Equitable Acceptance Corporation

Complaint from Chameka ***, is one we do not believe to be a complaint against us. We purchased a contract from *** *** *** (dealer) on April 10, 2015. This account is for the fee the dealer charges to do the consolidation of the customer’s student loans with the Department of Education (DOE)The customer paid us several payments until April of when the payments we automatically withdrew from her checking account were returned to us as NSF. She had also had a NSF payment in August of which she paid and we agreed to waive the late fee. When the customer contacted the DOE, and decided that since she was not paying anything towards her student loans, she did not want to pay us either. We explained this was separate from the student loan payment, but she did not listened to us. I have attached the loan documents for this customer and we do not feel this is a legitimate complaint against us since we did not do anything wrongWe were simply attempting to collect on the loan she agreed to. Since my last response to this complaint, the dealer had us cancel the loan. This was done on June 2, The customer no longer has any obligation to usThe account will be removed from her credit bureau since the dealer cancelled the account Her last response on May 5, stated she never “got a loan from them”, but the attached documents show she did, and that she had proof of her loans still with Fed Loan Savings which she should still have, as we have nothing to do with the consolidation

Initial Business Response /* (1000, 5, 2016/01/22) */
We purchased a contract on August 26, from *** *** LLC, (dealer), for this customer for the customer to receive a service from the dealerThe service is for the dealer to work with the Department of Education to refinance
student loans for four yearsThe customer received copies of the documents from the dealer when they electronically signed up for the serviceWe can send her copies of the documents, but according to the collection notes the customer has not asked for themWe are not sure who *** is that she is referring toWe look forward to receiving payments from the customer on this account until paid in full

Initial Business Response /* (1000, 8, 2015/12/08) */
The customer had her credit bureau run through our automated access to credit bureaus by a selling dealer in errorThe dealer called our office the day after they accessed the customer's bureau and said they pulled in error as the customer was
not purchasing the product they were sellingWe received a letter from the customer in our office on November 19, which we forwarded to the credit bureau to change the inquiry made from a hard to soft inquiryThe return e-mail from the representative from the credit bureau was that they would take care of the request and confirm when completedTo date we have not received a confirmation from the credit bureauI have reached out to the representative from the credit bureau again to see if it has been taken care of, but have not had a responseThe document the customer is looking for should be from the selling dealer and credit bureau as proof of the issue being taken care of
Initial Consumer Rebuttal /* (3000, 10, 2015/12/08) */
(The consumer indicated he/she DID NOT accept the response from the business.)
I was to suppose to receive a letter in writing stating what the Transunion stated that they had to doThe letter had to indicate that they will agree to remove the inquiry that was on my credit report with the case number listedThat information was not provided
Final Business Response /* (4000, 12, 2015/12/16) */
On December 9, we received an e-mail from TransUnion Credit Bureau stating they had changed the inquiry in question from a hard inquiry to a soft inquiryIt also said to allow up to hours for it to reflect on the consumer's filePlease let us know if you need anything else from us

We purchased the contract from the dealer to pay for the services the dealer was providing to the customer. We had nothing to do with the student loans, or the consolidation of them. The dealer requested us to cancel the contract on December 19, and we cancelled this account on December 20, 2017. The customer has no further obligation to us. Any refunds would have to come from the dealer

I am rejecting this response because:Their response is not an accurate depiction of their actions and does not address the fact that their actions are predatory, unethical, and possibly illegalThe concept of charging to "help" a debtor in a time of distress is unacceptable by any honest businessperson that I have ever knownThey should provide actual help in such situations as mine

We apologize for not understanding the original complaintHere is a brief explanation of a series of events the customer is referring toThe February 5, payment for her loan was taken electronically from a checking account on that dayWe did send a text message on that day stating the payment was posted. However, on February 8, we received notification from the bank the check was NSF (Non Sufficient Funds) and they returned the transaction. We reversed the payment on February 8, 2018, and added a Payment Return fee to the accountThe next payment due on March was also taken electronically from the checking account on the customer's behalf. We attempted to call the customer to get the NSF payment paid on March 14, 2017. The representative who first called the customer noted the customer would not listen to the explanation she was offering about the account and transferred the account to a supervisor. After a conversation with the supervisor, the customer paid a payment, including the NSF fee, and the supervisor agreed to waive the late fee for her. We will make sure this gets completed. We apologize that the customer did not have a pleasant experience with our customer service department. We strive to help every customer with exceptional service, but we may have failed on this oneIf the customer can prove her bank's assertion that there was plenty of money in her checking account when we processed the payment on February 5, she should get the bank to refund her the fee she had to pay us because of their error

I am rejecting this response because: I haven't done any student loan consolidation with Doc Prep Today, LLC (dealer) or any consolidation companyI did contact a student loan forgiveness company I don't remember the exact date, inquiring about how it worksBut since I was not a service or government employee what they were offering was not beneficial to meEven when I was told about other program I was not interested since I didn't want my credit or a hard inquiry to be pulled on my creditNor did I give anyone permission to pull my credit

We purchased a contract from *** *** *** (dealer) on August 2, 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 offered a service to help navigate the student loan relief bureaucracy. A copy of this document is attached. The dealer informed us on August 28, that the account we have for this customer should be cancelled. We cancelled the account on August 28, 2017. The customer no longer has any obligation to Equitable Acceptance

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID 12233944, and find that this resolution is satisfactory to me

We are confused about why this customer is refusing to pay for this loan. They agreed to having the dealer work with Department of Education to refinance or consolidate their student loans. We have a recorded verification call done with the customer that states the customer agreed and understood this transaction. By refusing to pay this loanwe will have to report to the credit bureaus as a negative account. The balance on this account has gone down, contrary to the customer's assertion, from $to $today. The account would have decreased more and faster if the customer would have paid the account on time and not have late fees added to the balance on several monthly payments. We look forward to having to customer fulfilling their obligation to us

I am rejecting this response because:Dave *** told me that the dollar monthly payment was going towards my loans with the department of education they informed me wrongI signed this agreement under those terms that I would pay the last three months up front and I would pay dollars a month for months and then my loans would be forgiven

We purchased a contract from ** *** (dealer) on December 15, 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. The initial call the customer states in this complaint was with the dealer, not Equitable Acceptance. We also have a recorded verification call done with the customer prior to funded which explained the transaction and our role. Part of the service the dealer offered is to re-certify the customer into the best program available for two additional years, which means the dealer will get the customer into the best program based on their circumstances. The initial program the dealer put the customer into was a Payment RePay program at zero dollars per month for months. Then after the first year the customer needs to be re-certified to stay in the same program. The customer needs to contract the dealer at ###-###-#### to work with them to resolve the question about the student loans. We look forward to having the customer fulfilling her obligation to us so we do not have report negatively to the credit bureaus

We purchased a contract from *** *** Team, LLC, aka *** *** (dealer) on July 11, for the customer to finance the documentation preparation fee charged for 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 have received all monthly payments from the customer for this account since inception. On advise of our legal counsel, since the customer has also filed a Consumer Finance Protection Bureau (CFPB) complaint, we have cancelled this account back to the dealer. The customer has no further obligation to us at this time. Any refund of money would have to be from the dealer since they own the contract

We purchased a contract from *** *** *** (dealer) on November 3, 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 which explained the transaction and how Equitable Acceptance was involved. At no time did the customer state he did not want this loan. We also received proof of income from the customer, via the dealer, which one would think to be authorization to continue with the process. The customer called our office on February 27, to inquire about this loan and was verbally abusive to our customer service representative and unsubscribed to receiving text messages from us regarding his account. This account is being reported to the credit bureau as a revolving credit loan, not credit card. The credit bureau only has certain codes for us to use to report our accountsWe look forward to having the customer fulfilling his obligation to us

We purchased a contract from *** *** *** *** (dealer) on November 16, for the customer to finance the documentation preparation fee the dealer charged to work with the Department of Education to refinance or consolidate their student loans. The customer and dealer entered into a
written agreement, with Equitable Acceptance was not involved and clearly states the dealer was offering a service of helping to navigate the student loan relief bureaucracy. *** *** *** is but one of many companies who offer to assist student loan debtors through the bureaucratic labyrinth that is loan debt relief. Had the customer read the documents they signed, they would have realized this loan was a Revolving Purchase agreement and the fees associated, such as late fees, NSF fees, interest, etc. We look forward to working with the customer to fulfill their obligation to us

Again, we purchased a contract from a dealer, *** *** *** *** *** for the customer to finance the fee the dealer charged to work with the Department of Education to consolidate or refinance student loan debt. Equitable Acceptance was not involved with the transaction between the dealer and customer, other than the financing of the fee the dealer chargedThe dealer is who the customer would have worked with regarding their student loan debt. We have a recorded verification call done with the customer that indicates the customer understood Equitable's role in this transaction. While the customer could have done the consolidation on her own, she engaged the dealer to help her and they charge a fee that we financed. We look forward to having the customer fulfilling her obligation to us. Please contact the dealer to discuss any issues with the student loans and to check on status at this time

We purchased a contract from *** *** *** (dealer) on April 11, 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. Equitable Acceptance did not contact the customer initially, that was done by the dealer. If there is an issue with the student loans, this must be addressed by the dealer at ###-###-####. We also have a recorded verification call done with the customer which explained the transaction, and the separate account being set up with us. The customer agreed to this on the call, and signed the documents authorizing the account set up. We look forward to having the customer fulfilling his obligation to us so we do not have to report the account negatively to the credit bureaus

The dealer pulled the bureau on August 4, to begin the process. The dealer has informed us they had verbal permission to access the bureau to see what program would be best for the customer. I was informed by the credit bureau we pulled the credit file from that they removed this inquiry since the customer and dealer did not complete the process. It may take up to hours to reflect on the customer's credit file

We have credited the customer’s account for the $the selling dealer received from the customer. This was made as a principal adjustment on August 12,

I am rejecting this response because: somewhere along the line I was manipulated and told information about this company's intentionsI have continued to pay on my account bases on the fact it will affect my credit if I stop paymentsI hope no one else falls victim to this company's shenanigansMy remaining balance is still $1,and I am stuck with that because of terrible people in this world who pray on young student's trying to pay off their student loan debtPathetic!