Equitable Acceptance Corporation

I am rejecting this response because:
I was told by the Equitable Acceptance Corporation representative that I spoke with that I needed this contract in order to consolidate my student loans. I was mislead in where my payments were going and wasted 20 months paying money for a service that I could have done myself for free. I was scammed into paying monthly payments that were in no way assisting in my student loan debt. For 20 months I've made payments while struggling financially. Six months ago I began finding countless others who have been scammed in the same way. Had I been told that these services could have been done on my own versus informed that I required these seevices to enter the Student Loan Forgiveness program I would be 20 months in to my 120 months of qualifying payments and 1/6 of the way to debt forgiveness. Instead I pay this company for nothing and struggle to pay my bills after also making payments towards my actual loan debt. I intend to write to my Attorney General on this matter and do not feel I need to continue payments to Equitable Acceptance after being mislead in this entire process. This company takes advantage of individuals who are trying to use this debt forgiveness program.

The inquiry on the customer's credit bureau was from July 20, 2016.  The credit bureau was accessed by one of the sales companies we do business with, Millhouse Group, Inc.  They are a sales organization that sells household goods such as cookware, knives, water purification...

products.  The dealer did not place a loan application with us, but would have received an authorization to access the credit file.  The dealer used an online or phone service we offer to determine the credit worthiness of a customer without getting or seeing any details about the credit.  The dealer would not have accessed the credit bureau without reason such as a potential sale or potential financing of the product being sold.

I am rejecting this response because:Original balance is $1314.00, and current balance is under $900. The service provider said the payment will be for 3 years. This is a rip off on both Equitable Acceptance and Progressive Student Advocates.

We purchased a contract from [redacted] (dealer) on April 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 an agreement, which...

Equitable Acceptance was not involved and clearly stated the dealer was offering a service to help navigate the student loan relief bureaucracy.  The customer also filed a CFPB complaint which we have answered.  A copy of the complaint with our response is attached.  This account has been cancelled back to the dealer and has a zero balance.

We purchased a contract from [redacted] (dealer) 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.  The person the complaint referred to is with the dealer, not Equitable.  Equitable Acceptance has nothing to do wit the consolidation being done by the dealer.  We received notification from the dealer to cancel the loan on November 28, 2017.  The account was cancelled November 29, 2017, so the customer has no further obligation to us.

We purchased a contract from [redacted] (dealer) on November 24, 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 an...

agreement, which Equitable Acceptance was not involved and clearly stated the dealer was offering a service to help navigate the student loan relief bureaucracy.  The contract the customer signed clearly indicated the interest rate being charged.  As the customer stated, in the nearly two years he has been paying on the loan, the balance has been reduced from $1314.00 to $892.44 today.  If the customer pays the minimum payment amount each month, it would take approximately 48 months to pay the loan in full.  As the balance has reduced with each payment paid, the interest charged also decreases. The customer can contact our customer service department to request a payment history to be sent out which will show the amount of principle and interest paid with each payment made.

I am rejecting this response becauseI am planning to pay the full amount owed to this company. I want it to be known that this company is taking advantage of people who have student loans.  I am going to pay the full balance off, but I expect full and continuing service from these people.  I think they should be upfront about the enormous interest rate of 20.9 %   Also this Ms  [redacted] is very rude!!!

We purchased a contract 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 bureaucracy.  We have a recorded verification call done with the customer explaining the transaction, and the customer agreed to the transaction.  The customer paid 12 payments on the account, which would suggest that they agreed to the transaction.  When the second year of certification need to be completed by the dealer, the customer stopped making payments.  The dealer was offering to help with this process as part of the initial fee charged.  However, since the customer stopped making payment to us, this account was charged off.  The customer has no further obligation to us.

We purchased a contract from Student Enrollment Center ("dealer") on October 17, 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 loan debt relief bureaucracy.  We also have a recorded verification call done with the customer prior to funding the loan.  According to the documents received from the dealer, the dealer enrolled the customer in the Pay As Your Earn program which had an Estimated New Monthly Payment of $0.00 for the first year.  After the first year, the dealer would re-certify or re-enroll the customer into the best program based on the customer's financial situation.  Any questions regarding the student loans or which program the customer qualifies for, need to be address with the dealer at [redacted].  We look forward to having the customer fulfilling their obligation to us.

We purchased a contract from [redacted] (dealer) 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 relief bureaucracy.  While the customer can do this themselves, they agreed to have the dealer do the work for them for a fee.  That fee is is in the form of the loan with us at $49.00 per month until paid in full.  We also have a recorded verification call done with the customer which indicates the customer agreed to this transaction.  We will not be cancelling this account, and look forward to having the customer fulfilling her obligation to us.

Equitable Acceptance does not work on the status of student loans.  We purchased a contract from the dealer who worked with the Department of Education to put you into the best program for the customer's financial situation.  This is an annual re-certification the dealer has offered to help the customer with.  The customer must contact the dealer to check on the status of the student loans.  The agreement signed by the customer with us is for the documentation preparation fee charged by the dealer to help navigate the student loan debt relief bureaucracy.  The effect of the customer's credit bureau because of student loan debt is not controlled by us.  If the student loan processor is reporting incorrectly, this must be address with them.

We purchased a contract from [redacted], Corp (dealer) on May 31, 2017 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 a written agreement,...

which Equitable Acceptance was not involved and clearly stated the dealer was offering a service to help navigate the student loan relief bureaucracy.  The customer paid this account in full on July 6, 2017.  If there is an issue with the student loan consolidation, this must me taken up with the selling dealer.  We appreciate the customer paying the account in full.

We purchased a contract from [redacted] (dealer) on October 12, 2016 to finance the document preparation fee the dealer charged 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 (EAC) is not involved and clearly states the dealer offers a service of helping to navigate the student loan debt relief bureaucracy.  EAC did not contact this customer prior to purchasing the contract to discuss any program the customer may have qualified for, this was done by the dealer.  The dealer informed us on March 3, 2017 to cancel the contract, which we did that day.  The customer has no further obligation to EAC, but may still owe money to the dealer.

Initial Business Response /* (1000, 5, 2016/02/03) */
The customer signed a "Revolving Credit Plan" document when she signed the contract we purchased from the selling dealer, Progress Advocates Group. The purpose of the account is for a service the dealer provided for the customer to refinance...

student loans with the Department of Education. Our accounts are reported to the credit bureaus as "Revolving" accounts, not "Installment" accounts. The interest is calculated on a monthly basis based on the outstanding balance, similar to a credit card. If the customer wishes to avoid any finance charge she would need to pay the account in full. We will not be closing this account or refunding any money previously paid. We will expect the customer to fulfill her obligation she has to us to repay this loan. Failure to do so could result in a negative reporting to the credit bureaus.
Initial Consumer Rebuttal /* (3000, 7, 2016/02/03) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I did not open a credit card with equatable Acceptance! If they do not wish to fix my credit reporting they will not recieve anymore payments from me!!! I have never been late and don't appreciate this kind of business, if the information is wrong I will not pay for it. They can do as they wish with the account!
Final Business Response /* (4000, 9, 2016/02/04) */
Again, this is not a credit card, but rather a "Revolving Credit Plan". If the customer refuses to pay because she does not understand the way credit accounts are handled, the account will go from our collection department to be charged off and she will have a negative account on her credit bureaus. The customer signed the documents stating the type of account it is. As previously stated, we will expect the customer to fulfill her obligation to repay this loan.

I am rejecting this response because:
That's rotten business ethics. I WAS NOT NOTIFIED of any late charge (and that was what it was listed as on the invoice). I can see that no matter what I say or what I do this will never be rectified. I am just simply duped out of 32.19 and they will do it to others. As far as this is concerned they will continue to creep up on people and nickle and dime them. How many I have read on the Revdex.com site that this has happened to? A lot. I guess I'm just part of the screwed.

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.  I received the confirmation of my request to cancel.  None of this process, from dealing with [redacted] or America First or Equitable Acceptance, was in any way straightforward.  It lacked transparency from the onset.  They use unlawful and dishonest tactics, while banking on the caller's naivete.  Hopefully, no other unsuspecting  borrowers will fall prey to these scavengers.  Thank you.

We purchased a contract from [redacted], (dealer) on June 20, 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 states the dealer was offering a service to help navigate the student loan relief bureaucracy. We also have a recorded verification call done with the customer prior to purchase which indicated the customer understood the role of Equitable Acceptance in this acceptance.  We do not cancel accounts in our office.   Currently the first payment is set to be paid on September 15, 2017.  This may be changed to a later date by the dealer if the consolidation process is not completed by the dealer.  We are sure an attorney will explain the legal obligation to us for this loan. We look forward to having the customer fulfilling their obligation to us.

We purchased a contract from Progress Advocates Group (dealer) on October 5, 2015 for the customer to finance the fee the dealer charged to work with the Department of Education (DOE) to consolidate student loans.  The fee is the charge the dealer has to do the work on the customer's...

behalf.  The statement stating the customer feels scammed is not accurate.  The customer signed documents to approve the processing of this loan.  The customer signed the Credit Request Authorization, Revolving Credit Plan, and Purchase Agreement stating they agreed to the loan and will repay the obligation.  We also have a recording between the dealer and customer authorizing the transaction.  For the customer to stop paying on this account may lead to a negative reporting to the credit burau.  Our Account Representatives would be willing to work with the customer to repay this debt if there is a problem with making the payments on time.

We purchased a contract from Student Debt Services (dealer) on May 10, 2016 for the customer to pay the fee the dealer charges to consolidate their student loans.  Yes, the customer did sign a legally binding contract and we cannot cancel. The copies of the documents are attached to this...

response.  The customer needs to work wiht the dealer to make sure the consolidation has taken place.  The fee is for the work the dealer did on the customer's behalf.  We look forward to having the customer fulfill their obligation to us and avoid negative reporting on their credit bureau.

We purchased a contract from Student Loan Care, LLC (dealer) on October 17, 2016. The dealer and the consumer entered into a written agreement, in which EAC was not involved and which clearly states the dealer offers a service of helping to mavigate the studen loan debt relief bureaucracy. The...

contract with EAC is for financing the fee the dealer charged the customer to consolidate her student loan with the Department of Education (DOE).  Yes, the consumer could have done the process themselves, but they engaged the dealer to do the work for them.  The consumer had three days from the contract date to cancel, but did not cancel with the dealer. We also have a recorded verification call done prior to processing the loan stating the understanding of the loan with us. We will not be cancelling this account, and look forward to having the consumer fulfill their obligation to us so we do not have to report this as a negative account to the creidt bureau.