Consumer complaint received 2017-07-27
Company: WELLS FARGO & COMPANY
State: CA
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Dealing with your lender or servicer
Sub-issue: Received bad information about your loan

Complaint:
Hello : My student loans were consolidated by the Wells Fargo bank XX/XX/XXXX to XX/XX/XXXX. In XX/XX/XXXX I paid off all my student loans. I asked the loan officer for the total to pay off all my school loans. The check was issued to pay off all loans. In XX/XX/XXXX the Wells Fargo Bank said there was an outstanding balance and they started to bill for the payments. I called to ask how this is possible when the loans were paid off. They could not give me any reason except I had an outstanding balance. My husband continued to pay the payments each month to avoid credit problems. My husband and I work long hours with many other responsibilities leaving little time to investigate what happen. We continued to pay the payments til now. I did not know where to go for help ... Wells Fargo sold my loan in XX/XX/XXXX to XXXX. XXXX sold the loan to XXXX XX/XX/XXXX. The loan interest rates went up and up with fees attached each time they sold it. I called XXXX spoke to XXXX first he said to contact XXXX ... XXXX sold the loan to XXXX XX/XX/XXXX for XXXX. I spoke to XXXX at XXXX he could not help me said he only had the loan payments and no documents. He said call XXXX for documents ... I called XXXX back spoke to XXXX who said the loan was received at XXXX and sold XX/XX/XXXXto XXXX. XXXX said to contact XXXX for the promissory document. I told her that I had spoken to XXXX at XXXX and he did not have the documents. She said call back and ask for the supervisor. I called XXXX back spoke to XXXX he was helpful. XXXX agreed to mail me the promissory note dated XX/XX/XXXX in 3 weeks to me. He said 4 loans were paid off for XXXX ... He stated XXXX received the loan XXXX XXXX for XXXX. He saw the figure XXXX transferred from Wells Fargo on the documents. XXXX 's balance remaining is XXXX. Please see the attached documents : the Quarterly statement dated XX/XX/XXXX has all 6 loans subsidized and unsubsidized listed ... no interest was charged on the statement for subsidized loans but was charged later on the bank transaction history record. The Quarterly statement dated XX/XX/XXXX listed XXXX dated XX/XX/XXXX XXXX for {$3500.00} and XXXX dated XX/XX/XXXX XXXX for {$4400.00}. XXXX and XXXX were put on the same Wells Fargo Transaction History Report. XXXX and XXXX were put on the same Wells Fargo Transaction History Report. What would have been 8 individual loans became 6 loans. The confusion and my complaint is that the XXXX and XXXX loans were included on the transaction history report as a CPMT. The date and totals are clear that it was included in the pay off. The Transaction Loan 01 appears to be the totals of XXXX + XXXX = XXXX ... however the date proves it is the loan XXXX listed as a payment. The same thing happen on the Transaction History Report 02 ... the dates of each loan is listed XXXX+XXXX+the cap XXXX and interest XXXX totaling XXXX and listed as a CPMT ( payment ). It was not the payment but XXXX XX/XX/XXXX {$4400.00} loan. It appears that the numbers were adjusted to make the totals work as a payment, by looking at the quarterly statements. The quarterly statements have different interest totals for those loans. The other transaction history reports all show PMT on XX/XX/XXXX and all the loans are listed. On XX/XX/XXXX I spoke to XXXX of Wells Fargo Bank ... he confirmed the 8 loans were consolidated to 6 loans. He said the records showed a remaining balance of XXXX and the loan was sold to XXXX XX/XX/XXXX. He could not explain the remaining balance. He told me to call XXXX. I spoke to XXXX, XXXX, XXXX, XXXX and XXXX at Wells Fargo. The recent dates are XX/XX/XXXX and XX/XX/XXXX. XXXX mailed me the Wells Fargo Transaction History Report in XX/XX/XXXX. XXXX a supervisor mailed me the same forms XX/XX/XXXX. XXXX agreed to look into the matter and get back to me within 24 to 48 hours ... I told her I have letters and documents to prove I paid off all the loans. I have not received a call back from Wells Fargo or XXXX ... the transaction history reports with a letter was received in the mail telling me to contact XXXX if I have further questions about this matter. I have attached a bank statement dated XX/XX/XXXX with a principal balance of XXXX for a due date of XX/XX/XXXX. We paid XXXX on XX/XX/XXXX. A repayment letter was sent XX/XX/XXXX ... eleven months later after pay off. The repayment letter said payment would begin XXXX/XXXX/XXXX. The Transaction History Report for XXXX and XXXX have XX/XX/XXXX as payments being made. .If payments began in XX/XX/XXXX why did they send the repayment plan in XX/XX/XXXX. I have attached 2 pay off letters showing the 6 loans were paid off. As I stated the 2 loans in question were added to the 6 loans. My other concern is that all of my loans were present with Wells Fargo when the pay off request was made, how could this happen? I appreciate your assistance in this matter. Thank you!

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