Consumer complaint received 2017-05-16
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: DISCOVER BANK (NJ)

I have been having various issues with my lender, to the point hearing the word " Discover '' makes me want to cry. To start, when my rate changes, it is a vague e-mail in my account inbox. It will not state which of my three loans increased, what the rate change was, when the rate change date was to ensure I was notified within the regulatory requirement, no information at all. I have been told I can call to find out, and then when I do ... I have asked what my minimum payment change would be and the representatives tell me their systems can not figure that out until the new payment is due, and they have no way of telling me. I feel like I should be given all of the information so I can budget accordingly to ensure I can pay. I have used the online calculator for how interest is charged to me, and come up with a different calculation then my statement shows. I called them to discuss that my math was different than theirs and based off of my statement. I was then told it 's based off of their amortization schedule that they do not provide unless called and asked for ... If I did not work with regulatory criteria in my career, I would not even know what they were talking about. I feel like this is unfair and deceptive to borrowers. Nowhere on my monthly statements does, not in any fine print, does it disclose that my interest is not calculated by the interest on my statement, and that it would vary based on this amortization schedule. I know, legally, they have to explain this. They make it extremely difficult to figure out how monthly payments are applied. I will schedule a payment, and then it will no reflect as scheduled on their website days later. I will schedule again, thinking maybe I did n't hit submit ... and then days after the due date, I have been double charged. Then it takes a week to have a payment reversed. I called today, XX/XX/17 because I scheduled a payment last week and it is not reflecting on the site that I did. In the past I was told that maybe MY computer, and not their systems had the issue. So I am not double charged I called Discover to figure this out ... and the representative told me to wait until 48 hours after my due date to schedule to prevent a possible double charge .... so I have to possibly hurt my credit and incrue two more days of daily interest so that I wo n't be unfairly double charged. I am currently being told they can not confirm if the payment that I scheduled will be applied or not. Finally, the customer service here is awful. When I try to work with them they are completely inappropriate. If I threaten to report them I get, " well go ahead '' .... After years of this treatment, and very abusive, deceptive, and unfair acts and treatment, I cringe to give them {$1.00} of my hard earned money. The payments are more basically a mortgage payment. I am working so hard to pay timely and work with them, but at this point I feel like they have got to be completely acting illegally to their borrowers. Please help!