Student loan -- Issue with income share agreement -- Complaint #7840228
Complaint Overview
Complaint ID: 7840228
Company: Clasp Group, INC.
Product: Student loan
Sub-Product: Private student loan
Issue: Issue with income share agreement
Sub-Issue: Billing or statement issues
State: Virginia
ZIP Code: 22312
Date Received: 2023-11-12T12:00:00-05:00
Date Sent to Company: 2023-11-12T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
My complaint against Stride Launch Servicing for their unjustified loan charge against me. In XXXX I signed an Income Share Agreement ( ISA ) with XXXX for my XXXX XXXX XXXX XXXX in XXXX. As per the terms of the contract I was supposed to pay 15 % of my monthly salary as an instalment after my employment for a period of 36 months ( which may be extended up to 48 months ) until I reach the highest cap amount of {$34000.00} if my income is more than {$44000.00} yearly. But if my income is less than the threshold income, I would pay {$0.00} dollar until my income reaches the threshold. The payment would automatically stop when I fulfil either of the conditions such as paying the highest cap or reaching the 48 months, whichever comes first. First two years I didnt have to pay instalments since my income continuously was below the threshold income and my payment was deferred to the next year. Incidentally, my account was transferred to Stride Launching Services ( LS ) in XXXX. Stride LS sent me an email, asking me to open an account and start paying my instalment. Accordingly, I opened an account in their Stride portal and sent them a message, informing them that, since my income is below the income threshold, I am not liable to pay my ISA payment. I sent my tax return documents as proof. In return, they informed me that they may need more evidence or proof of my income such as w2/1099 ( message copy enclosed ). They asked me to submit proof of my wife 's income too as evidence. Accordingly, I started to make regular correspondence with Stride over the phone sending messages to know about my status and asking them about my next course of action ( message copy enclosed ). But surprisingly without giving me any reason, they started charging me a monthly instalment of {$980.00} showing a fictitious yearly income which doesnt reflect in my actual yearly income as per my documents. Denying their claim, I gave a number of reminders to them and requested them to re-evaluate my yearly income ( message copy enclosed ). At one point I was told to submit my all W2/1099 as proof of income for the year XXXX by one of the support team members of Stride LS when I contacted them over the phone. But they kept on pressing me to pay my past due amount of {$3900.00} or my account would be delinquent and will be sent for collection. Time and again I asked them to correct my yearly income statement, but they are neither denying my claim nor they are taking any action to correct the income statement for unknown reasons. It has become a great concern for me and I am feeling helpless. enclosed : Attached are the documents of the exchanged messages with Stride
Frequently Asked Questions
What is Complaint #7840228 about?
Complaint #7840228 was filed against Clasp Group, INC. regarding Student loan specifically about Issue with income share agreement. It was received by the CFPB on 2023-11-12T12:00:00-05:00.
How did Clasp Group, 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 Clasp Group, INC.?
Yes, visit the Clasp Group, INC. company profile at readthecomplaint.com/company/clasp-group-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.