Citibank Student Loan Complaint

Citibank Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled Texas

I 've been paying off my Citibank student loan on time through an automatic transfer from my bank account for the last 4 years with the same rate. Recently, I received a call from a debt collector so I investigated what was going on in my account. Turns out, my interest rate increase from 7.25 % to 7.5 % in - 2016. Because of this increase my bank did n't transfer the proper minimum amount which led to a small fee adding up over time and the debt collector call 5 months later. I went ahead and paid the balance but continue to receive calls from the debt collectors 5x or more per day. The only notice of this increase was hidden in my electronic statement the month of the increase. There was no warning and since I receive electronic statements that you have to login to review this was too easy to miss. I emailed Citibank about this issue and received this strange reply : " Interest rates for our private student loans are variable based on the 3-Month Prime Rate index as published in the Money Rates section of The - - -, rounded up to the nearest


Private Loan interest rates have increased by .25 % for -/-/2016, effective - -, 2016? - -, 2016. The Prime Rate published in The - - - on the reset date changed to 3.50 %. This is why your payment increased. The notice was on your statement. Your payment due on -/-/2016 has not been received. Please be aware that your account is past due. Collection activity will continue until this account is brought current by either making the payments due or through an approved deferment or forbearance. Remember, making your student loan payments on time may help you build and maintain a good credit history. '' I feel like I 'm being taken advantage of and need help. Thank you for looking into this!