APR’s latest statement on the loan controversy.
The company said it’s “very disappointed” in the actions of the bank.
APR is not providing a refund or repayment plan to any of the borrowers affected.
However, it said it would continue to work with the bank to “improve” the customer experience.
“The APR is committed to providing borrowers with access to financial assistance that meets their individual circumstances,” the statement said.
“We are working with the company to address the concerns of those affected and to work through these issues with the lender.”
The lender said it has already completed the process of “refunding” borrowers affected by the APR’s decision.
On Friday, a consumer watchdog called on the company to refund all of the $6.4 billion it owes to the borrowers who had their loans taken out by the bank under its previous servicing agreement.
The consumer watchdog, Consumer Watchdog, said the repayment plans were “inadequate, poorly structured and lacked safeguards” in a letter sent to the company.
Consumer Watchdog is also seeking a meeting with the CEO of the company, Elizabeth Warren, as part of the inquiry.
While the bank did not offer any specific explanation, it also said the new terms it had announced would “help ensure borrowers and lenders have a better, more consistent and affordable payment experience”.
The Consumer Financial Protection Bureau, the Federal Reserve and the Consumer Financial Services Oversight Board have also expressed concern about the new servicing agreement and what it could mean for borrowers.
It has also been revealed that the bank also changed the terms of its loan forgiveness program, and that it was making it harder for borrowers to repay their loans in a matter of weeks.
There are also concerns over the “unfair and deceptive” way the new agreement was negotiated and the amount of money it would cost the bank in terms of interest payments and penalties.
APR said that the changes were made “without any public notice or discussion, which means borrowers and their families have no way of knowing what’s in the new agreements”.
In a statement, a spokesperson for the bank said: “This was an issue that was flagged with us earlier in the year and we made adjustments to address it.
We’re very disappointed in the decisions made by our lender, and will continue to do everything in our power to address them.”
APRs latest statement was issued in response to a complaint by consumer advocacy group Consumer Watchdogs.
Representatives for the lender did not immediately respond to requests for comment.
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