{"id":2064,"date":"2018-10-03T21:53:57","date_gmt":"2018-10-03T21:53:57","guid":{"rendered":"http:\/\/fitbuxarticles.fitbux.com\/?p=2064"},"modified":"2020-07-02T16:13:49","modified_gmt":"2020-07-02T21:13:49","slug":"ted-loans","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/ted-loans\/","title":{"rendered":"Another Student Loan Servicer Horror Story"},"content":{"rendered":"<div id=\"pl-2064\" class=\"panel-layout\">\n<div id=\"pg-2064-0\" class=\"panel-grid panel-no-style\" data-style=\"{&quot;background_image_attachment&quot;:false,&quot;background_display&quot;:&quot;tile&quot;,&quot;cell_alignment&quot;:&quot;flex-start&quot;}\" data-ratio=\"1\" data-ratio-direction=\"right\">\n<div id=\"pgc-2064-0-0\" class=\"panel-grid-cell\" data-weight=\"1\">\n<div id=\"panel-2064-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" data-style=\"{&quot;background_image_attachment&quot;:false,&quot;background_display&quot;:&quot;tile&quot;}\">\n<div class=\"so-widget-sow-editor so-widget-sow-editor-base\">\n<div class=\"siteorigin-widget-tinymce textwidget\">\n<p><em>By Joseph Reinke, CFA, CEO of <a href=\"https:\/\/www.fitbux.com\">FitBUX<\/a><\/em><\/p>\n<h2><strong>$95,000-$20,000 = $0 (?!)<\/strong><\/h2>\n<p>This call that I just had with a FitBUX Member (we\u2019ll call him Jim) and his loan servicer (we won\u2019t name the loan servicer for legal reasons but let\u2019s call them Ted Loan Servicing or Ted Loans for short) is by far the worst situation we\u2019ve seen at FitBUX since launching our <a href=\"https:\/\/www.fitbux.com\/myfit-tracking-solution\/\">Student Loan Tracking Solution<\/a>.<\/p>\n<p>About 7 months ago, Jim decided to <strong>refinance $20,000<\/strong> with one of <a href=\"https:\/\/www.fitbux.com\/myfit-student-loan-refinance\/\">our student loan refinance partners<\/a>. Jim had a <strong>total of $95,000<\/strong> in Federal student loans being serviced by Ted Loan Servicing.<\/p>\n<p>Everything went smoothly and our refinance partner had everything done in seven business days.<\/p>\n<p>Two weeks later is when the nightmare happened. Jim got a notice from Ted Loans saying, \u201cCongratulations for repaying your loans.\u201d<\/p>\n<p>Jim logged into his account at Ted Loan Servicing and to his amazement, <strong>THE FULL $95,000 WAS PAID OFF!<\/strong><\/p>\n<p>He thought that the refinance lender made a mistake and he accidentally refinanced the full amount so he checked the refinance paperwork.<\/p>\n<h2><strong>60 to 90 days to fix their error?<\/strong><\/h2>\n<p>Nope, everything was correct. So he called his FitBUX Coach and since Jim was signed up with FitBUX\u2019s Student Loan Tracking Solution, he and his FitBUX Coach called Ted Loans servicing together.<\/p>\n<p>As a side note, Jim\u2019s FitBUX Coach was \u201clooking forward\u201d to that call because Ted Loans tends to mess up quite a bit. In fact, we at FitBUX have them on speed dial\u2026<\/p>\n<p>Back to the story\u2026 When we called in to see what the deal was, the customer service rep from Ted Loans informed us that the refinance amount of $20,000 was correct and that the \u201c$0 balance\u201d was, surprise, \u201cincorrect\u201d.<\/p>\n<p>It was a mistake by Ted Loans and<strong> it would take 60 \u2013 90 days to fix<\/strong>. In the meantime, Jim wouldn\u2019t have to make payments because there was, literally \u201cno loans to make a payment to\u201d in Ted Loans\u2019 system.<\/p>\n<p>So 90 days go by and Jim gets an email saying the mistake was corrected. He logged into his Ted Loans account\u2026you guessed it\u2026<strong>it still showed a $0 balance.<\/strong><\/p>\n<p>So he and his FitBUX Coach called Ted Loans. Not only had they not started the paperwork to correct the mistake,\u00a0<strong>Ted Loans had also sent back $1,600 <\/strong>to the company that refinanced his $20,000 worth of loans. We have no idea why would they send back $1,600 but now that had to be corrected as well.<\/p>\n<h2><strong>Another 60-90 days to fix another error and&#8230;I have to pay for it?!?<\/strong><\/h2>\n<p>The Ted Loans rep then informed Jim it would take <strong>another 60 \u2013 90 days<\/strong> to properly file the paperwork to correct their latest mistake.<\/p>\n<p><strong>AND THE WORST PART<\/strong> is that the Ted Loans rep informed <strong>Jim that he\u2019d be responsible for all the interest that wasn\u2019t paid in the time period that they were correcting THEIR mistakes,<\/strong> i.e. he would be responsible for the interest it the period they said he didn&#8217;t have to make a payment.<\/p>\n<p>At this point, this would add up to <strong>over $2,000<\/strong>. This is still ongoing and we will fight like hell because Jim is definitely not paying for their mistake.<\/p>\n<p><em><strong>Thus far, over 60% of FitBUX Members that have signed up for <a href=\"https:\/\/www.fitbux.com\/myfit-tracking-solution\/\">Student Loan Tracking Solution<\/a> have had a mistake made by their student loan servicer\u2026<\/strong><\/em><\/p>\n<p>If you want to make sure your loan servicer is applying your money correctly and want FitBUX on your side, simply build your profile, schedule a free call to discuss your student loan strategy along with next steps to make sure you don\u2019t become the next \u201cJim\u201d.<\/p>\n<p>Learn more here:\u00a0<a href=\"https:\/\/www.fitbux.com\/myfit-tracking-solution\/\">FitBUX Student Loan Tracking Solution.<\/a><\/p>\n<p><strong style=\"color: #121212; font-size: 21px;\">About FitBUX, Inc.<\/strong><\/p>\n<p>If you are interested in developing a student loan repayment plan that is customized to you, you can visit<strong>\u00a0<\/strong><a href=\"http:\/\/www.fitbux.com\/\"><strong>www.fitbux.com<\/strong><\/a><strong>\u00a0and become a member today for free.<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Joseph Reinke, CFA, CEO of FitBUX $95,000-$20,000 = $0 (?!) This call that I just had with a FitBUX Member (we\u2019ll call him Jim) and his loan servicer (we won\u2019t name the loan servicer for legal reasons but let\u2019s call them Ted Loan Servicing or Ted Loans for short) is by far the worst [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[183],"tags":[121],"class_list":["post-2064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-loan-repayment","tag-student-loan-repayment","post-wrapper","thrv_wrapper"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Another Student Loan Servicer Horror Story: FitBUX can help!<\/title>\n<meta name=\"description\" content=\"This article highlights the horror story of a FitBUX 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