F.H. Cann & Associates, Inc. Student Loan Complaint

F.H. Cann & Associates, Inc. Student loan department,

Federal student loan servicing Dealing with my lender or servicer Received bad information about my loan New York

I need assistance with school loan collections matter concerning the companies - - and F. H. Cann and Associates. A ) I consolidated with - - in -, payments towards the loan balance were automatically withdrawn from my checking account monthly. This occurred from the start of the consolidation until - when I became unemployed, consecutive payments were receives from me to - - from - to -. In -, I questioned the remaining balance because the stated balance did not appear to be accurate ( it was $3000.00 less than I started with ). During the 5 years of repayment ( from - to - ) I did not receive a single statement of payment applied and/or remaining balances. I made multiple requests for an explanation of balance from - to -, this was only provided to me two week ago from a claimed - - ombudsman - at - - - -. See attachment for Payment History Letter. What the payment history letter showed was astounding, payments


$2.00 towards the principal ). How were they applying payments??? And if $0.00 is applied towards principal - would I ever finish? $0.00 one month then $2.00 the next. According to -, it was a simple interest loan. This was never explained to me before because I would not have consolidated my loans with - - had I understood that I would only be paying interest. Also, there were at least - different interest rates - 5.75 % and 5.25 %. This does not make any sense - is n't the point of consolidating that there would be - balance and - rate?? The prior loan holders prior to - - were - and -. The interest rates were 4.5 %, - and 5.3 % for these loans. When I consolidated the loan, I was told the interest would have been less. Why would I have consolidate at a higher rate that I as paying prior????? This is a practice of Usury. When I graduated from school, I had - single unsubsidized loan, looking at the statements now, which I repaid prior to the consolidation with - -, now I see where there are - unsubsidized loans. They have sliced, diced, divided, flipped and transferred the loan to this and that servicer that I do n't know what 's up and what 's down anymore or how they have the figure that they have. What I know is that I faithfully repaid the loan for 5 years in what I only understood to be graduated payments, not simple interest payments, I asked for payments to be increased twice in the 5 years - now I am not sure if that was done. I was told that interest rate would be lower - it was n't. I was told that if I did direct checking withdrawal, interest rate would even further be reduced - not sure if that was done either. I was and still am being taken advantage of by - -. I would not have consolidated with this company had I been told or understood these terms. Let me go on to explain that I entered into deferment from - to - due to unemployment, then - to - while I was a full time student. In -, I again tried to resolve the balance and also obtain history of payment and explanation with - - / - - ( a new company the entered the picture sometime around - or - ) - they simply referred me to their company web site that had none of the information I was looking for. I was basically given no right to question the account. B ) F. H. Cann and Associates started contacting me approximately a month ago. They left vague messages on my company 's answering machine in the nastiest manner - stating " - call back this number, '' without stating wh