Consumer complaint received 2017-02-24
Company: Navient Solutions, LLC.
State: AZ
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Trouble with how payments are handled

Complaint:
Originally I borrowed about $ XXXX in private student loans to help pay for college in XX/XX/XXXX-XX/XX/XXXX to help support my XXXX children and myself while in XXXX school. I have had to put my loans in forbearance over the years because I 'm unable to pay the {$1300.00} monthly payment. My loans are now in excess of {$220000.00} from interest accruing. I have made several attempts to make payments towards these loans, however the amount they are proposing to me is still unmanageable long term. The beginning of 2016 I stopped making payments towards my private student loans in the hopes they would be able to offer another program with affordable payments. I was harassed and threatened for months to accept only one payment arrangment they offered or I would be in default. They stated they could start garnishing my wages and or intercepting my tax return if I did not accept their only offer. I answered all of their calls every month telling them I could only afford {$400.00} a month towards my private student loans. I refused to make a payment until they could come to a long term agreement that I could afford. On XXXX XXXX I received an email offering a settlement or an interest rate reduction program of 0.001 %. I called to get all the details and I was offered a settlement in the amount of $ XXXX. I told XXXX my account manager " if I had that kind of money I would definetly accept it ''. He then offered me a payment plan with a monthly payment of {$250.00} and a $ XXXX down payment. He stated " this was half of the balance I was behind ''. I told him " there was no way I could come up with those kind of funds in 30 days that maybe I could come up with $ XXXX by the end of XXXX ''. He said " he needed a payment today to hold the loans in his office '' so I offered the last {$100.00} in my account as a promise to pay and agreed I would try to come up with XXXX by the end of XXXX. I called on XXXX XXXX spoke to XXXX XXXX since XXXX was not available when I called. He accepted {$800.00} as the down payment for the rate reduction program of 0.001 % or in other words the remainder of the loan would be interest free. He applied {$600.00} to XXXX seed, {$100.00} to XXXX and {$100.00} to the XXXX seed. He said " to call back next week and speak to XXXX about the agreement documentation and to make my first payment of {$250.00} ''. I called around XXXX XXXX spoke to XXXX and he asked " if I was calling to make a payment ''. I said " yes however I would need the terms of our verbal agreement in writing ''. He said " he would have the documentation prepared and to call him after I received it ''. Near the end of XXXX I called XXXX again to get an update in regards to the written agreement. He asked me " if I was calling to make a payment ''. I told him " yes however I never received the terms in writing as discussed in our prior conversation ''. XXXX then asked for my email address to send me the written agreement. He said " I would receive a secure email to which I would need to put in a password to retrieve my documents ''. The call ended and I waited, A few hours later XXXX called back and stated " he could not honor the payment arrangement of $ 250 monthly for the remainder of my loan. He stated " I had XXXX different co-signers and I would need to make a payment of {$250.00} for each seed/co-signer, a total of {$750.00} a month ''. I asked on almost every call especially the one call made on XXXX XXXX when I spoke to XXXX, " if this agreement was for ALL private loans/Every seed and my payment would be {$250.00} a month '' I made myself very clear on that call. XXXX verified this was for all private loans and all XXXX seeds. They emailed/called me to offer this arrangement, I did not ask for it. Also how can an {$80000.00} loan become {$200000.00}? How can I be charged over {$120000.00} in interest? Something is very wrong here, this must be investigated! I believe something is very illegal in regards to their practices!

Company response to consumer: Closed with explanation