Consumer complaint received 2018-09-22
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Trouble with how payments are being handled
Company: Massachusetts Educational Financing Authority (RI)

In XX/XX/2018, I consolidated my student loans with XXXX XXXX XXXX ( XXXX XXXX XXXX ). By the end of XXXX, XXXX XXXX disbursed funds to my previous loan service providers for the balance I owed to each provider. I had 5 other loan service providers at the time, in addition to XXXX XXXX XXXX ( XXXX ). When XXXX XXXX disbursed the loan amounts to the various providers, the providers applied the received funds to my loan balances. If there was any overpayment, the providers refunded the amount to me via check. I write this so that you understand that out of all of my loan service providers, XXXX is the only one who has not applied the funds they received properly. 

I have 2 loans with XXXX. One is in my name only and has a balance of {$1800.00}. The other is in my name, with my father as a co-signer, and currently has a {$0.00} balance. I have since been locked out of viewing my payment history on that loan by XXXX, and therefore I can not five you exact dollar amounts for the payment made by XXXX to XXXX, and what the balance was prior to that payment. In any case, XXXX XXXX disbursed an amount to XXXX that would clear the balance completely. Meanwhile, I continued to make payments to XXXX until XXXX could confirm that XXXX received the funds. At this moment, XXXX has been overfunded by XXXX and myself, and they owe me an overpayment refund in the amount of roughly {$400.00}. As I can no longer access my XXXX account history, I do not have access to the exact figures. 

I have contacted XXXX on multiple occasions, through multiple mediums. 
On XX/XX/XXXX, I received a collection call from a representative claiming I was past due. I explained the situation with XXXX and the representative seemed unaware of the transactions with XXXX. Upon further review, he found account notes and told me he would help process the payments. 

On XX/XX/XXXX, I sent an email requesting an update on the situation and a resolution. I was told to be patient while they applied the payments. 

By XX/XX/XXXX, they still had not applied the payments properly. I began to receive collection calls from XXXX providers. The service representatives on the phone told me I was past due and that I needed to submit a payment now. I explained the situation to the service representative, told me the payments were processing and that I still needed to make a payment. Again, out of 6 loan service providers, XXXX is the only one who could not seem to figure out how to balance a loan. 

On XX/XX/XXXX, I sent another email to the same affect as the first. I was assured the loans would be balanced shortly. When I went in to check the balances of the 2 loans, one now had a negative balance around {$2100.00} and the other a positive balance around {$1800.00}. This made me extremely uncomfortable, as I continue to have 2 open loans with XXXX and all though they have enough funds to close both out, they continue to call me seeking payments. 

On XX/XX/XXXX, out of fear that they would report me as delinquent to the credit agencies, I made a payment to XXXX. They processed and applied the payment within 1 day. 

On XX/XX/XXXX, I went in to review the accounts again, hoping they would not be balanced. Instead, I found that one of the loans now has a {$0.00} balance, while the other continues to have a balance of {$1700.00}, and they continue to calculate interest against this amount.

I am extremely displeased with how I have been treated by this company. I feel that I am purposefully being taken advantage of by this loan service provider. It is either that, or they are grossly incompetent. 5 other service providers were able to quickly balance my loans and issued overpayment refunds without me even having to ask. XXXX has dragged their feet at every turn and it has become a burden to try to manage them.