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 Wells Fargo Loan Service Needs Serious Training
Posted Thu March 19, 2009 12:00 pm, by sidonia m. written to Wells Fargo
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About 7 years ago my husband and I had some financial issues resulting from a disabling accident that left us in debt and with a credit mess. In late 2004 we were able to start making serious head way in paying things off and cleaning up the mess. Then in Dec 2005 we decided to try for a car loan and were accepted by WF at 16%+interest!!! We took the loan with the assurance that once we established a solid payment history WF would re-finance the vehicle for a better rate but at the same time we would be improving our general credit. Then in 2007 we decided to try this option only to be told that it really wouldn't be feasible but we were able to re-finance our home through WF and pay off the remainder of the old debt with a plan to refi again in a couple years to get rid of the 11%+ interest on our house. Initially we wanted to wait until next year to refi the house, at which point pretty much everything would be clean creditwise.
Unfortunately we found out my husband will be losing his job in the next 4 weeks so we went into immediate action to refi the house which should save us over $500/month even cutting down the term AND adding in the vehicle loan. We contacted the local WF branch we had worked with and thought we would be done in no time. However, several items that were paid on our behalf by WF in 2007 were still outstanding on our credit and over a month later I have yet to receive proof of the payments from WF to use in disputing these items. Additionally we were told there really wasn't much he could do but if we really wanted to he could give us information on FHA options (still waiting) or do the refi for maybe 1/2% reduction!!!
We have a spotless record with WF, never made a late payment and in fact are typically at least 1 month ahead on the vehicle and pay extra on the mortgage. The reason we are trying to be proactive on this is that we have been there, we know how quickly things can get very bad financially and we have worked too hard to get to this point. I have also tried contacting WF directly and basically we have been told since we are not behind there is nothing we can do. Regardless of WF willingness to work with us, we will be refinancing our house and have done major credit clean up in the last weeks to make sure we have no more surprises. Too bad WF isn't willing to look at what we have done as their customers and how far we have come since my husband's accident, you have lost a great deal of future business!
Please review our accounts and if there is something that can be done, contact us. Other than that I think some serious training needs to be done.
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This is a sad story and should serve as a reminder that there is no
thing as "normal debt" or "smart debt"
Many people choose to live their lives on the edge with mortgages, car
loans, student loans, and credit cards.
As I have said before, those plans of affording the payment come
crashing down in an accident, death of spouse, loss of job etc.
I would have hoped in late 2004 where you said you made headway
towards paying off your debt, you would not have acquired more.
Better to drive a beater and be debt free, than drive a new car that
you owe on.
Had you not taken on the extra car debt, and saved some money while
paying down debt, your downward spiral may not have been so
pronounced.
Banks dont care about us as people, they look at us as ends to
financial means. This is why I never borrow money.
I would suggest getting with a good financial counselor to get this
mess straightened out.
Debt doesnt look so great now.
Good Day
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by Donno Posted Thu March 19, 2009 @ 3:18 PM
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Those numbers are truly eye-popping. It is wise to do anything you
can to improve your current situation, but it isn't clear how you
ended up with such hefty finance rates in the first place.
I'd have to work two jobs to pay off debt at those rates.
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