Does anyone else feel violated when loan companies swap out your loans willy-nilly?

[Tommy_Carcetti]

Long story short, I have student loans. Up until February, they were managed by Access Group. With Access Group, I was able to pay one bill for all three loan catagories I had, and they would apply it appropriately to each loan catagory.

Now, I was on deferrment from December until June. During that time, Access Group decided to swap out my loan to a new lender, ACS. And apparently, ACS doesn't do one bill--they require three seperate payments for each loan catagory. Except last month, when my deferrment period ended, we never recieved a written statement from ACS. So without knowning otherwise we paid, as was customary with Access Group, one flat amount with one bill, expecting ACS to divide up as proper.

Well, apparently ACS decided to apply all my payment to one single loan catagory, and then recently sent out a notice stating I was past due on the second and third loans, and I was assessed a "late fee" for missing this payment. Meanwhile, my lump sum payment actually more than paid off the total amount of the first loan catagory in full, meaning they could apply the overpayment to my other loan catagories, but they didn't do so. Meanwhile, in order for me to challenge the "late fee" that was assessed on me despite not actually being late in my payments, I'm told by ACS that I have to pay up the second and third loan catagories to the current due amounts and then I can beg, pretty please with cherries on top, for them to remove that "late fee."

In the words of Charlie Brown, "AAARRRRRRGGGGGHHHHHHH!!!!!!!"

Swapping loans, willy nilly, got this economy into its current sad state of affairs. I just feel violated that my loan can be swapped amongst different companies, with different rules for payment, and without me having any say in it whatsoever.

Sorry, just had to vent.....

[nolaboy]

1. YES!!!! That happened with my home loan.

My mortgage company sold my loan to the "wonderful" people of Bank Of America. I have been in a constant battle with them ever since. Loan companies should have to pay you a fee if they decide to send you to another company.

[socialist_n_TN]

3. I'm in mortgages and everybody bitches abt. that, but........

Last edited Wed Aug 29, 2012, 09:08 PM - Edit history (1)

Remember they cannot change your loan from when you closed it. Also most people don't know that it's always been that way, they just do it more now. All that said, some companies have better customer service than others. BoA has some of the worst, based on anecdotal evidence.


Edited to add a letter and a comma. Oh yeah. And a Smiley Face.

[msongs]

4. peddling loans is for making profits off you in which you do not share - parasites and leeches nt

[socialist_n_TN]

8. Almost any job in the capitalist USA is............

Making profits for somebody else and many times it's for huge conglomerates. For me, it's called working for a living. i'd rather be working directly for FHA as a direct government lender, but that's not the way the system works at this time.

[Liberal_in_LA]

6. went from countrywide to BofA, now BofA uses servicer: Green Tree. horrible

[murielm99]

2. Yes.

I had a very small student loan that was managed by The Student Loan Corporation. Sallie Mae took it over, and did nothing but screw me over and charge unjustified late fees. My husband got pissed that I was spending so much time fighting them. He went to the credit union and took out a loan. I pay $109.50 a month, with no hassle. The loan will be paid off next year.

I hope you can do something similar. I don't think these people have any right to mess with our finances and credit ratings the way they do.

[Jeff In Milwaukee]

9. Actually, you did...

Part of what you sign gives the lender the option to sell your loan.

[socialist_n_TN]

11. Well, considering they all have the same language.....

About "assigning" a loan to whomever they want to, if you've read one mortgage contract you've read them all.

And as I said above, they've always had this clause in the closing ppwk. The first mortgage I took out in 1972 had that clause in it. I remember because I actually asked about it.

[Jeff In Milwaukee]

13. Why?

What the heck? I pay my mortgage every month, I really don't care who cashes the check.

That being said, some loan originators are required by law to sell the loan because they do not maintain the depository assets required to hold the mortgages permanently.

Sorry to toss cold water on your rant.

Come on, let's get spirit back:

Fuck. Goddam fucking banks. Fuck 'em. Fuck 'em all!!!

[Jeff In Milwaukee]

15. I'm just screwing with you...(nt)

[Jeff In Milwaukee]

17. Isn't a little late in the day to be this grumpy? Or are you a dozen time zones away?

[Jeff In Milwaukee]

19. Okay. I'll leave you alone then...(nt)

[Liberal_in_LA]

7. I think it happened to me way back when I had student loans - doesn't feel good

[socialist_n_TN]

20. BTW, I'm not saying it's right.........

I'm just saying that's the way it is RE: mortgages, until we change it.

Actually, if we're going to keep the market for housing, I'd prefer to see the government do all of the loans. They could probably do it for a relatively small administrative charge (kind of like Medicare) and drop the entire profit motive for the big mortgage banks. FHA (and the mortgage insurance premium in your payment) secures these loans anyway, why the fuck should the banks take relatively little risk and make all the profit?