Consumer complaint received 2024-12-31 00:00:00
Product: Student loan — Private student loan
Issue: Dealing with your lender or servicer — Received bad information about your loan
Company: Goal Structured Solutions, LLC

Complaint narrative:
I am writing to formally lodge a complaint regarding the inaccurate and unjustified adjustments made to my student loan account, serviced by Launch Servicing LLC. The discrepancies in my loan balance, caused by an erroneous increase in interest and principal, require immediate rectification. My Ascent account number is # XXXX, and the associated Launch Servicing LLC account number is # XXXX. The loan in question is # XXXX. 

Since noticing this issue in XX/XX/XXXX, I have made numerous attempts to address the matter through messages on the portal and direct calls to Launch Servicing LLC. I have also contacted XXXX XXXX, XXXX, which continues to appear on my statements, despite the loan being sold multiple times. They did not want to take responsibility. 

My repayment is due on the XXXX of each month, and I have repeatedly informed Launch Servicing LLC that I will not pay the inflated amount of {$960.00}. However, to avoid delinquency being reported to credit bureaus by XX/XX/XXXX, I may be forced to pay this incorrect amount unless the issue is resolved by XX/XX/XXXX. Such a report would harm not only my credit history but also that of my co-signer. 

Below, I outline the key issues and supporting details : 1. Loan Origination Details : o Total debt disbursed : {$32000.00} First disbursement on XX/XX/XXXX : {$7800.00} Second disbursement on XX/XX/XXXX : {$24000.00} o Total approved amount : {$49000.00}, with only {$32000.00} disbursed to the XXXX XXXX XXXX XXXX XXXXXXXX. ( Attachment # 0 ) 2. Correct Interest Calculation ( XX/XX/XXXX XX/XX/XXXX ) : o Principal : {$32000.00} o Total Capped Interest : {$13000.00} o Total debt : {$46000.00} o Interest rate : 16.170 %. ( Attachment # 9 ) 3. Erroneous Adjustments ( XX/XX/XXXX ) : o Interest listed as $ XXXXan increase of {$17000.00}, equating to {$190.00} daily despite a similar interest rate of 16.180 %. ( Attachment # 10 ) o This adjustment coincided with the third sale of the loan to XXXX XXXX XXXX XXXX XXXX. ( Attachments # 11 & # 12 ) 4. Misuse of Estimated vs. Capped Interest : o On XX/XX/XXXX, the estimated capitalized interest of {$31000.00} was used instead of the correct capped interest of {$13000.00}. This error inflated my principal balance. ( Attachment # 18 ) 5. Erroneous Principal Balances : o XX/XX/XXXX : Statement shows {$19000.00} as the principal balancean amount I never owed ( I owe them more ). 
o XX/XX/XXXX : Statement lists a revised balance of {$3500.00}. These inconsistencies reflect highly suspicious accounting practices. ( Attachments # 16 & # 17 ) 6. Complaint System Issues : o Launch Servicing LLCs complaint system is unreliable, lacking transparency and accountability. The only formal complaint mechanism is via mail ( XXXX XXXX XXXX, XXXX XXXX XXXX XXXXXXXX ), with no assurance of receipt or response. This system appears designed to discourage complaints. 

As of today, Launch Servicing LLC claims I owe {$68000.00}. Based on the correct calculations, my debt should range between {$49000.00} and {$53000.00}. ( see attachment # 19 ). This discrepancy, caused by misapplied interest and inconsistent statements, constitutes a breach of trust and potentially fraudulent practices. 

I urge a thorough review of the automated processes and algorithms used by their institution, as this error may extend beyond my case and affect other borrowers. 
Please refer to the attached documents for supporting evidence : Attachments # 1 to # 19, detailing communications and statements. 
( see attachment # XXXX ) - XX/XX/XXXX ( see attachment # XXXX ) - XX/XX/XXXX ( see attachment # XXXX ) - XX/XX/XXXX ( see attachment # XXXX ) - XX/XX/XXXX ( see attachment # XXXX ) - XX/XX/XXXX ( see attachment # XXXX ) - XX/XX/XXXX ( see attachment # XXXX & XXXX ) - XX/XX/XXXX ( see attachment # XXXX ) - XX/XX/XXXX Details of loan ownership transfers. ( Attachments # XXXX, # XXXX, & # XXXX ) o Original Lender ( Attachment # XXXX ) : XXXXXXXX XXXX XXXX  ( XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXXXXXX XXXX ) and/or XXXX XXXX XXXX XXXXXXXX? ( attachment # XXXX & XXXX ) o Second owner : XXXX XXXX XXXX XXXX XXXX ( Notice of sale on XXXX XXXX, XXXX ) o Third and current owner : XXXX XXXX XXXX XXXX XXXX ( Notice of sale on XX/XX/XXXX )

Company response to consumer: Closed with explanation