Firstmark Services is a student loan servicer that handles private loans, including those made by Sallie Mae and Navient. The company has been the subject of several lawsuits in recent years, alleging a variety of violations of consumer protection laws.
One of the most common complaints against Firstmark Services is that it mishandles student loans. This can include errors in processing payments, applying interest, and reporting loan information to credit bureaus. For example, borrowers have complained that Firstmark Services has:
- Applied payments to the wrong loan accounts
- Failed to process payments on time
- Charged excessive interest
- Reported incorrect information to credit bureaus
These errors can have serious consequences for borrowers, including damage to their credit scores and difficulty obtaining new loans or credit cards.
Another common complaint against Firstmark Services is that it is difficult to reach customer service representatives and get help with problems. Borrowers have reported long wait times on the phone, unresponsive emails, and difficulty getting callbacks.
In addition, Firstmark Services has been accused of deceptive marketing practices. For example, the company has been accused of misleading borrowers about their loan terms and repayment options.
Several lawsuits have been filed against Firstmark Services alleging these and other violations of consumer protection laws. Some of these lawsuits have been resolved through settlements, while others are still pending.
Here are some examples of Firstmark Services lawsuits:
- In 2018, a class-action lawsuit was filed against Firstmark Services alleging that the company failed to disclose consumers’ electronic funds transfer rights.
- In 2019, a lawsuit was filed against Firstmark Services alleging that the company misrepresented the terms of its student loans.
- In 2020, a class-action lawsuit was filed against Firstmark Services alleging that the company leads borrowers to believe that their student loans are backed by the federal government, when in fact, they are private loans.
- In 2021, a lawsuit was filed against Firstmark Services alleging that the company violated the Fair Credit Reporting Act.
What can borrowers do if they have a problem with Firstmark Services?
If you have a problem with Firstmark Services, you should first try to resolve the issue directly with the company. You can contact Firstmark Services by phone, email, or mail.
If you are unable to resolve your issue with Firstmark Services, you may want to consider filing a complaint with the Consumer Financial Protection Bureau (CFPB). The CFPB is a federal agency that protects consumers from unfair, deceptive, or abusive financial practices. You can file a complaint with the CFPB online or by phone.
You may also want to consider hiring an attorney to help you with your case. An attorney can help you understand your legal rights and options, and can represent you in negotiations with Firstmark Services or in court.
Conclusion
Firstmark Services has been the subject of several lawsuits in recent years alleging a variety of violations of consumer protection laws. Borrowers who have problems with Firstmark Services should try to resolve the issue directly with the company. If you are unable to resolve your issue with Firstmark Services, you may want to consider filing a complaint with the CFPB or hiring an attorney.
FAQs
Q: What are the most common complaints against Firstmark Services?
A: The most common complaints against Firstmark Services include mishandling of student loans, difficulty reaching customer service, and deceptive marketing practices.
Q: What should I do if I have a problem with Firstmark Services?
A: If you have a problem with Firstmark Services, you should first try to resolve the issue directly with the company. You can contact Firstmark Services by phone, email, or mail. If you are unable to resolve your issue with Firstmark Services, you may want to consider filing a complaint with the CFPB or hiring an attorney.
Q: Can I sue Firstmark Services?
A: Yes, you may be able to sue Firstmark Services if the company has violated your legal rights. For example, you may be able to sue Firstmark Services if the company has mishandled your student loans, misled you about your loan terms, or reported incorrect information to credit bureaus.
Q: How much does it cost to sue Firstmark Services?
A: The cost of suing Firstmark Services will vary depending on the specific facts of your case and the complexity of the litigation. However, you may be able to find an attorney who is willing to represent you on a contingency basis, which means that you will only pay the attorney’s fees if you win your case.
Q: What are the chances of winning a lawsuit against Firstmark Services?
A: The chances of winning a lawsuit against Firstmark Services will depend on the specific facts of your case and the strength of your evidence. However, there have been several successful lawsuits against Firstmark Services in recent years. For example, in 2019, a lawsuit was filed against Firstmark Services alleging that the company misrepresented the terms of its student loans. The case was settled for $3 million in 2020.
Q: How long does it take to sue Firstmark Services?
A: The length of time it takes to sue Firstmark Services will vary depending on the complexity of the litigation and the court backlog. However, most lawsuits take at least a year to resolve.
Q: What are the risks of suing Firstmark Services?
A: The main risk of suing Firstmark Services is that you could lose your case and be ordered to pay the company’s legal fees. However, this is unlikely if you have a strong case.
Another risk of suing Firstmark Services is that the litigation could be stressful and time-consuming. However, if you are successful in your lawsuit, it could result in a substantial financial recovery.
Q: Should I sue Firstmark Services?
A: Whether or not you should sue Firstmark Services will depend on the specific facts of your case and your personal circumstances. If you have been harmed by Firstmark Services’ conduct, you should consult with an attorney to discuss your legal rights and options.
Conclusion
If you are considering suing Firstmark Services, you should carefully weigh the risks and benefits. You should also consult with an attorney to discuss your specific case.