…I am SO Mad!
Before 1976 all student loans were dischargeable in bankruptcy.
This weeks rant, is all about Fortune 500 company, NASDAQ – Navient (NAVI) student Loan company, that serves more than $300 billion in student loans.
President and CEO Jack Remondi, said “helping our customers navigate the path to financial success is everything we stand for”.
Wikipedia reports that 60% of all students, nearly 12,000,000 per year borrow to cover the costs. In 2014 Navient split Sallie Mae to become a publicly traded company.
Already this company has been subject to class-action lawsuits for overcharging and $97 million settlements:
On February 6, 2016, U.S. presidential candidate Hillary Clinton stated that Navient’s “behavior is outrageous” and that the company has been “misleading people” and “doing some really terrible things.”
Our client “Mr. J” – obtained a student loan from Aurora Loan Servicing (ALS) back in 1995. His payments were impeccable, on time and accurate. In November of 2014, ALS sold hundreds of thousands of loans to Navient.
During the intake process of the loan, Navient failed to draft ACH payments from Mr. J’s bank account…the same account used for +10 years.
This error resulted in 4 x 90 late payments reported to his credit report, which dropped his credit scores +80 points and made him not able to qualify for a home loan.
The impact of these inaccurate and erroneously reported lates is substantial. Navients position is that they will not change them.Â This is requiring direct action at the Office of the President of Navient.
They’re hardheaded and stubbornness along with their failure to acknowledge their responsibility in the matter is why this company gets a thumbs down, avoid at all costs review.
And yes, we will get these lates deleted from Mr. J’s credit report!
(Side rant) Student loans are not dischargeable in bankruptcy yet this type of debt is not different from any other type of debt allowable, such as a credit card.
What are your thoughts about this?