student loan
Issue: Can't repay my loan
Sub-issue: Can't get flexible payment options

Complaint:
I began repaying my private loans with JP Morgan Chase in XXXX when I graduated. At that time, I was making approx {$28000.00} annually with a monthly obligation to Chase of roughly {$750.00} - a lump sum for XXXX student loans. I called Chase several times between XXXX and XXXX to gain assistance, stating I could not afford the monthly payments. Chase offered no assistance and I subsequently suffered negative impacts to my credit file for just shy of 3 years ; my loans were consecutively in a state of pre-chargeoff. It was not until XXXX XXXX that I was granted a temporary forbearance for 3 months, and in order to gain the forbearance I had to bring the account current by making 2 months worth of payments. To afford the forbearance, I had to take out another loan against my XXXX which I recently paid back in full within XXXX. Once Chase moved to servicing powered by XXXX XXXX XXXX, I was finally able to utilize other options. Unfortunately, those options have come at a deceptive price. I spoke with an agent in the late summer of XXXX to discuss relief options. The agent spoke of a forbearance option and when applying for the forbearance, the agent asked how long I would need relief so I stated I could begin repayment in XXXX XXXX. The agent submitted my information then advised my request was denied. When stating the request was denied, the agent went on to say it was denied because forbearance is typically only granted for 3 months. I inquired why the agent did not advise the 3-month limit prior to my submission, because knowing I could only qualify for 3 months would have assisted me to successfully gain an approval. The agent stated I could re-apply the next day. Frustrated that I was deceived in the application process, I asked to speak with a supervisor. The supervisor that I was then transferred to addressed me with clear disdain and indignation and immediately stated that I needed to call back the next day. I eventually called back and was able to gain a 3 month forbearance. It was during the callback in which my request was granted that I was advised of more repayment options. The agent that processed my successful forbearance application spoke to me about a longer forbearance period that I could potentially qualify for if I completed a reduced payment plan first. Once my forbearance ended, I called XXXX, in XXXX XXXX, to inquire about the reduced payment option and applying for a longer forbearance. The agent indicated that in order to qualify for an extended forbearance, I had to complete a reduced payment plan first. The payment plan I was offered cut both student loans in half which was a huge financial relief. The agent went on to advise that in order for me to qualify for an extended payment plan, I had to complete a temporary reduced payment plan first, for 3 months ( XXXX - XXXX ). I agreed to the short-term reduction. When realizing my payments were behind, I called AES on XXXX/XXXX/XXXX and made all payments needed to bring the account current. After scheduling my payments, I inquired about additional assistance because I knew my payment plan was nearing end. At that time, the agent, XXXX, advised that I needed to fulfill XXXX consecutive payments at the normal monthly rate ( approx {$740.00} ) before I could qualify for another reduced payment plan. It was at this time that I stated I was not advised of this information in XXXX. The agent apologized and stated I should have been advised of that information. The agent also went on to state that in XXXX, I could have applied for a long-term reduced payment plan to which my payments were reduced 50 % for 6 months and then 75 % for another 6 months, and that I did not have to do a temporary reduction first. Frustrated and deceived once again, I asked to speak with a supervisor. She apologized and stated nothing could be done and that the call from XXXX could not be pulled.

Company response to consumer: Closed with explanation