New Member
jonp
Posts: 3
Registered: ‎12-16-2010
Re: My citibank loans were purchased by Discover

When my loans were transferred they did change the minimum payment from $119 to $189.  It was my understanding that you cannot change the loan interest rates, but you could modify processing and handling fees (which was the cause of increase on my loan payment).

 

I don't believe they can change your interest rate, but they may be able to change your payment through other means.  Mine went up mostly due to losing discounts at my other processing company.  I was receiving a monthly discount for paying through automatic direct draft.  They also only charged me one processing fee for both "accounts."  Chase did not offer any discounts and charged fees for both types of loans.

 

Good luck.