Consumer complaint received 2018-01-16
Company: WELLS FARGO & COMPANY
State: CA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Struggling to pay your bill
Sub-issue: Credit card company won't work with you while you're going through financial hardship

Complaint:
My is with Wells Fargo on a closed credit account. My challenge is getting Wells Fargo to work with me on a closed credit card account with a remaining outstanding balance at a time when I am experiencing financial and medical hardships. I have been speaking with bank representatives from months. I have written to the office of the President. I am seeking a lower interest rate, a lower monthly payment amount and a special repayment program due to an ongoing battle with XXXX, financial, economic and medical hardship ; There is no uniform regulation, policy, process or guidelines on working with banks and credit card companies on trying to work with them on lowering interest rates, lowering monthly payments or any special help or assistance when going through financial and medical hardship. Working with Wells Fargo I have reached out to many representatives many times. 

In comparison to my experience with Wells Fargo trying for assistance working with XXXX XXXX XXXX on the exact same situation my experience with a XXXX XXXX XXXX account as been as different as night and day. 

XXXX XXXX XXXX worked quickly, effectively and compassionately resolving the matter by lowering the interest rate on my account with them from high double digits to 1.75 %. This meant as there rep stated I would have a realistic chance to succeed in paying off the balance on the account because the interest would not keep on piling more debt on making the balance on the account go higher and higher. XXXX XXXX XXXX 's rep asked ME to provide a payment amount I could afford to make monthly and then set an agreed upon monthly payment withing {$5.00} of that amount. Because XXXX XXXX XXXX put me in this Special Repayment Program I am successfully making regular payments and on my way to paying off the account The Wells account is under my name and social security number. It is for a closed account for my former work from home business, which is closed, The account in question is closed. I have been reaching out as frequently as weekly and/or several times a month to Wells Fargo representative, XXXX at XXXX XXXX XXXX. I have repeatedly gone into detail on the Special Repayment Program I have with XXXX XXXX XXXX and had asked for the same with Wells Fargo. 

We have discussed that for roughly 3 years I have been battling XXXX physically, financially and emotionally. I have consulted more than 8 doctors and specialists. I have changed doctors 3 times. I have been seen at and received services from more than 9 different hospitals, clinics and medical facilities. I have had more than 7 XXXX. My treatment and monitoring is ongoing. I have had more than 30 XXXX XXXX. I have been and I am continually impacted by all of the above including medical side effects, daily pain, loss of work, ongoing and mounting medical bills. We have discussed that I am only partially employed on a temp basis as a XXXX XXXX. We have discussed mounting medical bills, we have discussed juggling to stave off loss of my home and being in arrears on my mortgage. 

In my desperation I discussed the voluntary sale of my daughter 's car to pay on the debt but XXXX, the Wells Fargo rep advised against the sale as apparently the proceeds from the sale of the car would not be financially sufficiently beneficial to Wells Fargo. 

The Wells Fargo required minimum payment of {$400.00} per month combined with an interest rate in the HIGH double digits, that continues to compound and increase the balance on the account, dooms me to failure, dooms me to no successful outcome

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation