ACS Education Services
Consumer Complaints
There are over 1220 complaints on file for ACS Education Services. Dated between 2019-12-03 and 2012-04-23.
Complaints Page 12
2017-10-11
Rollingstone, MN
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Problem with customer service
Complaint: I have a loan through ACS for less than {$1000.00} left as I have overpaid on it each month. I got an email on XX/XX/XXXX stating that they were going to be changing the name to Conduent but stated that there would be no changes to my account. I was able to log in and make my last payment on XX/XX/XXXX. I tried logging into my account MULTIPLE different times all throughout XX/XX/XXXX and XX/XX/XXXX and each time I try to log in to make a payment it says the website is " Temporarily Unavailable. '' I have tried typing in my social security number to try and get my account number to call ACS and the website states, " We are unable to find your social security number on our system. Please check that you entered it correctly. '' I have tried calling all of the numbers that I could find on their website and from XXXX. The numbers I have tried are XXXX, XXXX, XXXX, and XXXX. When I call, the recording only gives two options to move forward ; enter in your nine digit account number or social security number. When entering in my social security number and birthday it states that it does n't recognize it.
I have no idea how to continue paying off this loan when I ca n't access it. I tried emailing them but in order to email ACS you must have your account number or it wo n't go through, which I do n't have. I checked through all of my previous emails and have never received an account number. I used to get emails from them each month stating when my statement was ready to be viewed and paid and the last statement that I have received is from XX/XX/XXXX, when I was able to make a payment last.
Company Response: Closed with explanation
2017-10-10
New York, NY
Struggling to repay your loan
Student loan: Private student loan
Can't temporarily delay making payments
Complaint: I have for the last XXXX months been working to secure a forbearance or deferment for my institutional loans and XXXX loan, due to no avail. I can not reach anyone at the XXXX servicer, ACS Education. When I do try to contact ACS, they defer me to one person at XXXX who seems to work once a month and never gets back to me. I have repeatedly explained that I am currently unemployed and can not make payment on my loans and it is important to me that they not go into default. I continue to be given the run-around by both XXXX and ACS as to this matter. I believe that what they want is for the loans to default, so they do n't have to deal with it anymore. I had an employment deferment for XXXX and simply asked them to renew this for this year. There seems to be no quick solution to this and I do n't understand why -- it 's such a simple matter. The loan servicer for my federal loans, emailed me the forms they needed and gave me the choice of emailing or mailing them back. Those loans have been securely in deferment. Also, XXXX has refused to put my loans into a temporary forbearance while they continue to insist that I work with the neanderthals at XXXX who never get back to me, or respond to me in writing. Again, I believe this is intentional so they can refer the loans to a collection agency, instead of working hard to help former students. This is predatory and unjust. Now I log onto the ACS website today and I do n't even see record of my loans.
Company Response: Closed with explanation
2017-10-10
Cheverly, MD
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Need information about your loan balance or loan terms
Complaint: When applying for my student loan, I was under the mistaken belief that the bank would be loaning me depositors money, which it received from its depositors or investors. I have found by researching relevant case law on the matter and reading XXXX XXXX XXXX, published by the XXXX XXXX XXXX XXXX XXXX, that banks create the money I borrowed by using my promise to pay. It generated computer entries to my account, listing the loan as a credit, in effect, creating money out of thin air.
In none of my transactions with the bank did any officer or employee notify me that the bank created money by a journal entry ( out of thin air ). This is bank fraud. The banks transactions relating to me lacked two necessary elements of a valid contract.
Perhaps you should be aware of the following : United States Code, Title 32, Section 24, Paragraph 7 confers upon a bank the power to lend its money, not its credit. In XXXX XXXX XXXX XXXX XXXX XXXX XXXX, XXXX XXXX XXXX XXXX XXXX XXXX ( XXXX ), the court stated : ( T ) he provisions referred to do not give power to a national bank to guarantee the payment of the obligations of others solely for their benefit, nor is such power incidental of the business of banking. A bank can lend its money but not its credit.
Again in : XXXX XXXX XXXX XXXX v XXXX XXXX XXXX XXXX XXXXXXXX, XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX It has been settled beyond controversy that a national bank, under federal law, being limited in its power and capacity, can not lend its credit by guaranteeing the debt of another. All such contracts being entered into by its officers are ultra vires and not binding upon corporation. See also XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX
The bank did not notify me that it created money by journal entry ( out of thin air ), defined as bank credit. To do so would have disclosed that there was no consideration from the bank to me.
A lawful consideration must exist and be tendered, to support the note. See XXXX XXXX XXXX XXXX v XXXX XXXX, XXXX XXXX XXXX, XXXX XXXX XXXX ( XXXX XXXX.
I hereby revoke, rescind, and repudiate my signature on the original application. The original application was fraudulent on its face, as full disclosure was not provided. The application did not inform me the bank was loaning me bank credit created out of thin air.
Had the bank so disclosed this fact to me, that I was in fact borrowing bank credit, I would have known that the element of consideration was missing from the contract and would have not entered into that agreement.
Company Response: Closed with explanation
2017-10-10
Dealing with your lender or servicer
Student loan: Private student loan
Problem with customer service
Company Response: Closed with explanation
2017-10-09
Palos Park, IL
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account information incorrect
Complaint: ACS, the student loan company is reporting my loan as past due for the months of XX/XX/XXXX and again for XX/XX/XXXX. Payments for both months were made in a manner that would ensure the payments would be made before their 2 to 3 day processing period. The payments, however, were never posted and the student loan company proceeded by reporting me and damaging my perfect credit standing. Calls to the company go unanswered and my credit disputes are never resolved.
Company Response: Closed with explanation
2017-10-08
Atlanta, GA
Dealing with your lender or servicer
Student loan: Private student loan
Received bad information about your loan
Company Response: Closed with explanation
2017-10-06
AL
Problem with a credit reporting company's investigation into an existing problem
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Their investigation did not fix an error on your report
Complaint: I have filed several disputes about my student loans. I recently did another dispute because I have n't received information from the last dispute back from XXXX. I have contacted the student loan companies about removing and not active old loans. I also inquired about why are they still updating as well. Some of the loans were discharged in bankruptcy and the others transferred to XXXX. I spoke with someone XXXX/XXXX/XXXX about the loans, and she stated that she could n't removed the loans because they are no longer affecting my credit despite they are outdated. She also told me not to dispute the loans anymore because each time it will mess up my credit.
Company Response: Closed with explanation
2017-10-05
Bothell, WA
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account information incorrect
Company Response: Closed with explanation
2017-10-05
NC
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Problem with customer service
Complaint: I have a XXXX XXXX loan with ACS Education. I have made all my payments online and on time, always on the 1st of the month, for almost 8 years now. This month, when attempting to pay my monthly bill, I have not been able to access my account. Each time I sign-in with what I have verified multiple times as the correct login information, I 'm told the service is temporarily unavailable. I have sent multiple emails to customer service both through the website and directly from my personal email account detailing the problem and attaching screenshots showing the issue. I have also attempted to contact customer service via phone, but the system will not let you talk to anyone until it recognizes your SSN and DOB. Despite repeatedly entering these accurately, the system claimed it did not recognize either so I 'm unable to reach anyone to resolve the issue. Further complicating this is that I do not have an account number to include on a check to mail to ensure my payment is processed correctly because ACS uses my SSN as an account number - and I think it is really dangerous to include this on a check.
I have received no response or from ACS, only acknowledgments that my email has been received and that I will receive a response in 48 hours. This has not happened, and I have been having the same problem for four days now, putting me in danger of submitting a late payment! This is clearly a way for ACS to force late fees or other issuers on its borrowers, with little or no borrower ability to contest! Please contact someone at ACS to make sure they know this is happening and ensure that borrowers are not being unfairly penalized for the servicer 's incompetence. A quick XXXX search on the web will show you that ACS has in the past caused similar problems for other borrowers and this is really hurtful - particularly for those of us who do everything we can to make our payments responsibly. I thank you for your time and please feel free to contact me directly if you would like further details.
Company Response: Closed with explanation
2017-09-29
Aurora, CO
Communication tactics
Debt collection: Federal student loan debt
You told them to stop contacting you, but they keep trying
Company Response: Closed with explanation
2017-09-27
Carson, CA
Problem with a credit reporting company's investigation into an existing problem
Student loan: Federal student loan servicing
Investigation took more than 30 days
Complaint: To be noted the issue has nothing to do with understanding lending practices therefore the reason the name of the university was not provided.
XX/XX/XXXX I wrote to XXXX disputing the ACS account in my credit file.
ACS did not respond within 30 days XXXX this was confirmed with XXXX on XX/XX/XXXX ) and their trade line was removed from my credit file.
On XX/XX/XXXX I received a copy of my credit report without it being requested. I was received because 1. after 8 months ACS responded to the XXXX dispute and 2. as a result of my disputing the account via XXXX.
To be noted : 1. ACS reported to XXXX the item was updated from our processing of your dispute in XX/XX/XXXX. I did not make a dispute with XXXX about ACS in XXXX XX/XX/XXXX, it was made inXX/XX/XXXX ( 8 months prior ). ; 2. ACS responded to the XX/XX/XXXX dispute 8 months later ( this was confirmed with XXXX at XXXX on XX/XX/XXXX ; 3. Prior to XXXX XXXX, ACS did not report to XXXX ; 4. There is no need for ACS to continue reporting, in XXXX I transferred the account to XXXX of which ACS continued to report after the account was transferred.
I 've attached the XXXX XXXX XXXX, XXXX results summary supporting the trade line was deleted. I have my credit reports for XXXX and XXXX which also show the same and if needed I will scan them and provide.
Company Response: Closed with explanation
2017-09-26
Key Biscayne, FL
Problem with a credit reporting company's investigation into an existing problem
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Their investigation did not fix an error on your report
Company Response: Closed with explanation
2017-09-25
Berkeley, CA
Struggling to repay your loan
Student loan: Private student loan
Can't get other flexible options for repaying your loan
Complaint: I XXXX my husband and then. my daughter got incredibly ill- during that time my student loans got sold to what I believe is a XXXX subsidiary. I asked my lender to adjust my payment amounts - I was not working full time nor much at all as I was at hospital with my family - I offered documentation and was told that if I did not pay the amount ( over $ 1000/month ) I would default. I explained that my income had dropped substantially and that I worked in public health - so already was not really making much money - and offered to pay several hundred dollars a month as a good faith payment. They refused. I finally took a forebearance - they told me there was not other option. I understood that this would interrupt making 120 payments in a row but had no other option. I was told the forebearance - and interest accrued -would cover the missed payments in XX/XX/XXXX- yet they still appear on my credit report as red marks. Similarly- I tried again to get a smaller payment per month in XX/XX/XXXX - was told it was not possible - got another forebearance and this time there was an error in the report- but the loan company never told me that nor responded to my many inquiries about the status of that forebearance ( again a late mark on my credit report for a month I am now being charged interest on ). I just found out that as someone working in public health and also as someone who wanted to pay her loan a lesser amount- my lender and its servicer where required to work with me - I believe they had me take the most expensive and the option that profited them the most- rather than helping me pay my loan at a lesser monthly amount while I was undergoing incredible duress ( again - all documented medical, lowered income, paper trail on the communication with the loan people )
Company Response: Closed with explanation
2017-09-24
Carolina Forest, SC
Incorrect information on your report
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Account status incorrect
Company Response: Closed with explanation
2017-09-20
Garrett Park, MD
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Trouble with how payments are being handled
Complaint: My student loans are held by ACS. I have been paying on said loans consistently for over ten years. However, I recently returned to a XXXX program and my loans were automatically placed into deferment. When I realized this, I called ACS to have the deferment removed and I immediately paid all accrued interest ( this Fall XXXX ).
On XXXX XXXX, XXXX, I received a notice from ACS that they again placed my loans into deferment. When I called to ask why, I was informed that they " automatically place loans into deferment based on information from the XXXX XXXX XXXX ''. Essentially, I was told that my school reports the information to the XXXX XXXX XXXX and they, in turn, provide the information to various student loan companies.
What I find troubling about this stems from the statements from ACS representatives. I was repeatedly told that " they are required to place my loans in to deferment based on a federal regulation '' and " there was nothing they could do to stop this process. '' When I asked them to provide me with said federal regulation, they were unable to do so.
However, Title 34, Section 674.38 ( a ) ( 5 ) states, " In the case of an in school deferment, the institution may grant the deferment based on student enrollment information showing that a borrower is enrolled as a regular student on at least a half-time basis, if the institution notifies the borrower of the deferment and of the borrower option to cancel the deferment and continue paying the loan. '' ACS gave me blatantly false information on multiple occasions and has continued to place my loans into deferment after I notified them that I wished to cancel the deferment and continue to pay my loans.
Company Response: Closed with explanation
2017-09-20
Miami, FL
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Received bad information about your loan
Complaint: ACS/XXXX XXXX XXXX XXXX This is a education loan which was consolidated. It states on my credit reports it is closed but was past due 90 days. I was never past due on this loan. This loan is reporting inaccurate information. I started an investigation with ACS and they have not remedied the problem.
ACS claims my loan came out of deferment/forbearance XX/XX/XXXX and I did not put it back into deferment until XX/XX/XXXX. Thereby making it 90 days late.
ACS and I were in contact in XX/XX/XXXX, regarding this loan. I requested this loan be put into deferment at the time it was due. It is claimed that I did not do so until XX/XX/XXXX.
I was never contacted at my current living address or current number at the time they allege that they tried to contact me XX/XX/XXXX, XX/XX/XXXX, XX/XX/XXXX. My address in XX/XX/XXXX was XXXX XXXX XXXX XXXX XXXX XXXX New York, XXXX. My telephone number is the same as it is today XXXX. I was in contact with all my student loans and all were consolidated XX/XX/XXXX with NO other loan having a lapse of payment/deferment/forbearance status during this period. This is the only loan reporting in error 90 days and also reporting in error to the credit bureaus conflicting dates.
I requested by email written communication to ACS they : 1. Please provide me with copies of all unemployment deferment and or forbearance documentation submitted.
2. The contact information they had listed the dates between XX/XX/XXXX-XX/XX/XXXX. Including addresses and telephone numbers allegedly used to contact me.
3. Please provide me with the first date of delinquency/ late payment and which date was reported to the credit bureaus.
XXXX credit reporting agency confirmed XX/XX/XXXX, ACS reported my payment being in good standing XX/XX/XXXX through XX/XX/XXXX, with the first date of late payment being XX/XX/XXXX. Due to be removed from my credit 7 years from the first negative reporting date. Resulting in removal XX/XX/XXXX.However ACS claims I was delinquent since the first payment was late XX/XX/XXXX. Even if they assert and allege I was initially late XX/XX/XXXX, they are reporting inaccurate dates to the credit report as the first date of delinquency/ missed payment. thereby extending the time will be reported and remain on my credit report inaccurately..
Their response toCFPBcase # XXXX states my first payment due XX/XX/XXXX was not paid or put into a deferment until XX/XX/XXXX.
( This is in response to complaint XXXX, which outlines XXXX XXXX concerns regarding her account. XXXX XXXX XXXX XXXX, doing business as ACS Education Services ( ACS ) previously serviced three Federal Family Education Loan Program ( FFELP ) loan accounts for XXXX XXXX on behalf of XXXX XXXX XXXX ( XXXX ) and one FFELP loan account on behalf of XXXX/XXXX. XXXX XXXX XXXX and XXXX contracted with ACS to maintain servicing, repayment and collection activities on their student loans. While ACS is the primary contact for the servicing activities, the loans were owned by XXXX XXXX XXXX and XXXX and serviced per the terms of the loans Promissory Notes and Federal Regulations. The XXXX/XXXX loan was a consolidation that that included the balances of the three XXXX loans. This loan entered repayment on XX/XX/XXXX. Our records indicate that the account was in forbearance from XX/XX/XXXX, through XX/XX/XXXX. Once the forbearance ended, the next monthly installment was due XX/XX/XXXX. Payment was not received by ACS, and no additional forbearance or deferment options were requested until XX/XX/XXXX. Notifications were sent to XXXX XXXX via mail to inform her of the past due status. ACS had also attempted to contact XXXX XXXX by telephone without success. ACS reports account status to the National Credit Bureaus every month. We begin reporting a delinquent status once the account reaches 60 days past due and will continue negative reporting every 30 days until the account is brought below 60 days past due. XXXX XXXX was reported as 60 days delinquent in XX/XX/XXXX, and 90 days delinquent in XX/XX/XXXX. On XX/XX/XXXX, XXXX XXXX submitted an Unemployment Deferment application. The deferment was approved, bringing the account current, and deferring payments through XX/XX/XXXX. XXXX XXXX Unemployment Deferment was received and applied after the delinquent status was reported to the credit bureaus. The account status was accurately reported to the bureaus and is unable to be removed from her history. On XX/XX/XXXX, the account was paid in full by consolidation. This status was reported to the National Credit Bureaus at the end of XX/XX/XXXX. ) This is conflicting information that has been provided toCFPBalong with the credit bureaus and myself.
Company Response: Closed with explanation
2017-09-19
Ashley, PA
Incorrect information on your report
Student loan: Federal student loan servicing
Account information incorrect
Company Response: Closed with explanation
2017-09-14
Pomona, CA
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Need information about your loan balance or loan terms
Company Response: Closed with explanation
2017-09-12
Arco, CA
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Trouble with how payments are being handled
Complaint: I am on an income based repayment plan with ACS. In XXXX, I missed a payment which resulted in late fees of {$100.00}. I have now paid a late fee of {$100.00} every single month since XX/XX/XXXX. ACS never notified me of the late fee amount, so initially I assumed that the amount was being broken down over several months. After 3 years of a continuous late fee payment, i decided to inquire about an accounting, i.e. how much was my initial fee, how much have I paid on it and how much was still due.
Turns out, when an account is in IBR, ACS applies all overpayment of the due amount to interest first and then late fees. Since my interest is always over {$100.00} of the late fee, they effectively created a system in which there is not a way for me to pay the late fee. My continuous additional payments of {$100.00} are creating a windfall for ACS that flies in the face of the intent of IBR.
After a lengthy discussing with the supervisor 's supervisor, I asked if for one month I could pay the current due, plus the accrued interest, plus the late fee if that would take care of the late fee. I was told that it would but only if i pay on the day that interest accrues. I intend to do this. However, this seems like a clear violation of IBR that amount to defrauding student loan borrowers. It seems highly unlikely that I am the only one this happened to and should be investigated in depth.
Company Response: Closed with explanation
2017-09-10
Corpus Christi, TX
Problem with a credit reporting company's investigation into an existing problem
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Their investigation did not fix an error on your report
Complaint: There are XXXX XXXX Loans on my credit report that were all sold to XXXX a while back and all three are still on my credit report despite my dispute with these companies.
Company Response: Closed with explanation
2017-09-09
TX
Dealing with your lender or servicer
Student loan: Federal student loan servicing
Don't agree with the fees charged
Complaint: XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX, TX XXXX Consumer Financial Protection Bureau XXXX XXXX XXXX XXXX, IA XXXX XX/XX/XXXXDear Sirs/Madames : I am filing this Complaint to report suspected fraud on the part of ACS Education Services ( ACS ) and XXXX XXXX XXXX XXXX XXXX ( XXXX ). I am told that XXXX was formerly known as ACS. I do not believe that I ever signed a contract with ACS or XXXX and neither entity has provided a copy of the alleged contract, despite repeated requests for the same. I have disputed the loan with all three major credit bureaus. I reached out to the Ombudsman Group and received no assistance whatsoever from this group. I am at a loss about what to do and ACS/XXXX is essentially extorting {$860.00} a month from me, causing extreme financial hardship for me and my family. I am hoping that the Consumer Financial Protection Bureau can assist me. I would like to initiate a lawsuit against ACS and XXXX, but I am not able to afford a constitutional lawyer to do.
Timeline of Important Events XX/XX/XXXXXX/XX/XXXX I attended XXXX XXXX at XXXX University XXXX XXXX XXXX and took out a student loan to pay tuition. I no longer have any of the original paperwork, but the loan amount was approximately {$110000.00}.
XX/XX/XXXXBegan making regular and timely payments on my student loan and continued doing so until I filed for Chapter XXXX Bankruptcy inXX/XX/XXXX.
XX/XX/XXXX I fled from my extremely violent husband ( now ex-husband ) with the assistance of the Pennsylvania Coalition Against Domestic Violence. I lived in hiding and underground until XX/XX/XXXX. I have been repeatedly stalked and terrorized by my ex-husband and I continue to be part of an Address Confidentiality Program ( ACP ). A copy of my ACP card is attached.
XX/XX/XXXX Because I was forced to move across the country to try and hide from my ex-husband and because I left ALL of my possessions behind when I fled from my ex-husband in XX/XX/XXXX, I could no longer afford to meet my financial obligations. The law firm I worked for before fleeing would not hire me back because they had a genuine concern for the safety of other employees. I consulted with an attorney who recommended I file a Chapter XXXX bankruptcy. I filed for bankruptcy in XX/XX/XXXX. At no time did any student loan agency inform me or my attorney that daily interest on the remaining balance of the student loan would be accruing during the bankruptcy at a rate of 5 %. At the time I filed for bankruptcy, the balance on my student loan was approximately {$78000.00}.
XX/XX/XXXX I completed my Chapter XXXX bankruptcy plan.
XX/XX/XXXXI received a payment booklet from ACS. I didnt recall my student loan lender being ACS, but I called ACS to determine the account balance. ACS told me the balance was {$150000.00}. I told the representative that this was insane. The alleged balance exceeded the original loan by {$30000.00} and was twice as much as the balance due at the time I filed bankruptcy. The representative confirmed that I had never missed a payment, even during the bankruptcy plan. I called XXXX XXXX XXXX and spoke with XXXX who told me that the National Database listed my student loan balance at {$78000.00} ( which coincided with the amount I owed at the time of filing bankruptcy in XX/XX/XXXX ). I called ACS back and advised them of the information I secured from XXXX XXXX XXXX. The ACS representative told me that the discrepancy was a result of daily interest charged at a rate of 5 % during my 5-year bankruptcy plan. I told the representative that there is no way that I would ever have signed a promissory note that contained a provision that would require me to pay 5 % daily interest under any circumstance. I told the ACS representative that I dont believe ACS was even my lender and I asked ACS to provide a copy of the alleged promissory note and an accounting of the alleged current balance. I explained that I had to flee my ex-husband and left all my financial documents and paperwork behind.
XX/XX/XXXX I sent a letter to ACS confirming my conversation with ACS and XXXX XXXX XXXX on XX/XX/XXXX I asked ACS to forward a copy of the purported signed contract and an accounting of the alleged balance. I never received a response to this letter. A copy of theXX/XX/XXXX letter is attached.
XX/XX/XXXX A second letter was sent to ACS requesting a copy of the purported signed contract and an accounting of the alleged balance. I never received a response to this letter. A copy of the XX/XX/XXXX letter is attached.
XX/XX/XXXX A third letter was sent to ACS requesting a copy of the purported signed contract and an accounting of the alleged balance. I never received a response to this letter. A copy of the XX/XX/XXXX letter is attached.
XX/XX/XXXX A fourth letter was sent to ACS requesting a copy of the purported signed contract and an accounting of the alleged balance. I never received a response to this letter. A copy of theXX/XX/XXXX letter is attached.
XX/XX/XXXX After disputing the ACS debt with the three major credit bureaus, ACS sent me an inquiry asking for more information regarding my dispute. I completed the form and returned it to ACS asking them to respond to my prior letters. I never received a response to my dispute. A copy of the dispute form mailed on XX/XX/XXXXis attached.
XX/XX/XXXX Since ACS completely ignored my requests for documentation to support the alleged debt, I contacted the XXXX XXXX XXXX XXXX XXXX for assistance. The XXXX XXXX XXXX acknowledged receipt of my request for assistance. A copy of the XXXX XXXX XXXX acknowledgement is attached.
XX/XX/XXXX I received a call from XXXX XXXX of the XXXX XXXX XXXX and discussed my case at length. She agreed that something did not appear right and stated she would investigate. I sent XXXX XXXX an e-mail with copies of the letters I had sent to ACS. A copy of the XX/XX/XXXX e-mail to XXXX XXXX is attached.
XX/XX/XXXX After making me believe for 7 months that the XXXX XXXX XXXX was actually going to help me, I received a letter from XXXX XXXX via e-mail stating that the lender ( referred to as XXXX, ACS and XXXX, leading me to believe that they dont even know who the actual alleged lender is ) had the right to charge 5 % daily interest during the bankruptcy. Of note, this letter indicates that the XX/XX/XXXX principal balance of the loan was {$110000.00}. Since I was making regular monthly payments from XX/XX/XXXX through the filing of bankruptcy in XX/XX/XXXX, this supports that the balance at the time of filing bankruptcy was {$78000.00}. I responded to XXXX XXXX telling her that this amounts to usury. There is no way that I can owe more than twice the original balance. A copy of e-mail exchange dated XX/XX/XXXX is attached.
XX/XX/XXXX I sent an e-mail to XXXX XXXX of the XXXX XXXX XXXX stating that the alleged link in her XX/XX/XXXX e-mail for supporting documentation did not work. I asked her to mail me the paperwork. XXXX XXXX ignored my request. A copy of theXX/XX/XXXX e-mail is attached.
XX/XX/XXXX I sent a second e-mail to XXXX XXXX of the XXXX XXXX XXXX asking her to mail me the paperwork. XXXX XXXX again ignored my request. A copy of the XX/XX/XXXX e-mail is attached.
XX/XX/XXXX I sent a third e-mail to XXXX XXXX of the XXXX XXXX XXXX asking her to mail me the paperwork. A copy of theXX/XX/XXXX e-mail is attached.
XX/XX/XXXX I received a letter from XXXX XXXX of the XXXX XXXX XXXX attaching a single page document purporting to be the promissory note and a payment history from XX/XX/XXXXtoXX/XX/XXXX. I dispute that this is a true and accurate copy of any alleged promissory note since I do not recall taking out a loan in XX/XX/XXXX. I took out my loan during XXXX XXXX XX/XX/XXXX to XX/XX/XXXX ) and began making payments in XX/XX/XXXX. Of note, there is no provision in the purported promissory note authorizing usurious daily interest of 5 % under any circumstance, yet alone during the pendency of a bankruptcy. The purpose of a bankruptcy action is to provide relief to a debtor, not doubling the debtors debt by charging illegal, unconstitutional, unconscionable and usurious interest not authorized in any provision of any alleged contract. I called XXXX XXXX and left her a voice mail asking her to contact me immediately. I also asked for all payment records from XX/XX/XXXXto present and a complete copy of the original loan paperwork. A copy of the XX/XX/XXXX letter from XXXX XXXX and the paperwork included with the letter is attached.
XX/XX/XXXX I called XXXX XXXX and left another voice mail message asking for a complete copy of the original loan paperwork and all payment records from XX/XX/XXXX to present. I received an e-mail from XXXX XXXX of the XXXX XXXX XXXX stating that my request to reopen is denied. A copy of the XX/XX/XXXX e-mail is attached.
XX/XX/XXXX I replied to the e-mail from XXXX XXXX of the XXXX XXXX XXXX stating that I did not ask the XXXX XXXX XXXX to reopen my case. I told her that I have repeated requests for a complete copy of the original loan paperwork and payment records from XX/XX/XXXX to present. I told her that neither the XXXX XXXX XXXX nor ACS have provided copies of the original loan paperwork nor the payment records from XX/XX/XXXXto present. I told her that I dont think I ever took out a loan with ACS and I think that ACS is taking advantage of victims of XXXX XXXX. I demanded that she provide the documents I requested within 10 days. XXXX XXXX never responded. A copy of theXX/XX/XXXX e-mail is attached.
XX/XX/XXXX I received a letter from XXXX XXXX of the XXXX XXXX XXXX attaching a duplicate copy of XXXX XXXX XX/XX/XXXX letter and the enclosures to that letter. Copies of the original loan paperwork and payment records from XX/XX/XXXXto present still have not been provided.
Violation of Fundamental Goals of Bankruptcy Article I, Section 8, of the United States Constitution authorizes Congress to enact " uniform Laws on the subject of Bankruptcies. '' Under this grant of authority, Congress enacted the " Bankruptcy Code '' in XX/XX/XXXX. The Bankruptcy Code, which is codified as title 11 of the United States Code, has been amended several times since its enactment. It is the uniform federal law that governs all bankruptcy cases.
A fundamental goal of the federal bankruptcy laws enacted by Congress is to give debtors a financial " fresh start '' from burdensome debts. The Supreme Court made this point about the purpose of the bankruptcy law in a XX/XX/XXXX decision : [ I ] t gives to the honest but unfortunate debtora new opportunity in life and a clear field for future effort, unhampered by the pressure and discouragement of preexisting debt.
Local Loan Co. v. Hunt, 292 U.S. 234, 244 ( 1934 ). This goal is accomplished through the bankruptcy discharge, which releases debtors from personal liability from specific debts and prohibits creditors from ever taking any action against the debtor to collect those debts. Chapter XXXX, entitled Adjustment of Debts of an Individual With Regular Income, is designed for an individual debtor who has a regular source of income. Chapter XXXX allows the debtor to propose a " plan '' to repay creditors over time usually three to five years. The debtor is protected from lawsuits, garnishments, and other creditor actions while the plan is in effect.
Here, the balance of the student loan that I had, which again is not ACS/XXXX, was {$78000.00} at the time I filed for bankruptcy. The bankruptcy court made payments monthly on my student loan. When I completed my 5-year payment plan, ACS/XXXX notified me that my balance was {$150000.00}, almost double what the balance was when I entered bankruptcy five years before and far in excess of the original loan balance. There is no way that I would ever have signed a contract that would permit a lender to charge me 5 % DAILY interest on a loan. That is insane. Charging me 5 % daily interest during the course of the bankruptcy, almost doubling my alleged student loan debt, is certainly contrary to the principles and goals of bankruptcy. At no time was I ever advised that 5 % daily interest would be charged during the pendency of the bankruptcy. Despite repeated requests, ACS/XXXX has not produced any contract that I signed that contains a provision that it is permitted to charge 5 % daily interest during the pendency of the Chapter XXXX bankruptcy. ACS/XXXX should be charged with violating bankruptcy law and my alleged student loan debt should be discharged effective immediately.
Usurious Interest Usury laws are enacted to protect people from debts bearing burdensome interest rates and to protect citizens from oppression generally. I reside in Texas and Conduents registered address is in Texas. Accordingly, Texas usury laws will apply.
FINANCE CODE TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS SUBTITLE A. INTEREST CHAPTER 302. INTEREST RATES SUBCHAPTER A. USURIOUS INTEREST Sec. 302.001. CONTRACTING FOR, CHARGING, OR RECEIVING INTEREST OR TIME PRICE DIFFERENTIAL ; USURIOUS INTEREST.
( a ) A creditor may contract for, charge, and receive from an obligor interest or time price differential.
( b ) The maximum rate or amount of interest is 10 percent a year except as otherwise provided by law. A greater rate of interest than 10 percent a year is usurious unless otherwise provided by law. All contracts for usurious interest are contrary to public policy and subject to the appropriate penalty prescribed by Chapter 305.
( c ) To determine the interest rate of a loan under this subtitle, all interest at any time contracted for shall be aggregated and amortized using the actuarial method during the stated term of the loan.
( d ) In addition to interest authorized by Subsection ( b ), a loan providing for a rate of interest that is 10 percent a year or less may provide for a delinquency charge on the amount of any payment in default for a period of not less than 10 days in an amount not to exceed the greater of five percent of the amount of the payment or {$7.00}. The charging of the delinquency charge does not make the loan subject to Chapter 342 or any other provision of Subtitle B.
According to Section 302.001 cited above, the maximum amount a creditor can charge for interest in Texas is 10 % per year. 10 % interest per year equates to .0273 % daily interest. The 5 % daily interest illegally charged by ACS/XXXX is clearly in excess of the amount permissible. It is actually more than 183 % higher than the amount permitted by law.
FINANCE CODE TITLE 4. REGULATION OF INTEREST, LOANS, AND FINANCED TRANSACTIONS SUBTITLE A. INTEREST CHAPTER 305. PENALTIES AND REMEDIES SUBCHAPTER A. CIVIL LIABILITY ; CRIMINAL PENALTY Sec. 305.001. LIABILITY FOR USURIOUS INTEREST.
( a ) A creditor who contracts for, charges, or receives interest that is greater than the amount authorized by this subtitle in connection with a transaction for personal, family, or household use is liable to the obligor for an amount that is equal to the greater of : ( 1 ) three times the amount computed by subtracting the amount of interest allowed by law from the total amount of interest contracted for, charged, or received ; or ( 2 ) {$2000.00} or 20 percent of the amount of the principal, whichever is less.
( a-1 ) A creditor who contracts for or receives interest that is greater than the amount authorized by this subtitle in connection with a commercial transaction is liable to the obligor for an amount that is equal to three times the amount computed by subtracting the amount of interest allowed by law from the total amount of interest contracted for or received.
( b ) This section applies only to a contract or transaction subject to this subtitle.
( c ) A creditor who charges or receives interest in excess of the amount contracted for, but not in excess of the maximum amount authorized by law, is not subject to penalties for usurious interest but may be liable for other remedies and relief as provided by law.
305.002. ADDITIONAL LIABILITY FOR MORE THAN TWICE AUTHORIZED RATE OF INTEREST.
( a ) In addition to the amount determined under Section 305.001, a creditor who charges and receives interest that is greater than twice the amount authorized by this subtitle is liable to the obligor for : ( 1 ) the principal amount on which the interest is charged and received ; and ( 2 ) the interest and all other amounts charged and received.
( b ) This section applies only to a contract or transaction for personal, family, or household use subject to this subtitle.
Since the total of the student loan debt at the time of bankruptcy was {$78000.00} and the balance at the end of the 5-year bankruptcy plan was {$150000.00}, it appears that the interest charged was at least the difference of {$73000.00}. According to Section 305.001 ( a ) ( 1 ) cited above, I am entitled to three times the interest, which is {$210000.00}. Since ACS/XXXX charged more than twice the amount authorized ( actual amount charged is more than 183 times the amount authorized ), I am also entitled to receive the principal amount and interest amount. Pursuant to Section 305.002 cited above, it appears I am also entitled to receive {$78000.00} ( principal amount ) and {$73000.00} ( interest amount ), which is {$150000.00}. Accordingly, the total amount ACS/XXXX owes to me is {$370000.00}. I would also be entitled to attorneys fees and costs if I am forced to retain counsel.
Remedy Sought I have been forced to make monthly payments of {$860.00} for a debt I do not owe, which is causing extreme financial hardship. If I fail to make payments, ACS/XXXX will destroy the credit I have worked so hard to repair since having to flee a violent ex-husband and being forced into bankruptcy. Although I am entitled to receive {$370000.00} from ACS/XXXX, which is far in excess of the loan balance, I will be willing to accept satisfaction by ACS/XXXX of the alleged loan with written notification to all three major credit bureaus stating the loan was paid in full and was in good standing. I am willing to forego recovery of penalties if ACS/XXXX will simply mark the loan as paid in full. If I am forced to file a lawsuit to remedy this situation, I will seek all penalties available and will make a claim for compensatory damages, punitive damages, exemplary damages and attorneys fees and costs.
Please feel free to call me at ( XXXX ) XXXX if you have any questions or comments. Thank you.
Sincerely, XXXX XXXX XXXX XXXX
Company Response: Closed with explanation
2017-09-08
KS
Problem with a credit reporting company's investigation into an existing problem
Credit reporting, credit repair services, or other personal consumer reports: Credit reporting
Their investigation did not fix an error on your report
Complaint: I previously had a student loan serviced by ACS ; the loan went into default and was transferred to another servicer. I completed a loan rehabilitation program on XXXX/XXXX/XXXX and all derogatory information pertaining the payment history was supposed to be removed from my credit reports ; ACS is the only servicer still reporting negative payment history and they are refusing to remove that information. I spoke to ACS by phone on XXXX/XXXX/XXXX and was advised to send documentation via email verifying the loan has been rehabilitated and is in good standing ; I submitted all the requested documentation on the same day and was told I would receive a response within 3 business days- I have not received any communication. I filed a dispute with XXXX XXXX and XXXX & sent them supporting documentation. XXXX is still investigating the dispute, XXXX has failed to even acknowledge the dispute or open an investigation and XXXX has already completed the investigation and is refusing to remove the negative information because they say ACS validated the information. The loan was rehabilitated and is in good standing with the current servicer, the guarantor and the Department of Education. There is no reason why the negative information should still show up and I would like for it to be removed as it is detrimental to me.
Company Response: Closed with explanation
2017-08-31
MA
Dealing with your lender or servicer
Student loan: Private student loan
Received bad information about your loan
Complaint: I have been struggling to pay my private student loans, so I contacted my student loan servicer, ACS, to ask them to lower my monthly payments. I was told that I do not have any repayment options available to me, and that there is nothing ACS can do to help me. The ACS representative told me that XXXX XXXX ( the loan owner? ) may work with me regarding repayment once I fell behind. I kept stressing to the ACS representative that I DO NOT want to default on my loans, and that I just need to lower my monthly payments until I can get back on my feet. I was offered nothing. I spoke with another representative a few weeks later, who told me the same thing, that I have no options. I requested my complete payment and service history. Approximately a month later I contacted my state 's Attorney Generals ' ( AG ) office to file a complaint regarding my student loans. The AG 's office contacted ACS, who ( I believe ) referred her to a XXXX XXXX XXXX, XXXX, Loan Servicing Oversight, XXXX (? ). The AG representative requested my original signed promissory notes and complete payment and service history. XXXX XXXX assured her that I would receive those documents, but to date, I have not. I have, however, continued to receive regular monthly student loan bills. I contacted my state Congressman and Senator, but was told they only have jurisdiction over federal agencies, and therefore can not help me in any way. I am not able to continue paying my monthly private student loan bills, and I really some help - fast! Thank you.
Company Response: Closed with explanation
2017-08-29
City Industry, CA
Dealing with your lender or servicer
Student loan: Private student loan
Trouble with how payments are being handled
Company Response: Closed with explanation
2017-08-28
Dayton, OH
Struggling to repay your loan
Student loan: Federal student loan servicing
Can't get other flexible options for repaying your loan
Company Response: Closed with explanation