Legal Question in Consumer Law in Illinois
I've been paying on a student loan for several years, and the loan has been bought out 2 or 3 times over this period, most recently about 18 months ago. When the latest lender (ACS - based in Utica, NY) purchased my loan, they sent me a statement/letter stating that if I made 15 more consecutive on time payments, my interest rate would be reduced by 1 full percentage point. I've now made 17 or 18 consecutive payments, and the interest rate is still the same. When I contacted customer service they tried to tell me I needed to make 32 or 36 consecutive payments. When I told them that I was holding the statement in my hands that reads "15 consecutive on time payments," I was told I would have to prove it. So I faxed a copy to a number the rep gave me along with a letter explaining the issue, and my next statement still did not reflect any change in interest rate. So I called again, and the rep told me "I have your paperwork and information right here, I will get it processed right away." Of course, my next statement still didn't reflect any change in interest rate. I called yet again, and this time I was told that I didn't qualify because I had made a late payment 5 years ago, before ACS had even purchased my loan. So then I asked, "Well then why was I sent a statement that told me I would get this reduction if I didn't even qualify? And why was I already told my next statement would reflect the change if I didn't even qualify?" All the rep would say was that the statement that informed me about the rate reduction bonus was sent in error and that the previous reps that I spoke to were wrong. It seems to me that if this was in fact THEY'RE ERROR, then they should make good on it. Thoughts? Is there anything I can do?
1 Answer from Attorneys
From your message it sounds like ACS made you an offer, you accepted it, complied with all of the terms and therefore you should be able to enforce it. Of course I would need to review the letter they sent you and any other relevant documents relating to your loan. Call or email me with any questions.
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