Consumer complaint received 06/15/2015 about Student loan (Non-federal student loan) with ACS Education Services (MA).
Issue: Can't repay my loan
Sub-issue: Can't get flexible payment options

Complaint: At the age of XXXX years old, due to my poor decisions in terms of agreeing to take out private loans, and my inability to pay them when I was supposed to pay them, I now currently have XXXX lawsuits against me. XXXX is for a credit card, totaling the amount of XXXX dollars of which I had used to pay off some student loan debt, and the other for the XXXX student loan in the amount of $XXXX dollars. These lawsuits have essentially ruined my credit, have placed me in an impossible position to receive any form of refinance from any lender to lower my outrageously high interest rates with XXXX and ACS. I honestly believe that these XXXX lenders are ruining the lives of XXXX of borrowers. They are in my opinion the definition of unconstitutional and illegal and should be ashamed of their deceptive and manipulative practices. They have preyed upon thousands of young people and have placed us in a terrible predicament. Their business practices are downright sneaky and misleading. I recently spoke to both ACS and XXXX today and told them that I was filing bankruptcy due to my poor financial situation. I have been working with XXXX these lenders now for several years and it wasn't until I did a lengthy amount of internet research that I found a number for XXXX that allowed me to speak to a woman named XXXX who offered that I enroll in what is called their "interest rate reduction program." This program has NEVER been offered to me before. Every time I have called them, I am given the run around and connected to different lines and even hung up on. XXXX however was very helpful and did an over the phone application with me to see if I qualified for this program. Unfortunately, she told me that I did not qualify because I make too much money. This is almost comical considering I make XXXX dollars a year, live at home with my parents and have an insurmountable debt totaling XXXX, XXXX of that being student loans.
I am not claiming to be a mathematician by any means, nor do I have my degrees in that either, but these numbers don't add up to me. Do I essentially have to be living on the street, without any form of income, and no food in my stomach to qualify for any form of relief from these lenders? After this discouraging conversation, I got on the phone with ACS and was literally laughed at. The woman who I spoke to was literally laughing when I told her I was filing for bankruptcy and was requesting to have my interest rate lowered. It had taken me well over half an hour just to locate a feasible phone number for this lender because every number posted on their main homepage brings you to an automated recording and doesn't give you the option of speaking to a human being. After speaking with XXXX lenders, I have unfortunately made the decision to file for bankruptcy. Never in my wildest dreams did I think that I would ever be in such a position because of education. I know it is very unlikely I will be able to have my student loan debt discharged in bankruptcy, but at this point I am willing to go in front of a judge and roll the dice because I am all out of other options.

Company response to consumer: Closed with explanation