Student loan -- Getting a loan -- Complaint #4470301
Complaint Overview
Complaint ID: 4470301
Company: Alum Financial, LLC
Product: Student loan
Sub-Product: Private student loan
Issue: Getting a loan
Sub-Issue: Fraudulent loan
State: Arkansas
ZIP Code: 726XX
Date Received: 2021-06-17T12:00:00-05:00
Date Sent to Company: 2021-10-27T12:00:00-05:00
Company Response: Untimely response
Timely Response: No
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
On XX/XX/2021, I opened an e-mail from an unsolicited source named Alum Financial XXXX XXXX XXXX XXXX XXXX, XXXX XXXX, CA XXXX - ( XXXX ) XXXX. The representative gained access to my FSA ID without my knowledge or consent. The FSA ID was altered without my consent. I received subsequent notifications to that effect. I was informed by said representative that by submitting application fees to process my account for student loan forgiveness in the amount of {$120.00} for a period of 10 months, after successfully completing the period, my loan would then possibly be discharged upon review. In fact, Alum Financial is not on the official list of authorized institutions that are, in fact, authorized to act in accordance with the Federal Department of Education. Alum Financial is further not authorized to act as a legal agent to discharge a debt on their behalf. I was encouraged to use 'XXXX ' to complete the application. Everything about the transaction was timestamped. Only after having signed the contract, did I begin the review of the details. A cursory review of the company revealed the likelihood that a scam was undertaken. As it happens, it is illegal to charge for filing application fees for student loan debt relief. It is illegal to gain access to anyone 's FSA ID without their knowledge. I contacted my bank to alert the fraudulent activity and requested a chargeback for the initial fee in the amount of {$120.00}. I then contacted Alum Financial earlier this day ( XXXX XX/XX/2021 ) to inform the company of my actions and to request the cancelation of services forthwith. It is my understanding that legal contracts can be voided within three business days with little or no adverse consequence. In summary, Alum Financial is not unique as a predatory market entity. They abound across the Nation. Alum Financial needs to be placed on the extant list of companies that are banned from their engagement in the Student Loan Servicing industry.
Frequently Asked Questions
What is Complaint #4470301 about?
Complaint #4470301 was filed against Alum Financial, LLC regarding Student loan specifically about Getting a loan. It was received by the CFPB on 2021-06-17T12:00:00-05:00.
How did Alum Financial, LLC respond to this complaint?
The company responded with: "Untimely response". The response was not timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Student loan) and describe your issue in detail.
Can I see other complaints against Alum Financial, LLC?
Yes, visit the Alum Financial, LLC company profile at readthecomplaint.com/company/alum-financial-llc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.