Consumer complaint received 2019-01-22
Company: WELLS FARGO & COMPANY
State: PA
Product: Student loan
Sub-product: Private student loan
Issue: Dealing with your lender or servicer
Sub-issue: Trouble with how payments are being handled

Complaint:
My Daughter XXXX XXXX took out a student loan with this bank in 2016 in the amount of {$100000.00}. I was the Co signer on the loan. The loan was to pay for her XXXX  at XXXX University. It was a consolidation of the loans she used to pay for school. I have had accounts with this bank for the past 15 years or more. I have had very large mortgages with this bank in the past. I have at one time been a Private Banking Client of this bank. So I have a long history with them. XXXX  travels extensively for her work, both domestically and internationally. She is at our home maybe three or four times a year and has some of her mail sent hear, which we do not open. She is XXXX years old.Approximately two weeks ago she learned that the bank had charged off her loan and was offering a settlement of {$40000.00} over two years. At that point it was her understanding that the loan was on auto pay. Apparently it was not. She therefore missed four payment and they charged the loan off. When I heard about this, I was very concerned about her credit and my credit, so I called XXXX XXXX. at XXXX XXXX XXXX extension XXXX. He said we charged it off and I have to talk to the recovery department which I did. Ithen spoke with four different people and ended back in XXXX  office. I explained to them that I never was told the loan was in default. They said we sent you a letter. I said I never got a letter. I told them I would be glad to make all the past due payments if they would tell me how much it is. I said I will pay you within 24 hours. They said too bad we will not reverse the charge off. I told them you made no effort to get me to pay these amounts. That is why you wanted me to sign on the loan in the first place. The loan has a provision whereby either side can request arbitration and i was denied that right because they just wrote it off. XXXX  said we have a " do not call '' notation on your file because we called you one time and you said don't call me. so we never contacted you. What actually happened was they had called a couple of times to tell me XXXX was late and I said don't call me when she is late call her. I then told her to make sure she paid them. I do not think this bank made any effort to let me know that the loan was in arrears. All they did was send me a letter and i never saw that letter. XXXX comment was you should open your mail. I said XXXX  I am a XXXX XXXX and XXXX XXXX. I deal with Guarantees and Letters of Credit all the time. I have an excellent credit rating. If I had known about this I would have fixed it. I now know about it and I have told you I will fix it and you have essentially said we do not want your money. We are charging this off. Thereby potentially ruining my credit and XXXX. I told him that for a {$100000.00} they had an obligation to do more than send me a letter which I never got. I need some help on this. The bank is not being fair or reasonable. 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