I'm sending this letter tomorrow....any feedback? The situation is explained in the letter:


March 22, 2006

Bench


Michael Reardon, CEO
Student Loan Corporation
Citibank USA NA
701 E. 60th St. N
Sioux Falls, SD 57104-0432

RE: Acct # XXXXXXXXXXXX

Dear Sir,

I am writing regarding my request for a 4 month forbearance that was a part of the consolidation packet I received, filled out, and returned with my consolidation application in January of 2006.

My consolidation was processed and approved February 8, 2006. I received notice in the mail shortly after. There was no mention of the forbearance that was one of the “perks” of the original consolidation packet.

I called the customer service number on February 22, 2006 and the automated system reported that my first payment was due on March 25, 2006. I promptly talked with a customer service representative, Shanda #SEK650, and memorialized that conversation (and all future conversations I have had with your business). I was told at that time that “of course your (my) forbearance request would be honored” and I would receive notice in the mail. I received nothing.

On March 6, 2006, I called and again the automated system reported that my first payment was due on March 26, 2006. Once again, I promptly talked with a customer service representative, Angela #SEK76, and was told it would be processed in 5-7 days and that she would send me verification in the mail. I received nothing.

On March 14, 2006, I called yet again and the automated system was still reporting my first payment due on March 26, 2006. This time I asked the customer service representative to connect me with an account manager, Beth #SEK68, who told me, “This should have been done already. I will put it through right now and it should be done in 2-3 days. I will send you a written notice.” I received nothing.

On March 17, 2006 I called the automated system again (still no forbearance) and asked to speak to an account manager, Shelly #SEK46, who told me “the other manager will do it if she said she would do it. It will take 5-7 days.”

On March 22, 2006 I made another call and the automated system again flagged that there was indeed no forbearance made on the loan. I asked to speak to an account manager, Beth #SEK68 (again). She said, “It (the forbearance) got stuck in the processing system, I don’t know why it didn’t go through. It should be only 24 hours now.” I asked to speak to her boss, Mr. Lott, and was told I could not. The only way to get a hold of him was to write. I then called back for the address and was refused but after some persistence (2 calls) I was able to obtain the addresses that I am using to send this letter.

I have made every possible attempt to gain the forbearance through appropriate channels. As of now, your company is falsely advertising “perks” in your consolidation packet. The customer service I have received is appalling.

Advertising false perks for student loan consolidation is something I am sure the BBB, the South Dakota Attorney General, and the Department of Education would frown upon and it is my intention to follow through with those reports if and when the time is necessary.

My credit history is at stake because of your failure to follow through with your claim to provide a 4 mos. forbearance for those who consolidate Federal Student Loans with your company. I believe if my credit report is harmed in anyway because of this, there may be remedies under consumer law protection acts to pursue. Your company is in a position to make a large sum of money from the interest on my loans. The time, expense, and angst this has caused me is not something I wish for any person therefore, if this is the kind of customer service and false advertising you continue to provide to your consumers, I will be re-consolidating with another company.

I require this matter to be resolved immediately without harm to my name and credit in anyway whatsoever.

Thank you for you immediate attention to this issue. I expect to hear from you in 7 days before I pursue the issue with the appropriate agencies.




Bench

Before you start making threats, you need to stop and think about what you're saying. You can't "reconsolidate" with another company unless you go back to school or there are loans that weren't included in this consolidation. And your threat about the "remedies" ... well, I don't think that's correct either. This letter will serve as proof that you did indeed know that a payment was due on March 25, and even if they didn't handle the deferment to your satisfaction despite their promises, it is due and you are aware. So basically this can explode in your face and quite possibly do more harm than good, should you choose not to make this month's payment, or any subsequent payments.

I'm sure you're upset and frustrated with the lack of customer service and their inability to rectify the situation. But this letter, the way it is worded now, is a bullet. And you'll be shooting yourself.

I have GOT to get some sleep tonight, so I won't comment further on the basis of the letter, but I didn't want you to send it until you can rethink your strategy, because right now, your strategy is named "Suicide."

Sorry, guy. But I'll be happy to help you reword it to get your point across tomorrow ok?

Thanks! I DONT want to shoot myself in the foot. Just very frustrated when I wrote that. I'm calmer today. Any tips you could give would be appreciated.

Just called the automated system. They FINALLY put on the forebearance but instead of the 4mos they put it on for a year. I can't believe how crazy this has been but I know it could have been a lot worse. I only needed it for the four mos so I could pay off a smaller student loan that I didn't include in consolodation. I still want to send something outlining this customer service because I think it really stinks.

The reason I thought I could re-consolidate is because I received a notice from another lender stating that the Dept of Ed temporarily approved borrowers to reconsolidate before Congress puts into effect the new Budget Reconcilliation Act that eliminates reconsolodation for most borrowers.