JPMorgan Chase & Co. Student Loan Complaint

JPMorgan Chase & Co. Student loan department,

Non-federal student loan Can't repay my loan Can't get flexible payment options Illinois

I began repaying my private loans with JP Morgan Chase in - when I graduated. At that time, I was making approx $28000.00 annually with a monthly obligation to Chase of roughly $750.00 - a lump sum for - student loans. I called Chase several times between - and - to gain assistance, stating I could not afford the monthly payments. Chase offered no assistance and I subsequently suffered negative impacts to my credit file for just shy of 3 years ; my loans were consecutively in a state of pre-chargeoff. It was not until - - that I was granted a temporary forbearance for 3 months, and in order to gain the forbearance I had to bring the account current by making 2 months worth of payments. To afford the forbearance, I had to take out another loan against my - which I recently paid back in full within -. Once Chase moved to servicing powered by - - -, I was finally able to utilize other options. Unfortunately, those options have come at a deceptive price. I spoke with an agent in the late summer of - to discuss relief options. The agent spoke of a forbearance option


denied because forbearance is typically only granted for 3 months. I inquired why the agent did not advise the 3-month limit prior to my submission, because knowing I could only qualify for 3 months would have assisted me to successfully gain an approval. The agent stated I could re-apply the next day. Frustrated that I was deceived in the application process, I asked to speak with a supervisor. The supervisor that I was then transferred to addressed me with clear disdain and indignation and immediately stated that I needed to call back the next day. I eventually called back and was able to gain a 3 month forbearance. It was during the callback in which my request was granted that I was advised of more repayment options. The agent that processed my successful forbearance application spoke to me about a longer forbearance period that I could potentially qualify for if I completed a reduced payment plan first. Once my forbearance ended, I called -, in - -, to inquire about the reduced payment option and applying for a longer forbearance. The agent indicated that in order to qualify for an extended forbearance, I had to complete a reduced payment plan first. The payment plan I was offered cut both student loans in half which was a huge financial relief. The agent went on to advise that in order for me to qualify for an extended payment plan, I had to complete a temporary reduced payment plan first, for 3 months ( - - - ). I agreed to the short-term reduction. When realizing my payments were behind, I called AES on -/-/- and made all payments needed to bring the account current. After scheduling my payments, I inquired about additional assistance because I knew my payment plan was nearing end. At that time, the agent, -, advised that I needed to fulfill - consecutive payments at the normal monthly rate ( approx $740.00 ) before I could qualify for another reduced payment plan. It was at this time that I stated I was not advised of this information in -. The agent apologized and stated I should have been advised of that information. The agent also went on to state that in -, I could have applied for a long-term reduced payment plan to which my payments were reduced 50 % for 6 months and then 75 % for another 6 months, and that I did not have to do a temporary reduction first. Frustrated and deceived once again, I asked to speak with a supervisor. She apologized and stated nothing could be done and that the call from - could not be pulled.