Consumer complaint received 2021-03-26
Company: Navient Solutions, LLC.
State: IL
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
I am seeking your assistance with this matter. I am requesting transparency about a debt I owe and Navient the Loan company that houses the debt is refusing to assist. They utilized predatory tactics to increase the amount I owe. Then when I question both the tactic ( s ) and the amount that was added, Im offered a little and vague response. I am requesting my loan be adjusted to the original amount of {$59000.00} as it is very clear that Navient is wrong in this matter and will not work to resolve the matter. I worked very hard to get to a place to pay my debt. I will not be taken advantage of as Navient is well documented for doing to its customers. Please assist me with this matter. 


My original request sought transparency and detail. The amount of XXXX was cited but full detail and validation was not provided. It is the law to validate a debt. I was provided the amount of {$12000.00} and calculation of interest. The original amount was {$59000.00}. There is nearly {$5000.00} unaccounted for in the explanation which proves my point from the original letter that this interest was fraudulently charged. I have defense as a borrower. I was baited to take forbearances and Income based payment options in an effort to drive up my loan balance and not help me to decrease my balance. There is no explanation of unsubsidized vs subsidized and the amounts of interest charged to both. Interest was illegally charged and goes against what was stated in the promissory note as regards to charge interest during forbearance. I was charged that and more. Taking full advantage of me as a buyer. I will not pay anything more than the {$59000.00} amount as I have clearly been wronged by Navient. Please validate this date as cited below. 
The name and address of the original creditor, the account number, and the amount owed. 
Verification that there is a valid basis for claiming I am required to pay the current amount owed. 
Details about the age and amount of the debt including a copy of the last billing statement from the original creditor ; a detailed explanation of any interest added or payments made since the last billing statement and the legal authorization for this interest ; the date the original creditor claims this debt became delinquent. 
Please also note whether this debt is within the statute of limitations and how that was determined. 
Please also forward details about your authority to collect this debt : whether you are licensed in my state and if so provide the date of the license, name on the license, license number, and the license number, and the name, address and telephone number of the state agency issuing the license. If you are contacting me from outside my state, provide the licensing information from your state as well. 

I was never advised of the overall impact of the debt. I was never advised of how interest would be capitalized or how it would accumulate in detail. A calculation of interest was vaguely explained in a letter and not in any documentation that I endorsed. Countless promotion of forbearances and income driven payment was a very predatory tactic. The promissory note I endorsed says may be added, does not specify deferment periods. The language is vague and misleading. Navient is a company that likes to take advantage of borrowers rather than promote financial literacy in which both borrower and company benefit. 

Navient is required by law to provide notice of interest capitalizing 30 days prior. I've never received any notice that details interest accumulation or capitalization of interest. Below is law which Navient has never abided by. 


( 1 ) The lender and the borrower or endorser agree to the terms of the forbearance and, unless the agreement was in writing, the lender sends, within 30 days, a notice to the borrower or endorser confirming the terms of the forbearance and records the terms of the forbearance in the borrower 's file ; or ( 2 ) In the case of forbearance of interest during a period of deferment, if the lender informs the borrower at the time the deferment is granted that interest payments are to be forborne. 

( c ) Except as provided in paragraph ( d ) ( 2 ) of this section, a lender may grant forbearance for a period of up to one year at a time if both the borrower or endorser and an authorized official of the lender agree to the terms of the forbearance. If the borrower or endorser requests the forbearance orally and the lender and the borrower or endorser agree to the terms of the forbearance orally, the lender must notify the borrower or endorser of the terms within 30 days of that agreement. 


I was baited and steered into forbearance and income driven, now I have $ XXXX in unexplained debt. Any legal debt should be validated prior to paying. I have not received any clarity/transparency on the $ XXXX interest and Navient refuses to provide it. I have never paid a debt that was not validated and I will not start now. I am requesting to start from the {$59000.00} original amount that I am responsible for. I will not be paying that $ XXXX in unexplained charges and fully expect my loan amount to be adjusted to {$59000.00}. I will be retaining legal counsel on this matter. Please advise.

Company response to consumer: Closed with explanation