Consumer complaint received 2017-11-05
Company: Navient Solutions, LLC.
State: IL
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Problem lowering your monthly payments

Complaint:
My complaint is against Navient, specifically their private student loan services. Early XXXX, I called and started the process to reduce my interest rate, which would reduce the monthly payment. Originally, they wanted around {$1200.00} a month, which is 50 % of my monthly income. When I first called, I provided them with my financial statement. Then, my co-signer called in and gave them his in-depth financial statement. My co-signer makes less money than I do a month and is unable to help me make the full payment. I can pay around {$600.00} a month. When I called the second time, I spoke with an employee named XXXX ( ID : XXXX ) and she processed my application. She spoke to a supervisor to get my application approved and I electronically signed a contract for an interest rate of 3.0. They automatically took out the money from my bank account and was told that I was good to go, that my application was approved. Later in the week, I get a call from XXXX saying that there is a problem and that I need to call back. I called back the next day to speak with XXXX and was told that XXXX no longer worked there ( She was fired ). The lady that I was now speaking to was XXXX ( ID : XXXX ). She said that the contract I originally signed electronically had to change because my co-signer 's fica score was average to high. XXXX talked with her supervisor and they suggested that the interest rate be risen to 3.5 in order to meet the guidelines of the contract. I signed another contract electronically with the new interest rate of 3.5 and was told that the application was approved. We set up automatic billing again with the new rates, which would take effect in XX/XX/XXXX. A few days later, XXXX calls my mother 's cell phone and leaves a voice. I tried calling back the following day, but they were closed. I called back the next day and was informed that XXXX was no longer with the company ( She was fired ). The man I was speaking with transferred me to his supervisor ( XXXX ) who informed me that my contract that I had signed electronically was void because it seemed like my cosigner has money even though he makes less money than I do. She asked if I want to go into forbearance and I stated no. She stated that my cosigner had to call back in to give his financial statement again. I asked if the interest rate needed to be higher to a 4.0 and XXXX stated no we ca n't process your previous agreement. This entire situation seems unjust and sneaky. Twice I have signed electronic contracts for reduce interest rates. Twice I have been told they are void. Twice have the representatives who have been helping me with these new interest rates been fired. Personally, I 'm living with a XXXX and trying to work full time as a XXXX in order to survive. I can only afford $ 550- {$600.00} a month and that is all that I will be paying a month. The company can either work with me or work against me. My cosigner will be calling at the beginning of the week. I plan on contacting them later this week and, if it becomes necessary, contact a lawyer. Everything that was stated over these phone conversations was recorded.

Company response to consumer: Closed with explanation