Student loan -- Dealing with your lender or servicer -- Complaint #6268361
Complaint Overview
Complaint ID: 6268361
Company: Lendkey Technologies, INC.
Product: Student loan
Sub-Product: Private student loan
Issue: Dealing with your lender or servicer
Sub-Issue: Received bad information about your loan
State: Georgia
ZIP Code: 30126
Date Received: 2022-12-01T12:00:00-05:00
Date Sent to Company: 2022-12-01T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
This complaint is a separate issue from my complaint filed on XX/XX/XXXX Complaint # XXXX I consolidated my federal student loan with LendKey on XX/XX/XXXX. During that time, my loan servicer was XXXX. I owed an amount of {$210000.00} to pay this loan in full. During the period of consolidation, Lendkey provided a payment amount of {$220000.00} to complete my private loan consolidation. This amount is {$5300.00}, over the amount required to pay off my federal student loan. When I asked Lendkey why they submitted the payment at a higher amount. I was told by LendKey customer service support that the additional fund was to ensure that any accrued interest was paid off. 1. My first concern is that all interest and payments on student loans are paused thru XX/XX/XXXX. Therefore there was no need for Lendkey to make this overpayment amount of {$5300.00}. COVID-19 Loan Payment Pause and 0 % Interest In response to the COVID-19 emergency, we paused loan payments and set interest rates to 0 % for eligible federal student loans. On this page, you can find out if your loans are eligible and how this relief affects your loans. Student Loan Payment Pause Extended The student loan payment pause is extended until the U.S. Department of Education is permitted to implement the debt relief program, or the litigation is resolved. Payments will restart 60 days later. If the debt relief program has not been implemented and the litigation has not been resolved by XX/XX/XXXX payments will resume 60 days after that. We will notify borrowers before payments restart. COVID-19 Emergency Relief and XXXX XXXX XXXX XXXX. The additional {$5300.00} was applied directly to the principal balance ; no funds were transferred to me to fund the loan consolidation for the overpayment. 3. I applied for forbearance in which {$530000.00} overpayment funds were not credited as ( 3 ) payments to my new consolidation loan payment, for which my standard payment amount is {$1700.00}. 4. Lendkey refused to approve my forbearance application because they stated I must make a minimum of 6 payments, in which I was not given credit for the {$5600.00} amount, which would equate to ( XXXX ) standard payments plus the payments I made on the account for the following months of XXXX, XXXX, XXXX, XXXX, and XXXX. 5. Lendkey essentially added {$5300.00} to my loan consolidation and did not provide me payment credit for the amount applied to the principal balance in which there was no additional accused interest because all Federal Student loan payments and interest are suspended thru XXXX.
Frequently Asked Questions
What is Complaint #6268361 about?
Complaint #6268361 was filed against Lendkey Technologies, INC. regarding Student loan specifically about Dealing with your lender or servicer. It was received by the CFPB on 2022-12-01T12:00:00-05:00.
How did Lendkey Technologies, INC. respond to this complaint?
The company responded with: "Closed with explanation". The response was 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 Lendkey Technologies, INC.?
Yes, visit the Lendkey Technologies, INC. company profile at readthecomplaint.com/company/lendkey-technologies-inc 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.