Direct Account Management CFPB Complaints

2000 Latest Complaints

Date Received	Timely Response	Product	Issue	State / Zip	Submitted Via
03/18/2022	Yes	Student loan Private student loan	Getting a loan Fraudulent loan	CA 94579	Web
XXXX XXXX at Direct Account Management gathered general information from me on XX/XX/2022 at XXXX XXXX and said I was pre-qualified for an income based loan forgiveness that worked with the Department of Education . It would save me about XXXX XXXXXXXX of interest. After 60-90 days, my loan at XXXX ( my current student federal loan service ) will reflect {$0.00} and I will make 6 monthly payments of {$200.00} that would go into escrow during the transition period. After that, I would make 240 payments of {$230.00}. This is a total of {$54000.00} of my loans. To continue this income base loan forgiveness, I need to provide 2 recent payment stubs annually. After explaining the payment options, which seemed too good to be true, he sent a document via text. He said I needed to sign and initial the document sent to my phone. I said I needed time to review the document and he said its the standard contract nothing I should worry about. At this point I felt pressured. So he started sending me other texts like his direct line to ensure me its fine. Once I signed the documents, he said I need to provide 2 recent payment stubs by this weekend to fully submit my application. Also, he read a summary and asked me to acknowledge my understanding. I was uneasy when I said yes and very vulnerable thinking I was actually getting help. After I speaking with him, I called back immediately on his direct line to cancel and he said that if I feel uncomfortable that he would walk me through the FASFA website. Luckily, I received another call and had to end the conversation. I have not spoken with XXXX since then and I feel very uncomfortable with the Direct Account Management service. I feel very uneasy. They have all my personal information, including social security #, credit card, home address, name, date of birth, and he created an XXXX account for me. I have a copy of the documents I signed, which seem to be a power of attorney, that I can provide. Here is the text he sent with his contact information : It was a pleasure speaking with you today and I am very happy I could help. Feel free to respond here on this Texting Only line - or if you wish to call me please Dial my direct line which is XXXX. Do not forget to turn in your POI at your earliest convenience. Take care! XXXX XXXX, XXXX XXXX XXXX. Email - XXXX Fax - XXXX
12/09/2020	Yes	Debt collection Federal student loan debt	False statements or representation Attempted to collect wrong amount	AL 365XX	Web
The company Direct Account Management contacted me on XX/XX/2020 XXXX yesterday ) in regards to possible student loan forgiveness. They seemed to be a legitimate company due to personal information regarding my loans they were able to provide, but I now believe they are fraudulent. They called to help me fill out an application to see if I qualify for any Federal programs for loan forgiveness and/or repayment. Using my personal information, like my social security number and emails, they were able to access loan servicer accounts ( XXXX XXXX, XXXX XXXX, and my FSA ID account ) to see how much I owed. They said they submitted the application and required paystubs ( which I did not provide ). My " loan advisor '', XXXX XXXX, said I qualified for income-based loan forgiveness and explained to me how much I'd be owing to the program ( it was explained that the program would pay off the servicer and I would pay the remaining part of the loan, that was not forgiven, back to the program ). After this he provided documentation that I needed to sign virtually. I was not given enough time to actually read and fully understand what i was signing and pressured me to sign it, which i did. I did not feel comfortable signing the document and I did not understand what was actually in the document. They had access to my parents private information when looking for my loan information and it is unknown if they used it or plan on sharing it ( or mine ) at this time. I have been trying to cancel all services with them, as well as, rescind all information that was provided and documentation that was signed. The following documents were signed and are attached below ( all information blocked out ) : - Document Preparation and Service Agreement - Exhibit " A '' to Service Agreement Fee and Service Schedule - An Exhibit " B '' was not listed - Exhibit " C '' to Service Agreement - Disclosures and Acknowledgements - Limited Power of Attorney - Selection of Method of Payment
02/05/2021	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Trouble with how payments are being handled	CA 92373	Web
Company Direct Account Management claimed to be a student loan forgiveness program who was working on helping me with my student loan. They said they would be working on my behalf to get my total loan amount down. They withdrew {$430.00} from my bank account on 3 separate occasions, in XXXX, XXXX and then lastly in XXXX of 2020. I received a letter from my student loan provider and noticed no payments or progress had been made on my account. Said company Direct Account Management took money from me and did not provide any service to me nor have they done anything with my student loan to help me, but instead just took my money and have disappeared. They have not returned any of my calls and their main contact number is no longer in service.
01/27/2021	Yes	Checking or savings account Checking account	Problem with a lender or other company charging your account Transaction was not authorized	WI 544XX	Web
I had filed a complaint on XX/XX/2021 about " Direct Account Management '' and had requested that they had no further access to my bank account information, preventing any withdrawals from my checking account. To further note, the CFPB had agreed to my requests of action to be taken. Additionally, " Direct Account Management '' sent a confirmation that I would be removed from their program, thus not having to make any payments to this institution. I was to be charged {$200.00} on XX/XX/2021 and every XXXX day of the month for the next 5 months. This amount of {$200.00} was charged to my Checking account on XX/XX/2021 and went through.
01/23/2021	Yes	Debt collection Federal student loan debt	Communication tactics Frequent or repeated calls	WI 544XX	Web
My wife received a call and voicemail regarding her potential qualification for a student loan forgiveness program through " Direct Account Management. '' We went through with it and have the understanding they are a scam. They have my checking account info and I am scheduled to make payments of {$200.00} today and on XXXX of each month for the next 5 months and $ XXXX/month for 240 months.
05/05/2021	Yes	Student loan Federal student loan servicing	Struggling to repay your loan Can't get other flexible options for repaying your loan	OH 44118	Web
On XX/XX/2021 I was contacted by a third party company in hopes of a loan forgiveness program for my student loans. I was lead to believe this was a legitimate company that was going to help me with loan forgiveness. I was given documents to assume it was legitimate and give the amount of {$200.00} to be taken out of my bank account 5 months in a row.
10/28/2022	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Keep getting calls about your loan	NY 10012	Web
Hi! I think I was scammed. I got a call from a company who said they work for department of education and do student loan forgiveness XXXX XXXX XXXX XXXX XXXX XXXX Direct Account Management company. They signed me up for a plan. Took my SSN. Credit card number information. I found out this was a scam.
10/10/2023	Yes	Debt or credit management Student loan debt relief	Charged upfront or unexpected fees	MA 02066	Web

12/17/2021	Yes	Student loan Federal student loan servicing	Dealing with your lender or servicer Trouble with how payments are being handled	TX 76039	Phone