SallieMae Barclays

For just about anything you want to get off your chest about credit cards.
JoDa
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Postby JoDa » Fri Feb 07, 2014 11:17 pm

Right, because they are prohibited from using auto-dialers to call cell phones UNLESS you specifically permit it. Even if they have your cell phone number, they can't call it using a computer unless you tell them they can, but if you tell them they can in a "company and associates" situation, you'll get massive telemarketing calls from then until ever after. Because I know about this rule, whenever I'm asked for permission, I decline.

Sallie Mae upped the ante today basically telling me to f off on my latest request for them to follow their own loan terms, if I don't like it, pay off the loan. I'd prefer if I didn't have to fight to get them to follow their OWN terms, but if they want a fight, I will give them a good one. If you see me smirking on CSPAN, consider that a win (after all, it's only 14 blocks from my office to the Capitol, and I *do* have my share of friends on the Hill...).

Also, don't snipe at me for "doing business with them." I SPECIFICALLY consolidated my federal loans with ANOTHER lender because I knew of Sallie Mae's BS and wanted to avoid it. The lender I consolidated with subsequently sold my loan to Sallie Mae. I had no choice in the matter, so the best I can do is try to enforce my original terms and rights...so far, unsuccessfully.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K


JoDa
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Postby JoDa » Fri Feb 07, 2014 11:48 pm

Oh, what the hell, let's broadcast it, maybe it will help someone else. I pay more on my student loan currently held with Sallie Mae than required. This is probably no surprise to people who have read my posts. Because I am an economist, I understand that paying as much as I can as soon as I can is of the biggest benefit to me, so I make three payments to them most months (one required minimum payment on my due date and two extra payments when I get paid). I have requested the *extra* payments be applied to principal exclusively (DUH!), following their requested procedure of including a memo that the payment be applied to principal. They refuse to apply the extra payments to principal, instead putting them towards accrued interest first. This is in violation of my promissory note and the law. Their customer service reps have done nothing but read me a script, and their response to my latest request that they honor the terms of my loan and THE LAW boiled down to an explanation of how interest is calculated (erm, I know how to calculate interest...in fact, I could tell you, to the penny, how much extra money you have extracted from me because you refuse to follow your policies and the law) and that I have the "right" to pay off my loan early at any time. It's complete BS, to the point that, yes, I would consider hitting up a friend on the Hill to raise a ruckus.

I AGREED to loan terms that allowed me to get the education I needed to be successful in my career. I'm totally okay with those terms. I am NOT okay with CONSTANT violations of those terms, and am particularly not okay with the brush off of "we'll do what we want, sucker...what you gonna do about it?" when I call them on those violations.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

MemberSince99
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Postby MemberSince99 » Sat Feb 08, 2014 7:02 am

And what ARE you going to do about it? I've seen that "we'll do whatever the hell we please no matter what the law says don't you know we buy the government fair and square?" attitude plenty of times. So what are you going to do about it? What 99.9% of us do and sit back and take it no matter how outrageous? Or wage a futile effort to even try to find out how to use an at best indifferent and at worst outright hostile legal system to try to hold them accountable?


Because they really CAN do whatever the hell they please they do own this corrupt vile government we have and their lapdogs don't bite the hand that feeds them.

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Postby JoDa » Sun Feb 09, 2014 1:22 am

I'm still figuring out what I'm going to do. I've contacted the DOE ombudsman (because my loans are federal, they do have to follow the rules or risk being decertified...which would, at its most extreme, mean that the DOE would take all their federal consolidations and service them). I've contacted the CFPB. Both of these are generic things that may help or may not. The one unique thing I've done is reach out to my friends who work on the Hill to see if they can get me some time with an interested Congress member. Sure, anyone can "write their Senator," but I'm talking directly with staffers who have the pull to get me on the calendar (I also don't have official Congressional representation because I live in DC, natch). It may not help, but Sallie Mae is the BIGGEST player in the student loan business, and this behavior is abhorrent. If a Congress member wants a sympathetic face to put in front of a panel to push reform, they've now been offered it (I mean, I've never been late on a payment, I'm *trying* to pay my loans down, and I'm getting screwed...I'm the saddest puppy dog they could trot out...doesn't hurt that I look like I'm about 25, so they can play the "what are we doing to our children!" card). On a personal level, if one of the members bites, even just to entertain my story and have an intern write a concerned letter, Sallie Mae will probably treat *me* right in the future, because I've demonstrated my "pull" to put them under the microscope of people who CAN hurt them.

But it shouldn't have to be this way. I'm not asking for forgiveness or special treatment, I'm asking for the agreement I signed to be adhered to. For now, the best I can do is warn others to avoid this company if at ALL possible. You read it, others probably have. It's not a ton of help, but it's something.
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

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otter
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Postby otter » Sun Feb 09, 2014 4:15 pm

Sometimes, I feel dirty for doing business with Sallie Mae because I've heard such bad things about them (I read somewhere that 90% of the general public has a negative perception of Sallie Mae which puts them up there with congress for entities with tarnished reputations). I don't have nor have I ever had a Sallie Mae loan, but I do have a money market account with them which has great rates- sometimes the best rates in the industry and now I have their credit card (which is issued by Barclaycard, but still makes Sallie Mae $$$). I have the card because it is an easy $25 a month in bonuses and that's hard to beat for a $500 spend in groceries/gas.

Still, it's the incidents I keep on hearing about like the one JoDa described which make me feel dirty since I am making them money (or loaning them money in the case of the bank account) which they turn around and use to screw someone...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince 79
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Postby MemberSince 79 » Sun Feb 09, 2014 5:47 pm

AmEx savings has a better rate for savings if you are looking. And if you pay off the card in full each month, are are likely losing money on you. If that helps at all.
Gold American Express, since 1979,
back when it meant something.
And a few other cash back cards as well.

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otter
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Postby otter » Sun Feb 09, 2014 8:17 pm

Actually, Sallie Mae's money market account is .05% higher than Amex's savings acct, but the big draw is it is more liquid since I can write a check against it if an emergency were to arise. I don't have very much in Sallie Mae- my main emergency fund is Barclaybank's Dream Account which pays .95 + bonuses if you put money in every month and don't take money out.

My banking is kind of complicated, but every account has it's purpose (just like my cards I suppose).
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450

MemberSince 79
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Postby MemberSince 79 » Sun Feb 09, 2014 8:43 pm

Thanks for the tip on the dream account. Strange how they have a maximum.
Gold American Express, since 1979,
back when it meant something.
And a few other cash back cards as well.

JoDa
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Postby JoDa » Mon Feb 10, 2014 3:56 am

I just looked up Sallie Mae's money market, and, honestly, I earn only .03% less in interest on traditional savings accounts with Ally. That's a measly $3/year on a $10K balance. I suppose I can't write a check directly against them, but they're linked with my checking accounts (I have one Ally checking account - which also earns substantial interest compared to most checking accounts - and they're also linked with my Chase primary checking account), and I can always transfer money and write a check 10 seconds (Ally) to 2 days (Chase) later. I usually just charge big or emergency expenses, transfer the money to Chase, and pay it off, but I could transfer the money to my Ally checking in just a few seconds and write a check on that if charging wasn't an option.

My finances are also complicated, but having multiple accounts keeps me sane, so it sounds like you're doing it right. Having just uploaded all of my documents for my taxes, I can't even *imagine* how I'd handle it without multiple accounts with dedicated purposes. I'd probably go 100% Ally for checking and savings if Chase didn't treat me so well. I know many people have horror stories with them, but they've always been very good to me (they "acquired" me when they bought out Bank One so many years ago), and the ability to make instant credit card payments keeps me with them for at least a "little" account. One nice thing about Ally is that all of their accounts are free with very few exceptions. So, I keep only $10 in the lower-interest checking and just put money it in as necessary to pay for the expenses I want to designate to that account (repair and maintenance expenses for my rental property). I can do this on their app and fork over the debit card or a check to the repair person right away without worry.

Edit to add: holy bajezzus, I never really looked at the terms of the Ally checking account beyond minimums, fees, and interest, but they only charge *$9* (!) for overdrafts. I don't plan on overdrafting, but that's a HUGE bene. Considering most banks charge $35+, that's practically a giveaway!
CSP $19K
BOA $4K
UMP $11.5K
Target Visa $1.5K

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otter
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Postby otter » Mon Feb 10, 2014 3:55 pm

I guess I feel the same way about Ally that many people feel about Sallie Mae. To me, Ally will always be GMAC, a company I despise with a passion. Kind of a long story, but I lived in Florida in 2004 and we had three hurricanes in five weeks. With the damage to my home, the power being out, and other things which gave me plenty of things I had to do, I forgot my car payment. I was a day late and they would not waive the late fee nor remove the 30 day late from my CR. Adding insult to injury, GMAC ran commercials on the radio saying they were there to help those who had GMAC mortgages and car loans who were affected by the storm. And then they got government bailout money in 2008... so they may be called Ally Bank now, but a turd by any other name is still a turd...
In my Wallet:
  • Amex PRG NPSL[3-14, bd 91]
  • Sallie Mae MC $8000[1-14]
  • Chase Freedom $4700[1-14]
  • Discover It $2750[8-13]
  • BoA UCF Alumni Cash Rewards $5000 [3-15]
Sometimes in my Wallet:
  • GM BuyPower WEMC $5000[9-14]
  • Wells Fargo Propel 365 Amex $7000[4-14]
  • Barclaycard Arrival WEMC $7000[3-14]
  • BoA Better Balance $3000[2-15]
In my sockdrawer: Amex BCE $1000[10-13, bd 91], OCCU Duck $10000 [11-13], The Sportsman's Guide Visa $8000[8-14], Chase Slate $4000 [9-14]Delta Gold Amex $2000 [2-15 bd 91], Diners Club MC $20000 [10-14] Commerce Bank Visa $2000 [3-15] Citi Double Cash $1000 [3-15]
Total CL: $90450



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