Sallie Mae
Lender changes terms of the loan without seeking consent or giving notification
- 11-19-2008
- 3
As a co-signer on a loan for my nephew, I believe that Sallie Mae has violated the terms of the loan by repeatedly issuing forbearances on the loan (which causes significant increases on the balance due to the additional interest) without seeking my consent, and without providing me with any proper notification at all.
Between the irresponsible actions of my nephew whom is simply postponing the inevitable and the unethical business practices of Sallie Mae, as they continue to drive up the loan balance thousands more than I co-signed for, the situation has escalated out of control.
Since I was not getting notified of the forbearances, I was only able to stop the third and final one, once I got suspicious and did a little investigation only to discover what had been going on.
Sallie Mae has boldly stated that they do not need my consent to alter the terms of the loan, and they keep trying to insist that they sent me notification of the forbearances, even though they have the correct address for me, and I have not moved since the loan has been in repayment.
They have managed to send me threatening letters when my nephew has failed to make payments on the loan, but somehow the forbearance notices never did come.
Company: Sallie Mae
Country: USA
State: Pennsylvania
City: Wilkes Barre
Address: P.O. Box 9500
Phone: 8777704157