Consumer complaint received 2019-03-13
Company: DISCOVER BANK
State: NJ
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Need information about your loan balance or loan terms

Complaint:
Upon taking out my private student loan with XXXX for my XXXX degree, I had slightly over {$30000.00} in private student loans which were consolidated into XXXX loans in XXXX. In XXXX or XXXX, XXXX sold/sent those loans to Discover - I did not sign anything new just received a mailed letter informing me that XXXX would be my loan processor. Since that time, I have paid over {$31000.00} in student loan payments but still owe {$37000.00} somehow. In further looking into it with my husband, we see there is an 8.95 % interest rate. I never had that high of an interest rate with XXXX - in fact I recall having XXXX loans originally ( one at 4.75 % and possibly one at 7.75 % [ I can not find any paperwork from XXXX with this rate on it however ] ) and I consolidated those loans but never at that rate. We reached out to Discover on XX/XX/XXXX and made a formal request to have all loan documents sent to us. At that time we were informed it would be XXXX business days. We were informed if Discover changed the rate after taking over servicing the loan they would have to have sent a loan origination document for me to sign ( I never received one or signed one ). As of today, I have not received any documents from Discover - nearly a month out. In speaking with Discover today XX/XX/XXXX, during my first phone call an agent tells me there is a " will call out for an approval disclosure that was not received '' and that her records indicate a transaction history was sent to me on XX/XX/XXXX ( I have not received this ). She also indicated that Discover was trying to reach me via phone on XX/XX/XXXX and XX/XX/XXXX - it's possible they called me but I did not answer ; though I do not have any voicemails. She said they didn't clearly state why they needed to talk to me. She also said " it usually doesn't take so many departments '' to fulfill a request like mine. I requested again that the loan documents be sent to me and also asked that any phone recordings be sent over to me as well. My husband called back to get more clear information based on what I was told but did not get any information so I called again. This time, the representative I spoke with was less transparent in reading me the notes on my account ( to which I asked why I couldn't have the entirety of the notes and she said they were internal ). This representative told me that the promissory note ( which she said went through a second review ) and transaction history were both sent to me on XX/XX/XXXX via XXXX mail no tracking number ( I did not receive them to this day ). She also informed me that the original timeframe I was given for documents to be sent to me ( 7-10 days ) was incorrect, and that it was actually 30 days. When I asked her to be clear if there were any other documents besides the XXXX mentioned that were mailed ( and I did not receive ) she said there is an " approval disclosure '' form in its second will-call. I asked the date on this she said XX/XX/XXXX. When asked what it meant, she let me know that they do not have the document and it's a second attempt to retrieve it. She then informed me that the documents " sent on XX/XX/XXXX '' that I didn't receive, today would mark the start of another 30 days they have to get them to me. However, as I pointed out to her, the approval disclosure which she told me is when you " accept the loan terms '' was part of the XX/XX/XXXX request and 30 days would put us at this weekend. When I asked what would happen if they weren't sent to me within 30 days, she told me they would keep looking for them. She also told me that if I wanted the recordings of our phone conversations, the legal department would have to decide if I could have them. The documents I have from XXXX show a 4.75 % interest rate on a consolidated loan and so far, no records have been produced by Discover to show I agreed to 8.95 %. They have not provided me with proof of this interest rate in a timely manner. They are inconsistent in what they are saying and they aren't being transparent.

Company response to consumer: Closed with explanation