Consumer complaint received 2018-04-18
Company: Navient Solutions, LLC.
State: OH
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Trouble with how payments are being handled

Complaint:
i am the cosigner on my son 's private XXXX student loans that began in XX/XX/XXXX when he was attending XXXX school. There are four student loans that were initially serviced by XXXX  itself. Then XXXX contracted with XXXX XXXX XXXX ( XXXX  ) and they became the services of the loans. This went on for a few years as I recall when we were notified earlier this year in about XX/XX/XXXX of this year that the loans had been sold to Navient and we would receive further information as the process was underway.

At the time that the loans had been sold to Navient, our payment date had always been the XX/XX/XXXX.Since possible dates for payment ranged from the XX/XX/XXXX to XX/XX/XXXX, I believed that logically our date would be XX/XX/XXXX since our payment date had been XX/XX/XXXX. When we received a notice from XXXX that Navient may be changing our payment date to XX/XX/XXXX, we were informed that we could set our own date on the XXXX website.. Believing that up to the change in servicing we could change the payment date on .XXXX   website I tried and was locked out. I called XXXX about it and was told that they could no longer do that as the Navient process had already begun- however our loan had not yet been batched and sent to Naveint at that time. I called Navient and Navient 's rep said they couldn't help regarding my request for XX/XX/XXXX as a payment date as they didn't have the files yet.

So I waited and called again in early XX/XX/XXXX before XX/XX/XXXX when I learned that the first payment would be due on XX/XX/XXXX. I was confused about the due dates so close together. and was told by a Naveint rep that he would input the request for the date to be changed to XX/XX/XXXX and I should not worry about paying on XX/XX/XXXX but that I should make the payment in XX/XX/XXXX by XX/XX/XXXX. He said that the request should be granted and I would receive a letter from Navient. In XX/XX/XXXX I began receiving phone calls with no message from a Tennessee number beginning at XXXX XXXX. I finally returned the call and learned that it was Navient wondering where the XX/XX/XXXX payment was? I asked what happened to my request for change of the date of payment and the rep said initially that it had been processed, and would probably not take effect until XX/XX/XXXX. She then left and came back and said that the change had been requested out of their cycle and couldn't be processed and then I was told by the same supervisor that she would input the request today and expedite and that it really hadn't been in the system at all as there was no file to attach the request to when I had called in XX/XX/XXXX. She stated that now it wouldn't be possible to change the date until XX/XX/XXXX.

I called again on XX/XX/XXXX after receiving another call at XXXX XXXX from an unknown caller from Tennessee with no message left ( now I knew that it was Navient ) thinking that it was about the change in payment date only to learn hat nothing had changed and they were still wondering where the XX/XX/XXXX payment was and that even if my request for a change in payment date was expedited that it would not be effective until XX/XX/XXXX ....

That a company would take over ownership and servicing of a huge amount of student loans without preparing the proper lT program or training their personnel so that the files could be transferred seamlessly - to take on that kind of financial responsibility in such a cavalier manner - is reckless and negligent and surely a breach of contract to say the least.. XXXX and Navient gave incomplete and inaccurate information to the borrowers. The borrowers are third party beneficiaries of the contract between XXXX  and Navient for the sale/servicing of the loans. While Navient has stated that they are honoring the agreement that we had for reduced interest rates based on our income situation, when that period is over what then? Navient says they have no such program.

The long term effects of change in ownership of these loans was never explained to us.No copy of the agreement between XXXX and Navient has been made available to the borrowers so that they can be aware of what Naveint has agreed to do regarding these loans. It is all hearsay. It is needs to be published for all the borrowers and co signers to see so that they can demand their rights under the new contract.

Because late payments are reported to the credit reporting agencies and affect our credit scores, this payment date issue is a big deal. Yet Navient has taken setting these dates like a XXXX shoot. Luck of the draw? Why XX/XX/XXXX?. Why not set it on XX/XX/XXXX from XX/XX/XXXX? Wasn't that the more logical date from the beginning?

Company response to consumer: Closed with explanation