Equitable Acceptance Corporation

We purchased a contract from Student Advocates (dealer) on July 8, 2016 for the customer to finance the documentation preparation fee the dealer charged to work with the Department of Education to refinance or consolidate student loans on the customer's behalf.  The customer and dealer entered...

into a written agreement, which Equitable was not involved and clearly states the dealer was offering a service of helping to navigate the student loan relief bureaucracy.  Equitable has nothing to do with the status of the student loans, and the customer would need to contact the dealer to resolve any issues they think they may have.  The customer has been making payments on this account since the first payment was due September 15, 2016.  If the customer would have read the documents she signed she would have seen the interest rate stated, as this is a revolving credit account and as the payments are received the interest amount is reduced based on the outstanding balance each month.  This is being reported to the credit bureau as a credit card because this is the only option we have to report this.  The credit bureaus have given us this code to fit their reporting process.  We look forward to having the customer fulfilling her obligation to us so we do not have to report negatively on her credit bureau.  We have adjusted previously charged late fees off of this account, and the account is now paid current.  The next payment due May 15 will be automatically paid per the customer's setting up of auto payments from a credit card.

I am rejecting this response because:The service that I was paying for with equitable acceptance was not fulfilled, therefore my credit score was effected drastically. I was behind 90 days without my knowledge and was only aware once my credit score was effected. This response is not satisfactory.

We purchased a contract from [redacted] ake [redacted] (dealer) on September 22, 2016 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 debt relief bureaucracy.  Equitable Acceptance does not do any loan forgiveness, that is a program from the Department of Education that the dealer helped get the customer into at the time of the service provided.  Part of the service is to re-certify each year to make sure the customer is still in the best program based on their financial situation.  While this is an action the customer can do for themselves and not pay for, the fact is they enlisted the dealer to work on their behalf.  The dealer charged a fee for the service which is what is being financed by us.  (Just like enlisting someone to do your tax preparation for a fee, or having someone do your lawn service for a fee.)  We look forward to having the customer fulfilling her obligation to us.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 12266511, and find that this resolution is satisfactory to me. I guess I did not understand that I was paying over a grand for someone to submit an application that I can submit myself within 10 minutes. It's sad that they allow this to happen.

We do not find this customer in our system based on the information provided.  If we can see a copy of the credit bureau showing our inquiry we could do further investigation to see if the inquiry was authorized.

We purchased a contract from [redacted] Team, LLC aka [redacted] (dealer) on March 22, 2016 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.  The customer has been paying on her account every month through automatic electronic payment since inception.  We look forward to having the customer fulfilling her obligation to us and avoiding any negative reporting to credit bureaus.

We purchased a contract from [redacted], dealer, on June 15, 2016.  The contract is for the fee the dealer charges the customer to provide a service to the cuatomer.  The service is to work with the outstanding student loans the customer has, and refinance them to a lower...

monthly payment or less term.  Any issue with the student loans would have to be addressed with the dealer.  This account is set up for automatic payments from the customer's credit card which was given to the dealer when the account was set up.  We look forward to the customer fulfilling the obligation they have with is per the terms of the signed Purchase Agreement and Revolving Credit Application they signed.

We purchased a contract from [redacted] aka [redacted] Team ("dealer") on November 3, 2016 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 stated the dealer offered 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 transaction.  We are electronically pulling payments to pay for this account from the customer's checking account as authorized by the customer when they signed the documents for the loan.  Late charges have been assessed to this account due to NSF checks which caused the account to be past due.  We have agreed to waive on late fee charged.  Any questions regarding the status of student loans, or to re-enroll need to be addressed the the dealer at ###-###-####.  Our customer service department does not have access to information on the student loan status.  We look forward to having the customer fulfilling her obligation to us.

We purchased a contract from [redacted] (dealer) on April 10, 2015 on behalf of the customer.  The loan is for a service the dealer did for the customer to refinance their outstanding student loans.  The payment repayment began on June 25, 2015.  The account was set...

up to have payments electronically paid from the customer's checking account.  The last payment, due April 25, 2016, was returned to us as a NSF payment.  When we attemped to collect the payment from the customer she told us she has spoken to the Federal Loan people and said the loans are not taken care of by the dealer as of yet.  She needs to take that part of the complaint up with the dealer.  As for the loan with us, we will expect her to fulfill her obligation to us by bringing the account current and continuing to make payments per the terms of the documents she signed.

Shortly after the customer had a conversation with our collection manager, we waived the $20.00 late fee.  As I understand this account, there appears to be an issue with the credit card payments being processed automatically each month.  We had an incorrect expiration date in our...

system.  We will work with our IT people to try to resolve this issue.  The automatic payment we ran today did not process, as it was declined by the customer's credit card company.  The payment needs to be paid prior to May 25 to avoid a late fee for this payment.

The loan documents electronically signed by the customer show payments for this account at $49.00 per month.  The payments have not and will not change, they are the same until the loan is paid in full.  Again, the agreement for consolidation and re-certification is between the customer and MTCSL, Corp (dealer).  If there is a question about what services the dealer is to perform on behalf of the customer, they must be address with the dealer.

We purchased a contract from [redacted] (dealer) for the customer to finance the document 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 states the dealer was offering a service to help navigate the student loan relief bureaucracy.  If the customer has an issue with the status of her student loans, she needs to contact the dealer to resolve. Equitable has nothing to do with the student loans, only with the finance of the fee charged by the dealer to do the work.  Of course the third party loan servicer would not like the dealer taking business away from them, but that is the business the dealer is in.  They help customer's with student loans to find the best program available to the customer based on several factors which can be, but not limited to income, amount of loans, time to repay loans, and rate.  The dealer fits the customer into the best program for the customer, and will help them re-enroll into the best program again for three years based on what the customer agreed to. The customer has paid 14 on time payments on her account with us, for that we say thank you.  We look forward to having the customer fulfilling her obligation to us so we do not have to report negatively to the credit bureaus.  We will not be cancelling or refunding any money on this account.

I am rejecting this response because:
The signature on those forms is not my signature?? also I was led to believe the payments that I would be making were going toward my student loan NOT toward this company. No money has been paid on my loan for almost a year now because I thought the money debuted from my bank account was going toward the loan, not only has a payment not been made but the loans have accrued interest. No one in there right mind would pay over a thousand dollars for the "dealer to do the work" I could have filled out paper work through fed loans myself for the loan consolidation. This is a scam and these people take advantage of good people. I want out of this contract immediately and this to be off my credit asap.

I am rejecting this response because:This business is a scam and I will not contribute to this scam anymore.

We purchased a contract from [redacted], Corp dba [redacted] ("dealer") on March 30, 2017 for the customer to finance the documentation preparation fee charged by the dealer to work with the Department of Education (DOE) to consolidate or refinance student loan debt.  The customer and...

dealer entered into a written agreement, which Equitable Acceptance Corporation (EAC) 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 funding of the loan that explained the transaction and the customer's acceptance of the loan.  EAC did not contact the customer as a loan forgiveness program as stated in the complaint, the customer either contacted the dealer or the dealer contacted the customer.  EAC has nothing to do with the actual student loans, we only finance the fee charged by the dealer which the customer agreed to pay.  The dealer has many programs available to choose from, and they enroll the customer in the best program based on the customer's financial situation.  The initial enrollment was in an Income Driven Repayment Plan that had a zero payment to the student loans for the first year.  After the first year, the customer needs to re-enroll in the program to stay in the zero payment on student loans program.  The dealer has agreed to assist the customer for two additional enrollments after the first year.  The customer needs to contact the dealer to have them re-enroll them in the best program available to the them with the DOE.  The dealer's customer service department can be reached at ###-###-####.  We look forward to having the customer fulfilling her obligation to us to ensure a positive credit rating.

We purchased a contract from [redacted], aka [redacted] Team LLC ("dealer") on November 21, 2016 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 stated the dealer was offering a service to help navigate the student loan debt bureaucracy.  The dealer enrolls the customer in the best program based on the customer's financial situation.  The fee charged includes two additional re-enrollments.  Depending on the program enrolled in, the payment may have been zero dollars to the student loans.  However, every year the customer needs to be enrolled in that program to reap the benefit.  The dealer can help with the explanation of how that works.  Our loan is completely different that the student loans, and cannot be combined with the student loans.   If you have questions regarding the service being provided by the dealer, they can be reached at ###-###-####.  We look forward to having the customer continuing to pay this obligation to us.

I am rejecting this response because: This business has several complaints on them about how they will try to help someone with consolidation of loans. This company has asked for money down and was given the money to start the consolidation process. When someone goes into consolidation of college loans a down payment is not required. This is now on my credit. I have to pay them and the loans that they consolidated so basically I am paying on my loans twice because I have to give this business the monthly payment then I have to pay on my loans threw Navient loan because this company does not do their job. This business has told me on several occasions that this is for a lifetime and that every 2 years I have to re enroll. I advised them that I wanted to cancel; the business advised me that they will not do so and that the business will remain on my credit report as well for I have to continue to pay what I still owe them.Plus pay Navient at the same time. I want this canceled. Off my credit and my money back. It is very unfair that I have given them money to pay on my student loans and I have to pay them and Navient loans at the same time. on the same account because this company will not do their job. I want this off my credit and this canceled and my money back. I will keep this claim open until my request is met.

We purchased a contract from Pure Air Systems (dealer) on January 28, 2016 for this customer to purchase a Hyla Cleaning System.  The dealer made a large payment on the account in April, leaving a balance on this account to be paid by the customer.  Also, on April 5, 2016 we purchased...

a second contract from the same dealer to purchase a second Hyla Cleaning System.  The customer has made payments on the first account which now has a small balance.  The second account with a first payment date of July 15, 2015 has received no payments.  Our collection staff is attempting to collect on the second account. Any money received has been applied to the first account via payments made on our website.  On September 1 we had a conversation with the buyer and he thought payments were being paid on the second account, but we explained to him that only the first account had payments received.  He indicated to us he would go to our website and make payments to bring the account current.  As of today, no payments have been received.  We have left several messages for the customers to call back to rectify this negative situation.  We will have a manager reach out to contact this customer to discuss both accounts.

We purchased a contract from [redacted] (dealer) on July 10, 2017 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 stated the dealer was offering a service to help navigate the student debt relief bureaucracy.  We also have a recorded verification call which the customer acknowledging this loan.  We have no notes in our customer service system indicating the customer has contacted our office.  The customer will need to contact the dealer to resolve any issues with her student loans.  We look forward to having the customer fulfill her obligation to us.

We purchased a contract from [redacted] (dealer) on November 24, 2015 for the customer to finance the documentation preparation fee the dealer charged to work with the Department of Education to refinance or consolidate student loans.  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 never claimed we would lower student loans, that would have been the dealer.  We have a recorded verification call done with the customer which explained the transaction, and states the customer agreed to the loan.  The customer needs to contact the dealer at ###-###-#### to find out the status of the this transaction, and get clarification on what the dealer did and will do for them.  We appreciate the customer has paid all payments to date, and will continue to fulfilling their obligation to us.  We will not be cancelling this account or refunding any money.