Consumer complaint received 2017-09-20
Company: EAST WEST BANK
State: CO
Product: Student loan
Sub-product: Private student loan
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
I called into my loan service center ( XXXX XXXX XXXX ) about XXXX/XXXX/XXXX or XXXX/XXXX/XXXX to report hardship due to my being recently laid off unemployed for the 2nd time in 10 months and to request for forbearance. I also informed XXXX XXXX that it is a great struggle even when I am working to be able to make the {$800.00} payment and support my family. 
I was told by a XXXX XXXX representative that the private student loan that I have only comes with 12 months of forbearance for the life of the loan ( Current balance {$66000.00} ) and there are no other options for lowering my payments or forbearance. I was told by the same representative that XXXX XXXX is only the 3rd party loan servicer and has no authority over making any decisions on my loan. I was told I would have to contact the loan originator to see if they are willing to help me. I asked who was my loan originator and I was told by XXXX XXXX that they have in their system that my loan originator was EastWest Bank. 
I contacted East West Banks Loan Department around XXXX/XXXX/XXXX ( almost a week before my loan payment was due ) and spoke with XXXX, employee # XXXX in the loan department. I explained my concerns, issues and requests to XXXX. XXXX informed me that there was something that could possibly be done to help me in my situation, but I had to call the loan servicer, XXXX XXXX, back and ask for someone on their escalation team. XXXX informed me that once I get to speak with someone on the escalation team, I need to explain my situation to them and they will need contact East West Bank to do a " loan work-out ''. XXXX informed me that the communication to get me the help I needed had to be done between the two companies. 
So, I called XXXX XXXX back the same day ( I believe ) and spoke to XXXX, the supervisor on the XXXX XXXX escalation team. I explained to XXXX the whole situation that lead up to my call to XXXX at East West Bank and what XXXX XXXX instructions were to get me help. XXXX relayed that he has been the supervisor in his position for quite some time now and has never heard of a situation that requires the two banks to communicate with each other for a 'loan work-out '. XXXX, eager to get me help and clearly as confused as I was, stayed on the line as I contacted XXXX, in East West Banks Loan Department, again for clarification. 
I did not reach XXXX, but a lady in the same department instead. I relayed to her the nature of the call and asked for XXXX. She insisted that I give her a chance to help. I told her what XXXX recommended I do and that the supervisor of the escalation team at XXXX XXXX was not sure what they were asking. The lady confirmed what XXXX was telling me to do and encouraged me to call XXXX XXXX again and ask for XXXX XXXX ' contact for East West Bank. 
At that time, XXXX spoke up and introduced himself to the lady representative and relayed that he has never done what she is suggesting nor was he aware of any contact that XXXX XXXX has for communicating with East West Bank. XXXX asked the lady at East West Bank who the contact is that works at XXXX XXXX that they are referring to. The lady said the contact 's name is XXXX XXXX. After XXXX and I ended the call with the lady at East West Bank, he informed me that he 's still not sure what East West Bank is talking about, but would do some research to see if they have an employee by that name, then give me a call back. 
XXXX contacted me a day later, I believe, and relayed that they do have an employee by the name of XXXX XXXX, but she is only an Analyst for the company and does not have any affiliation with East West Bank as their contact or anything else. XXXX relayed that XXXX said that she used to communicate with them years ago, but that was a very long time ago. 
At this point, I had become very exhausted and frustrated. My student loan payment of {$800.00} is due. I borrowed money from family and paid the loan in order not to default. 
I contacted East West Bank again, around XXXX/XXXX/XXXX to reiterate that what they recommended previously was unheard of and I needed help with my situation immediately. That day, I spoke again with XXXX, employee # XXXX. XXXX gave no explanation of why they sent me on a wild goose chase to do something that was n't even possible/an option. He told me that he understood my frustration and that at this point, I need to write a letter to the East West Bank loan department explaining what recently happened and what I needed. 
I wrote the letter on XXXX/XXXX/XXXX, addressed it to the Loan Department and emailed it to the email address provided ( XXXXXXXXXXXX ) and included my name, loan #, and the problem exactly how I was instructed to do so by XXXX. 
Having not heard anything from either East West Bank or XXXX XXXX, I contacted East West Bank on XXXX/XXXX/XXXX to inquire about the status of my request. I spoke again with XXXX that day. He looked into the system and relayed that he found the emailed letter that I had sent. He relayed that the outcome was that East West Bank is no longer the holder of my loan and that it had been transferred/sold to a different company. I asked why they did n't notice this a while back. XXXX relayed that he discovered that the day I called in and he recommended that I write a letter. 
XXXX informed me to call XXXX XXXX, my loan servicer to get the name of the company that now handles my loan. I asked XXXX why could n't they give me the name of the new loan holder, do n't I have consumer writes that requires the company who sold my loan to give me the name of the lender they sold it to? XXXX noted that I sure do have writes and XXXX XXXX should have this information for me, but East West Bank does not have access to that information. 
I contacted XXXX, from XXXX XXXX the same day and relayed what I had just learned and asked if he could give me the name of the lender that hold my loan now. I relayed how frustrated I was at this point and asked why was I sent over to East West Bank in the first place if they no longer own my loan? XXXX relayed that he would look into getting me the name of the lender and contact information, but the person he needed to speak to was out of town until the next day, so he would have to call me back then. 
XXXX did call me back the next day and provided XXXX XXXX XXXX XXXX as the name of the new holder of my loan and the contact number ( XXXX ). 
I tried contacting XXXX XXXX XXXX XXXX at the number provided on XXXX/XXXX/XXXX ( I got a fax machine sound only ), then again on XXXX/XXXX/XXXX ( recording saying the number I 've reached is not in service ).

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation