Equitable Acceptance Corporation

The company the customer was working with, Performance SLC ("dealer") had permission to access the customer's credit file to see if the customer qualified for a loan 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 dealer did not complete the work with the customer to create the loan.  We cannot remove the inquiry since the customer gave the dealer permission to run the credit.

We purchased a contract from Mentor (dealer) on December 16, 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 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.  The dealer requested us to cancel this account on January 25, 2017 which we did the next day.  The account should not be reporting on the customer's file any longer.

We purchased a contract from [redacted] ("dealer") on October 11, 2016 for the customer to finance a 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 dealer has many programs to choose from to help the customer, and enrolls them into the best program based on the customer's financial situation.  The dealer also included three years of re-enrollment and monitoring.  If there is an issue with what program the customer was enrolled in, or needs to be re-enrolled into, they must me addressed with the dealer.  The customer service number to contact the dealer is ###-###-####. We look forward to having the customer fulfilling her obligation to us.

We purchased a contract from Student Loan Care, LLC, (dealer) on October 6, 2016 for the customer to finance a document preparation fee the dealer charged 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, October 4, 2016.  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 this transaction was explained to, and agreed to by the customer. We will not be cancelling this account 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.  As stated by the customer in the complaint, he was working with the dealer, not EAC to refinance his student loans.

We purchased a contract from [redacted], aka [redacted] ("dealer") on January 18, 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 stated the dealer was offering a service to help navigate the student loan bureaucracy.  The dealer has many programs to choose from to enter the customer into the best program based on their financial situation.  The dealer also offered to manage the student loans and re-enroll into programs for four years.  While the customer could do this service for free, they enlisted the dealer to help them and signed documents to finance the fee involved.  Since the customer stopped making payments on this account in August of 2016, we cancelled the loan and reassigned back to the dealer.  At this time, the customer has no obligation to Equitable Acceptance.

I am rejecting this response because:
This is clearly wrong. While they did pursue and obtain permission from me, it was in deceitful ways. They clearly were in disguise as my service provider and the loan they are asking for me to pay does not exist. I consolidated my loans through FedLoan Services and they are still with them as we speak. Nothing has changed. What they are doing is against the law or should be and I am Not paying them. I have already requested my bank not release any more money to this company. If they want to not be charged or sued, I would suggest they cease and desist immediately they will also need to return any money taken to me immediately. [redacted]

The customer did not call our office, they were working with a company, [redacted] (dealer), that works with consumers to refinance or consolidate student loans.  The dealer would have received either verbal or written permission to access the consumer's credit file to determine...

which program would benefit the consumer the best.  This access only gives the dealer a credit code that determines where the consumer's credit falls.  They do not have access to the details of the file, only that based on the credit file where the consumer fits their programs.  Once the credit authorization is given, the file is accessed and an inquiry is recorded on the file.  We cannot remove the inquiry.  The dealer has a recording of the telephone call giving the authorization, and without the authorization would not have attempted to access the credit file.

I am rejecting this response because: why would I sign up for a loan when I'm not even trying to pay my regular student loan.. No sense made.. I started paying it because it was on my credit but o said to myselfI'm not going to do continue to pay for something I didn't ask for or sign up for.. I never truly signed any papers you forward or copied my signature off something.. At this point it can just go to collections because I'm not paying it.. You all get over on people.. then on top of that my bill kept going up and it doesn't seem like my balance is going down.. so I'm not paying it anymore until you all fix it..

We purchased a contract from [redacted] (dealer) on February 25, 2016 for the customer to finance the documentation preparation fee the dealer charges to work with the Department of Education to consolidate or refinance student loans on the customer's behalf.  The customer and...

dealer entered into a written agreement, which Equitable Acceptance was not involved and clearly states the dealer was offering a service of helping to navigate the student loan relief bureaucracy.  Equitable Acceptance has nothing to do with the status of the student loans, and the customer would have to contract the dealer to resolve any issues they may have.  The dealer's phone number is ###-###-#### to contact them about their loans. The customer has been making payments on this account since the first payment was due May 5, 2016, until now.  The dealer has many programs available to choose from which will help the customer the best.  This process needs to be completed every year with the DOE to stay in the program.    We look forward to having the customer fulfill their obligation to us so we do not have to report negatively to the credit bureaus.

I am rejecting this response because: When I contacting the Department of Education concerning this matter, they emphatically told me they had no record of me even being involved with a second hand program for assistance. I then felt I was being taken advantage of and the bottom line is EA never told me this money was not going towards my loan. Why would I pay a second hand company when I could put that money on the principle and not the interest? I have chose to no longer deal with EA. From here on out, the money I put out will got towards the loan itself.

We purchased a contract from [redacted] (dealer) on August 16, 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 was not involved and clearly stated the dealer offered a service to help navigate the student debt relief bureaucracy.  The first payment was due November 25, 2017 which was paid by electronic withdrawal from the customer's account and was authorized by the customer when she signed the documents.  We have no record of talking to the customer about this account.  Perhaps she was talking to someone at the dealer or student loan servicer?  We look forward to having the customer fulfilling her obligation to us.

We purchased a contract from [redacted] (dealer) on June 6, 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 navigate the student loan debt relief bureaucracy.  We also have a recorded verification call done which explained the transaction, and Equitable's role.  Equitable has never contacted the customer to discuss the student loan debt, this would be been done by the dealer.  If the customer has an issue with the student loans, they must contact the dealer.  We look forward to having the customer fulfilling her obligation to us.

We purchased a contract from Student Advocates (dealer) on August 13, 2015 for the customer to finance the documentation preparation fee for the dealer 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 was not a part of that clearly states the dealer was offering a service to the customer to help navigate the student loan bureaucracy.  During the recording verification call completed prior to processing this account, the customer agreed to this transaction and that Equitable was a third party finance company that has nothing to do with the actual student loans.  If the customer is having an issue with the student loan, they need to contact the dealer and resolve the issue.  Our account is still needing to be paid. The customer has paid on this account until April, 2017.  Now, the payments have stopped and the account is in a serious delinquent status.  If the customer continues to not make payments to fulfill their obligation, that could lead to negative reporting to credit bureaus.  We look forward to helping the customer get back on track with payments and not have a negative report on their credit bureau.

I am rejecting this response because:My student loans were not in a debt consolidation. My fed loans knows nothing about student advocate or any company trying to consolidate my loans.

I am rejecting this response because:
 I entered into a forgiveness program in november of 2016. I do not recall speaking to anyone about my loans before then.

This account was cancelled January 17, 2017.  The dealer had agreed to cancel this account since the consolidation was not complete with the DOE.  The customer has no further obligation to Equitable Acceptance Corporation.

We purchased a contract from United Air Systems, LLC on November 11, 2014 for [redacted] to purchase a Hyla Cleaning System.  She has given us permission to speak to [redacted] about this account.  We have told them on several occaisons that we could not cancel this account by...

picking up the product purchased.  The obligation the customer has with us is to repay the loan, not give the product back to us.  We have attempted to reach the customer about thie account several times, and at different times in an attempt to speak to her about the past due payments. Mostly our calls were unsuccessful. This account became seriously past due and has been charged off.  If the customer would like to fulfill her obligation to us, they can call our recovery department to make arrangements.

I am rejecting this response because:I have not been able to contact [redacted] and they have not responded to my calls or emails.  I ask respectfully that Equitable Acceptance cancel my account.   I will be taking this complaint one step further and reporting this to the Attorney Generals office here in Pennsylvania and the Federal Trades Commission.   Thank you.

I am rejecting this response because:. They are liars they told me this was a loan forgiveness program!! I would not and could not afford to give them money to buy a contract I was trying to get help with my loans the only reason I agreed to the program!

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

for the student loans. We do not work with the customer or the government, this is all done by [redacted]. It sounds like the issue here is with [redacted] since they were working with the customer about the student loan refinancing. If there is any questions about the student loans, they must be directed to [redacted]. Our account needs to be paid along with any new student loan debt. We look forward to having the customer fulfill their obligation to us. We would encourage the customer to pay this account as they agreed so their credit bureau does not become negatively affected.