NCO Financial Systems Complaint - Student loan nightmare with NCO
HORSHAM, PENNSYLVANIA -- I am filing my formal complaint with the Federal Trade Commission (FTC) regarding the way NCO has handled my accounts. I'm not sure where to begin but will share that this is one, if not the worst, financial company I've ever had to do business with. The worst part is that I didn't choose this company, they were allowed to purchase my student loans from Educap Loans and now I have a financial nightmare to fix!! Please go to http://www.ftc.gov/opa/2004/06/factaidt.shtm and file your complaint or www.ftc.gov.
Your complaints and mine will hopefully put them back on track!
10/22/07 - For those of who made assumptions and for those who requested more information... these accounts have been paid on time for 10 years and all payments were automatically sent to Wells Fargo Loan Servicing. In 2006, Educap (the owner of the loans) sold them to NCO Financial. Why??? Because ONE of the three co-signers on the accounts filed for chapter 13 bankruptcy protection. Now, the question is... because one of the three filed Chapter 13, should the action of one person effect the credit of all three? Especially when the payments continued to be made on-time? In addition, NCO added a "other fee" to the account and then blamed Educap!! After calling Educap to find out why, it was stated that this was not caused by Educap and to get a statement from NCO that the fee was charged by Educap, IN WRITING. Needless to say, NCO has not put this in writing yet, continues to charge the "Other fee."
As mentioned, the FTC needs to know about this, so please... if you find yourself in a similar situation and YOU PAY YOUR BILLS ON-TIME, like me, then please file a compliant with the FTC!! Thanks, Brae