• Report: #48609

Complaint Review: SLM Financial Corporation

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Mon, March 10, 2003
  • Updated: Tue, March 11, 2003

  • Reported By:Ruskin Florida
SLM Financial Corporation
PO Box 4400 Wilkes-Barre, Pennsylvania U.S.A.

SLM Financial Corporation ripoff Wilkes Barre Pennsylvania

*Consumer Comment: If SLM is mysteriously raising your payment and payments have been timely to this point, they may be practicing predatory tactics.

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

I made faithful payments to SLM Financial only to learn from SLM that the coupon book was wrong. The payment was to go up after so many payments. Although the coupon book showed a level payment for many months ahead, they sent a new book and charged me for a late payment.

I have refused to pay the late payment because the coupon book was wrong. I have been harassed by phone and through the mail.

They say "Forget the coupon book" I have tried to work with them. My principal has stayed almost the same, although I have made steady payments.

They don`t want to cooperate in any manner and have the most belligerent people to talk to.

Since they are part of a Federal program, I think we should contact our Congressman to report their unethical behavior.

Zaida
Ruskin, Florida
U.S.A.

This report was posted on Ripoff Report on 03/10/2003 08:32 AM and is a permanent record located here: http://www.ripoffreport.com/r/SLM-Financial-Corporation/Wilkes-Barre-Pennsylvania-18773-4400/SLM-Financial-Corporation-ripoff-Wilkes-Barre-Pennsylvania-48609. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on SLM Financial Corporation

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

If SLM is mysteriously raising your payment and payments have been timely to this point, they may be practicing predatory tactics.

AUTHOR: Robin - (U.S.A.)

Zaida,

SLM was founded in 1998 to primarily service education loans. On the bottom of SLM's homepage is this disclaimer: "SLM and its subsidiaries (other than the Student Loan Marketing Association) are not sponsored by or agencies of the United States of America".

Sounds like you are dealing with another "servicing company" that the US Government uses to carry loans. Do not expect any Federal help. Once the loan gets passed on to a servicing company there seems to be no Federal oversight whatsoever. That means that it is a civil matter requiring you to hire a lawyer in order to protect your credit. I do not think that you should be liable for incorrect payment amounts sent by SLM. (Keep all documents; do NOT throw away either coupon book; you will need them for future legal proceedings. Document all contacts with SLM; day, time, person spoken with at SLM).

If SLM is mysteriously raising your payment and payments have been timely to this point, they may be practicing predatory tactics. Even a loan structured to "pay interest first" should show at least a small reduction of principal over time.

By all means, contact your Congressperson and let him/her know what is happening. I believe this has something to do with the Government's attempt to privatize itself. So far, it seems to be an utter failure from the consumer's end of the deal as the lack of Federal oversight seems to engender predatory behavior.

Good luck to you concerning this issue.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
Wal-Mart.com USA, LLC

Advertisers above have met our
strict standards for business conduct.

Wal-Mart.com USA, LLC


Ripoff Report Legal Directory