Student loan -- Struggling to repay your loan -- Complaint #8634831
Complaint Overview
Complaint ID: 8634831
Company: Transworld Systems INC
Product: Student loan
Sub-Product: Private student loan
Issue: Struggling to repay your loan
Sub-Issue: Can't get other flexible options for repaying your loan
State: Kentucky
ZIP Code: 40502
Date Received: 2024-03-26T12:00:00-05:00
Date Sent to Company: 2024-03-26T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
I have numerous complaints regarding this loan servicer. 1. They have been increasing the interest rate quarterly since XX/XX/XXXX, and I contacted them on XXXX XX/XX/XXXX to ask why my payment increased. They have not given any notice of interest rate increases since this date and my montly payment has increased from {$210.00} per month to now {$460.00} since this date. I'm being charged roughly {$330.00} in interest per month ( now 11.91 % ) and my balance has not fallen under {$37000.00} for years. I've had to take forbearance for a time, which I know did affect this- but I had to take forbearance because I could not afford the increasing payment and they will not work with me on creating a more affordable payment program. I don't think I'll ever get ahead on this loan because the interest is unreasonable! I've contacted them many times- XXXX XX/XX/XXXX, XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXX/XX/XXXX. All attempts to lower monthly payments/ make my payments better count towards my principle balance because I have XXXX federal loans on top of this one. I entered repayment on this loan in XXXX with a XXXX balance - I now owe XXXX. That's with a mostly consistent repayment- with a few forbearances due to XXXX/work changes. I don't think this student loan will ever be paid off because they keep raising interest rates on a quarterly basis. Which is something the bank employee did not prepare myself or my co-borrower for when we met with them in person. I've been told that I should refinance and then told separately that I do not qualify for refinancing. There is zero help offered to borrowers here. XXXX. Both myself and my co-borrower, XXXX XXXX, have noticed that this loan is showing as settled/closed on our credit reports and negatively affecting our scores. As I have never settled this loan and as I have also been making on-time payments since coming out of XXXX XXXX XXXX XXXX XXXX XXXX is obviously not a closed account. My credit report is showing that the account was closed in XX/XX/XXXX and has not updated with my on time payments from XXXX and XXXX. The comment line on this entry on my report reads : " Account closed at credit grantor 's request. '' As I graduated in XXXX and am still in repayment- this should not be showing as a closed account in XXXX as I " separated '' from the school in XXXX. And further- we should be told if something is going to affect our credit scores YEARS after separating from said school. No need to harp on how important credit scores are to those attempting to rent, buy a car, buy a home, etc.
Frequently Asked Questions
What is Complaint #8634831 about?
Complaint #8634831 was filed against Transworld Systems INC regarding Student loan specifically about Struggling to repay your loan. It was received by the CFPB on 2024-03-26T12:00:00-05:00.
How did Transworld Systems 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 Transworld Systems INC?
Yes, visit the Transworld Systems INC company profile at readthecomplaint.com/company/transworld-systems-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.