Consumer complaint received 2023-09-14
Company: EdFinancial Services
State: WI
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Trouble with how payments are being handled

Complaint:
Beginning total loan balance in XX/XX/XXXX {$97000.00}. At this time loans were named XXXX  XXXX. ) On XX/XX/XXXX Interest paid on all loans XXXX {$4000.00} Paid all interest on loans XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX paid in full {$920.00} Loan group XXXX  paid in full {$3600.00} Loan group XXXX paid in full {$3500.00} Total Paid Total original balance on XX/XX/XXXX {$97000.00} ( see exhibit A ) Minus payment made on XX/XX/XXXX {$12.00}, XXXX ( see exhibit B ) New balance {$85000.00} 2a. ) On XX/XX/XXXX debtor attempted to make full payment on loans XXXX and XXXX ( XXXX {$830.00} + G $ XXXX {$1500.00} ). Payment did not go through. Debtor noticed a discrepancy on statement. Interest balances were not zeroed out for several loans including XXXX XXXX XXXX XXXX XXXX XXXX XXXX and XXXX ( see Exhibit A ). Debtor called EdFinancial Services requesting correction. Debtor informed that a request was placed and debtor would have to wait for account to be reviewed. 
b ) XX/XX/XXXX Debtor called again to follow up- no update. Debtor notified that account was under review and debtor would have to wait. Debtor also notified EdFinancial Services of the following discrepancy. 
c ) XXXX Debtor noticed an additional discrepancy on the account and notified EdFinancial Services XXXX The account statement revealed that {$8100.00} was applied to principal. The total amount paid for loans B, C, XXXX on XX/XX/XXXX was {$8100.00}. Difference = {$3.00}. Additionally, the amount applied to interest was {$4000.00} instead of {$4000.00}. Difference = {$3.00} ( See exhibit C ). 

On XX/XX/XXXX EdFinancial Services moved the account to a new student loan servicing system. 
loans were re-named XXXX original loans XXXX XXXX  XXXX were not included in transfer as they were paid in full XXXX XXXX = XXXX ) Initially XXXX loans- now XXXX existing loans show in new system Debtor spent hours on hold and made numerous calls to EdFinancial Services between XX/XX/XXXX and XX/XX/XXXX XXXX resolution an was told that Debtor would have to wait. In XXXX, Debtor frustrated that so many months had passed without resolution, Debtor demanded to speak to an account supervisor or manager. 
On XX/XX/XXXX Debtor spoke with numerous people at EdFinancial Services however, only one was a helpful and competent individual named ******. ****** was very knowledgeable and looked at the account in-depth understood the issues and attempted to address and rectify them. It appeared that somehow the amounts applied to principal and interest were switched and applied backwards. ***** submitted a request to correct the account and very specifically indicated what needed to be done. I did not receive a copy of this or any request to rectify and I do not recall asking ***** specifically for it. They were the only person who appeared to know how to do their job. 
3a. ) On XX/XX/XXXX Debtor received repayment letter in mail from EdFinancial Services informing debtor that loans XXXX were scheduled to begin repayment with the first payment due on XX/XX/XXXX. However, according to https : //studentaid.gov/announcements-events/covid-19 interest would resume starting XX/XX/XXXX. This same letter received on XX/XX/XXXX indicates that there is an outstanding interest balance on the following loans : XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, and XXXX totaling {$770.00}. This amount should be {$0.00} ( For specific interest amounts see Exhibit D page 3 ) Furthermore this letter indicates that the monthly payment is {$790.00} and that the principal unpaid balance was {$74000.00} instead of {$85000.00}. Difference = {$11000.00} ( see Exhibit D ). 
b. ) On XX/XX/XXXX Debtor logged onto the EdFinancial Services website noted yet another discrepancy indicating that {$990.00} was the monthly payment amount due not {$790.00} Difference = $ XXXX. 

c. ) On XX/XX/XXXX The EdFinancial Services website reflects a balance of {$85000.00} Actual balance should be {$85000.00} Difference {$130.00} that was paid and is not reflected in current balance-MISSING. 

On XX/XX/XXXX Debtor called- and never received a call back from EdFinancial Services On XX/XX/XXXX debtor called again at XXXX. Call was returned at XXXX the line rang once and EdFinancial Services abruptly ended the call upon pick up. Debtor called again at XXXX and waited on hold for over XXXX hours ... Is still waiting on hold.

Company response to consumer: Untimely response