Citizens Equity First Credit Union — student loans
Since graduating university, i've been making student loan payments to different companies for a year now and have had no problems - except for with cefcu.
When I was 19 and started my account with them in preparation for 4 years of student loans they failed to mention that I would be looking at $584 in monthly payments for the next 12 years. This is one one of the companies I have student loans with. It's 25% of my income and every representative i've talked to could not care less. All they do is threaten to hurt my co-signer (dad) with credit score damage. Since I missed the first payment due to not being properly notified (a letter was sent to my co-signers address where I do not reside, no email, no phone call and no app notification) I was delinquent one payment of $584 and now I was looking at a second payment of $584 due in just a few days. I was advised by cefcu to apply for a consolidation loan to lower the payment by about $50 so I did so. 2 weeks later I got the notification saying that due to my insufficient income I was denied the request to consolidate. Meaning: I 't make enough money to make the payments. So their genius solution is to make me stuck with the $50 larger payments. Brilliant. So now I found myself 2 payments behind (due to waiting for the consolidation process that I had no idea would be denied) and I tell them "well all I can do is give a little bit extra every month to try to pay off those 2 delinquent payments". On top of this - I am getting charged $70 in late fees every month until i'm compelled out of the delinquent status. I am doing my best to earn enough money to make these payments and I go to my app to do so and I find out the my external bank account has been disassociated from my cefcu count and after speaking with countless employers from both cefcu and my bank who both are blaming each other for the problem, I have still not been able to reset up my external account to make payments. I then call and speak directly to my specific account student loans officer and she says the easiest way to settle this is to make a payment over the phone. I call to do so and she now tells me she has to transfer me to someone else. She, in fact does not do so, and sends me back to the main calling line where I have to wait in line again. I finally get through to someone (apparently even a small credit union like cefcu has a waiting cue longer than chase bank. I speak to someone who informs me that over the phone payments are $5 each payment (and I have 7 to make). Thanks to kim, my loan officer because you did not tell me that. So I finally get back in touch with her and ask her about the fee and she says "oh yeah... I was going to wave that for you". But after all of this I would bet my empty wallet that something would "happen" and I would still get charged. No one at this company seems to know what's going on or have any information to help me. Chase bank - who i've also had to call many times has told me they have no idea why cefcu is unable to help me get my external account set up.
At this point I am making it my goal to make sure as many people as I can reach on as many platforms I can get on know that cefcu is an unprofessional and poorly run company. Do not give them your money. Do not take their money. Save yourself the hours of phone calls and being placed on hold. Save yourself the credit score dings. Save yourself the ridiculous amount of interest costs. Save yourself the headache.
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