Sallie Mae is fraudulently misapplying my payments

Status
Not open for further replies.

mattaryn

New Member
Sallie Mae :dgrin has been misapplying my money as it was sent in to them since 01/2007. I have 3 inidividual career loans with them - all at seperate rates (currently Loan 1-01 is at 7%, Loan -02 is at 6.5% and Loan -03 is at 6%). I have been calling them over and over and over and over throughout this year and some last year trying to figure out what's been going on. Typically at this point any well educated individual would say "maybe this individ doesn;t understand the way loan financing works"...and for some this may be correct - however not me. I have a degree and an advanced degree in aviation. I am a commercial pilot and my wife happens to be a senior accountant and a financial planner for a reputable corp.

So here's the basics: I just totalled the amount payed since the payoff began in 2006. this total is $13,134.72 which included a one time payment towards the hghest interst rate loan (1-01) in October of 2007 of $3000.00
They have continually misapplied the amount sent in every month. I send in $400. They have stated over and over again that the amount necessary to cover both minimum principle and interest for all loans is 366 and change. I told them in Jan of 2007 to apply the remaining amount towards the loan with the highest interest rate. Initially, this was not done - at all. Thanks to my fellow workers in India that took my call :mad:. So after repeated attempts I thought all was worked out - only to find out that the applied amounts were being changed (obviously in attempts to save somebody there from there inherent mistake). Then this year I realize loan 1-01 was sold to another bank and the failed to pay on it at all for two months. Once again, I fumed and finally after multiple attempts with India finally got a number that will only reach the US (all customers take note - you have to get very angry but they will eventually allow you to talk with someone from the states.)

So I explain all that has happend and a lady from PA and another from TX, both work to resolve this issue. I recently received a call back stating all was well and corrected. So I went back in to check my account online. Sure enough alot of the false information seems to be changed to reflect the correct amount paid - and the allocation SEEMS to be right. But I just couldnt get over the higher than expected principle amount owed.

So I got my wife on the phone and we started working through and crunching some numbers. Very shortly after, we figured out that we had paid a total of 13,134.72. and of this one payment was made in a lump sum for the amount of $3000 that was given precise instructions to payoff the principle amount of loan 1-01 (which it wasnt originally - which in turn caused a higher amount of interst paid on this loan over the next 10 months until it was "fixed" - even then - they failed to go back and credit this negligent amount) - OK - so again I paid 3000 up front on one loan as a one time principle reduction and otherwise I paid 10,134.72. Of this remaining 10,134.72 they say that only 730.18 went towards principle. Period. :eek:
Now another thing is the fact that Sallie Mae also charged me capitalized interst payments to total 2127.96 for loans that equalled 30K. - ok ok so lets be nice and say thats acceptable (instead of being white collar stealing as it truly is) - this brings the amount of money paid down to 8,000 and some change. Remember the interest rate? Well lets figure that ALL loans were at 8% - this would be 2400 per year -right? Wrong. becuase the principle should be reduced as payoffs are occuring - but even if I gave them the extra 1.5 % interest margin on all loans and kept the balance at the same - it still shows that this company is clearly stealing between 1000 - 2000.
So, assuming I can make this much make sense to an attorney and get them to make as much sense to a judge, do I have any grounds for an award for punitive damages as a result of all of this personal lost time and as well for the fact that this company has changed its numbers on me multiple times - how does any common individual keep up and ensure that the same thing is not happening to them- Sallie Mae is a company of finance - they should know better...and I truly beleieve thety do. There just continuing to cost me time and energy and frustration and continueing to need to change my numbers to match what is correct instead of doing right the first time. Wouldn't you say some punitive measures are called for? And who do I talk to as far as representation is concerned?
Thanks for your time.
I appreciate your reply and if possible you can copy to mattaryn@hotmail.com
 
Status
Not open for further replies.
Back
Top