Sign in

Equitable Acceptance Corporation

Sharing is caring! Have something to share about Equitable Acceptance Corporation? Use RevDex to write a review
Reviews Equitable Acceptance Corporation

Equitable Acceptance Corporation Reviews (369)

We purchased a contract from [redacted] (dealer) on October 4, 2016 for the customer to finance the document preparation fee charged by the dealer to work with the Department of Education to refinance or consolidate their student loan debt.  The customer and dealer entered into...

a written agreement, which Equitable Acceptance was not involved and clearly states the dealer was offering a service to navigate the student loan relief bureaucracy.  The dealer is who needs to be contracted about the student loans.  The dealer has notified us that they completed the consolidation.  The customer paid four on time payments, before missing the last two payments.  This account is now in a serious delinquency status.  Our account representatives would be able to work with the customer to get this account back to a satisfactory status.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.A bank check in the amount of $981.40 was mailed to Equitable Acceptance on April 30.  The tracking number for this check is [redacted].  According to the USPS, the check is ready for Equitable Acceptance to pick up.

We purchased a contract from Progress Advocates, LLC (dealer) on July 31, 2015 for the fee the dealer charges the customer to consolidate the customer's student loans.  We do not do anything with the consolidation of the loans, that process is completed by the dealer and the student loan...

company holding the loans.  The customer did sign the contract, and the purchase was verified prior to funding.  The representative at FedLoan.org is incorrect in telling the customer they are being "scammed".  The FedLoan.org representative is saying this because they are losing business, not because it is illegal.  If the customer wanted to do the process on their own they could have, but they chose to have the dealer do the paperwork for them. We look forward to having the customer fulfill their obligation to us.

We purchased a contract from [redacted] (dealer) on June 15, 2015 for this customer to finance the fee the dealer charges to work with the Department of Education (DOE) to consolidate or refinance student loans.  The customer had three days to cancel the transaction from the date...

of the agreement, June 11, 2015.  The customer and dealer entered into a written agreement, which Equitable Acceptance (EAC) is not involved and clearly states the dealer offers a service of helping to navigate the student loan debt relief bureaucracy.  We also have a recorded verification call where the customer this transaction was explained to , and agreed to by the customer.  We will not be cancelling this contract as requested, but our account representatives would be happy to work with the customer to get the payments paid on this account to avoid any negative reporting to the credit bureau.

We purchased a contract from [redacted] (dealer) on October 26, 2017 for the customer to finance the documentation preparation fee the dealer charged to work with the Department of Education to refinance or consolidate student loan debt.  The customer and dealer entered into a...

written agreement, which Equitable Acceptance was not involved and clearly stated the dealer was offering a service to help navigate the student loan debt relief bureaucracy.  The program the dealer put the customer into was the Income Driven Repayment Plan which had an estimated new monthly payment of $11.00 based on income and amount of loans outstanding.  This is a substantial savings over what the payment would have been without the help of the dealer's help in selecting the best program available for the customer.  Included in the charge from the dealer is their services for two additional reenrollments and monitoring.  We also have a recorded verification call done with the customer which explained the transaction and Equitable Acceptance's role.  We look forward to having the customer fulfilling her obligation to us.

Attached is the response we had to a Consumer Finance Protection Bureau (CFPB) complaint done by this customer.  We have closed this account, and the customer has no further obligation to us.  We find the accusations by this customer as defamatory and unfounded.

We purchased a contract from Manhattan Beach Venture (dealer) on August 10, 2016 for the customer to finance the documentation preparation fee the dealer charged to work with the Department of Education to consolidate or refinance student loan debt.  The customer and dealer entered into an...

agreement, which Equitable Acceptance is not involved that clearly states the dealer was offering a service to help the customer navigate the student loan relief bureaucracy. We were not the company stating we could consolidate their student loans, as stated in this complaint, that contact came from the dealer.  We have a recorded verification done with the customer prior to processing the loan which explained our role in this transaction, and which indicates the customer's understanding of our role.  The customer paid on this account as agreed until recently, and is now past due.  We would encourage the customer to continue paying this account so we do not have to report negatively to the credit bureaus about it.  We will not be closing this account and refunding any money previously paid.  We look forward to having the customer fulfilling her obligation to us.

We purchased a contract from Student Advocates Team aka Student Advocates (dealer) on June 12, 2015 for the customer to finance the documentation preparation fee charged by the dealer to work with the Department of Education to refinance or consolidate student loan debt.  The customer and...

dealer entered into a written agreement, which Equitable Acceptance was not involved and clearly states the dealer was offering a service to help navigate the student loan relief bureaucracy.  We also have a recorded verification done with the customer which explained the transaction and Equitable Acceptance's role.  The customer has been paying her monthly payments since inception.  We had no contact with the customer until we received an e-mail on September 12, 2017 from her wanting to cancel.  The dealer informed us the same day to cancel the account back to them, which we did that day.  The customer no longer has an obligation to us.  The account will drop off of the customer's credit file when we electronically update to the credit bureaus next month.

We purchased a contract on October 13, 2015 from [redacted] (dealer) for the customer to finance the documentation preparation fee charged by the dealer to work with the Department of Education to consolidate or refinance student loan debt.  The customer and dealer entered into a...

written agreement, which Equitable Acceptance was not involved and clearly states the dealer was offering a service to help navigate the student loan debt relief bureaucracy.  We also have a recorded verification call done with the customer prior to funding that explained the loan and Equitable Acceptance's role as the finance company and that the loan has nothing to do with student loan debt.  The contract was to pay for 48 month management of the process.  This is not a one time occurance, and the process needs to be re-certified every year.  The dealer is offering to do this process for the customer for 48 months.  This contract was for $1314.00 and the current balance is $836.81.  We look forward to having the customer continuing to pay for this account to avoid any negative reporting to the credit bureaus.

Initial Business Response /* (1000, 5, 2016/03/09) */
We purchased a contract from [redacted], (dealer) on April 13, 2015 on behalf of the customer to pay for the fee the dealer charges to refinance the customer's student loans with the Department of Education. This account is a Revolving...

Credit Plan and has a monthly payment of $39.42. The customer verified the transaction prior to our funding the dealer. The interest on the account was clearly stated on the documents the customer signed. We will not cancel this account and will look forward to having the customer satisfy their obligation to us.

Attached are the documents signed by the customer to work with [redacted] (dealer).  This document was completed prior to Equitable Acceptance being involved in the process to finance the documentation preparation fee charged by the dealer to work with the Department of Education.  We look forward to having the customer fulfilling her obligation to us.  If the customer has an issue with her student loans, she must contact the dealer at ###-###-#### pr ###-###-####.

We purchased a contract from Student Advisors Temecula (dealer) on June 7, 2017 for the customer to finance the documentation preparation fee charged by the dealer to work with the Department of Education to consolidate or refinance student loan debt.  The customer and dealer entered into a...

written agreement, which Equitable Acceptance was not involved and clearly stated the dealer was offering a service to help navigate the student loan debt relief bureaucracy.  We also have a recorded verification call done with the customer prior to processing the loan which explained the transaction and Equitable's role in it.  The dealer informed us September 12, 2017 that the consolidation for the customer was complete.  The customer and dealer will have to do a re-certification every year to stay in the program the dealer has deemed best for the customer.  The phone number we have for this dealer's customer service department is [redacted].  They are open from 9:00am to 5:00pm pacific time zone.  We have not had any issues getting ahold of anyone there during their normal working hours.  We look forward to having the customer fulfilling his obligation to us so we do not have to report negatively to the credit bureaus.

We purchased a contract from [redacted] (dealer) on September 26, 2015 for the customer to finance a service they did for her. The service they provided is to work with the Federal Loan department to refinance the customer's student loans. We have nothing to do with the student...

loans, only the finanicing of the service the dealer provided for the customer.  This account was cancelled back to the dealer on May 4, 2016.  The customer has no further obligation to us. The money paid to us would be refunded by the dealer since they paid off the account to us.

As previously stated, we purchased a contract from the dealer, we did not make any initial calls to the customer.  The Equitable Acceptance loan is to pay for the service the dealer, [redacted], did on behalf of the customer regarding student loan debt.  I can see the initial program the customer was in was to make loan payments to their student loans in the amount of $0.00.  This would have saved the customer around $300.00 per month.  None of the money paid to us was intended to be paid to student loans per the terms of the agreements signed.  The dealer set up the customer in the best program based on their circumstances, and any questions regarding their student loans or which program they are in or need to re-enrolled in, need to be taken up with the dealer.  The dealer's customer service phone number is ###-###-####.  We look forward to having the customer fulfilling her obligation to us.

I am rejecting this response because:
I'm not paying anymore money to a company that works with scam artist and I'll dispute it with the credit bureaus myself.  Because they know they have several complaints with the same company through you all.

I am rejecting this response because: I have already contacted to dealer and they agreed to notify Equitable Acceptance regarding the cancellation. I have since been unable to get in touch with the dealer but I believe Equitable Acceptance should have received the notification.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. This issues is clearly a misunderstanding of the nature of this business. In truth, it appears that the advance made to finance the documentation process is in line with what [redacted] originally informed me. The companies involved in these transaction should detail the effects of their actions to customers to avoid these confusions for even within the recorded call, there is a confirmation of the actions taken but no explanation of its after-effects. Each action and its consequences should be detailed for the customer in order to make a well informed decision.  I, however, recognize that Equitable Acc is not in the teaching business and is a company with its own goals. As such, I find this resolution satisfactory to me to the extent that is possible.

Initial Business Response /* (1000, 5, 2015/11/19) */
We purchased a contract from [redacted] to finance a service they did for the customer. The service is that they work with the customer and a government agency to refinance student loan debt. This loan with us is a separate...

agreement. It appears the customer has an issue with Progress Advocates and should contact them to resolve. In the meantime, the customer needs to pay this account so their credit is not affected negatively. Please contact our collection department to make arrangements to bring this account current. Calls will continue to the customer from our collection department until the account is current, and stays current.

I am rejecting this response because: Equitable Acceptance never refinanced through my loans from my previous provider, and no other arrangements were made to have me set up with a new one. Equitable Acceptance has continued to charge me each month for their "services;" while my loans through Fed Services went into default. I called Fed Services and they knew nothing, nor had they ever been contacted by Equitable Acceptance; yet, they graciously helped me get my loans out of default and back into repayment, which is why I am choosing to stay with this company at this time. Equitable Acceptance promised during our phone correspondence that their payment would be one of two payments coming from my account; that within a month to a month and a half of my first payment to them, they would have my loans refinanced and I would be getting a bill for approximately $60 per month and that payment would go toward my loan balance. Every time I tried to call Equitable Acceptance, I ended up being put into my "Account Rep's" voicemail and was not called back until in November when I made a big deal of the situation and informed the individual on the phone that I wished to cancel my account and would no longer be making payments to them. I feel they have neglected to live up to their end of the deal, and I do not feel I have received any services helping my situation; however, I have consistently paid them $42.42 each month since July. Upon again letting the company know via email that I wished to cancel my account, they sent me the attached email telling me that my account had been canceled, yet now they claim to look forward to letting me "fulfill my obligation to them." I do not feel it is my obligation to fulfill anything to them, as they have not provided me the services promised on their end; and furthermore, since no services were ever provided to me, I would like to request back all payments made to Equitable Acceptance to date, $212.10.

We purchased a contract from [redacted] (dealer) on July 18, 2017 for the customer to pay the documentation preparation fee charged by the dealer to work with the Department of Education to consolidate or refinance student loan debt.  The customer and dealer entered into a written...

agreement, which Equitable Acceptance was not involved and clearly states that the dealer was offering a service to navigate the student loan bureaucracy on behalf of the customer.  We also have a recorded verification call done with the customer prior to purchase which explained Equitable's role in this transaction.  If there is an issue with the student loans the customer needs to contract the dealer to resolve.  We look forward to having the customer fulfilling his obligation to us to repay the loan for the fee charged by the dealer.

Check fields!

Write a review of Equitable Acceptance Corporation

Satisfaction rating
 
 
 
 
 
Upload here Increase visibility and credibility of your review by
adding a photo
Submit your review

Equitable Acceptance Corporation Rating

Overall satisfaction rating

Address: 1200 Ford Rd, Minnetonka, Minnesota, United States, 55305-1616

Phone:

31 0 0
Show more...

Web:

This website was reported to be associated with Equitable Acceptance Corporation.



Add contact information for Equitable Acceptance Corporation

Add new contacts
A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | New | Updated