Complaint Review: Specialized Loan Servicing

My Loan was transferred to SLS from 123 Loans in December. I was sent a letter stating that because of the delay of invoices going out, that I would not be reported to the credit bureau as delinquent. I paid the invoice upon receipt & I was reported as delinquent to all three credit reporting agencies.

Secondly, my interet rate was increased almost 50% w/no explanation except something about the Wall Street. The increase of the rate increased my payments almost by 50%. I sent a dispute letter & according to the terms printed on the back of your statement it states that you are required to pay the undisputed portion of your bill until the dispute is resolved & that the debtor will not be reported as delinquent. I sent one letter to the Governor of Colorado & also to the president of SLS (the president of SLS never responded). I paid the undisputed poriton monthly until I heard a response. Each response was not the answer to the question. Then they were applying my payments only to the interest of my loan. SLS sent me a letter stating that I made parital payments & they are not acceptable. I called, emailed & wrote to them explaining that I am under a dispute & that I am paying the undisputed portion of my account... this took so long & was so devastating that I went on & paid the full balance that I disputed. I never resolved the issue & the months that I disupted with written documentation from them that my account was under dispute was reported as delinquent to the credit bureau. They are a horrible company to deal with & I would never ever ever get a loan with them again.

Kim
ashland, Virginia
U.S.A.