Consumer complaint received 2016-05-28
Company: WELLS FARGO & COMPANY
State: CO
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Trouble with how payments are handled

Complaint:
On XXXX XXXX, XXXX, the Wells Fargo Private Student Loan department took {$1500.00} from my checking account and {$3900.00} from my savings account without my authorization and without notification this would happen. They left me with approximately {$300.00} in my checking account and {$1400.00} in my savings account, which is not enough to buy groceries or pay my bills, including future expenses, which I have included below : Current bills due : -XXXX XXXX XXXX : $ XXXX/mo XXXX XXXX : $ XXXX/mo -XXXX : $ XXXX/mo XXXX : $ XXXX/mo -XXXX : $ XXXX/mo XXXX XXXX XXXX : $ XXXX/mo XXXX XXXX XXXX ( Car Payment ) : $ XXXX/mo -Rent : Anywhere from {$950.00} - $ XXXX/mo depending on utility costs -Insurance : $ XXXX/mo XXXX : $ XXXX/mo -WF Student Loan : $ XXXX/mo Note : None of this is reflecting gas, groceries, living expenses ... 
Total : $ XXXX/mo -- Only {$300.00} was left in my checking account and only {$1400.00} in my savings to pay for all of these above bills. I will be happy to provide copies of these bills upon request. 

Future expenses ( XX/XX/XXXX-XX/XX/XXXX ) : -Deductible on my car insurance : {$500.00} due XXXX XXXX -Moving expenses : Approximately {$4000.00} ( breaking lease, signing new lease, moving company ) -Registering my car in Colorado : Approximately {$400.00} Total future expenses : Approximately {$4900.00} I have been in contact with the Payment Assistance department, as well as the Executive Office. A claim was filed, and denied. I would be more understanding of them taking this money out of my account if I continuously failed to make payments or work with them ; however, I have been making payments on time since I graduated college in XX/XX/XXXX. My co-signers passed away in XX/XX/XXXX, and making payments became harder to do after that. Once I started struggling meeting the minimum payment, I contacted the Student Loan Department immediately to work out a payment arrangement. Unfortunately, they told me I made " too much money '' - which was {$40000.00} BEFORE tax. They did not take into consideration any of my other bills. I started falling more and more behind, and eventually defaulted on my loan XX/XX/XXXX. Before I completely defaulted, I called the department several times to work out a payment arrangement and nothing could be done. Please feel free to get copies of the recorded conversations I had with Wells Fargo to verify I did try working out a payment arrangement. I tried really hard to work with this department, only to be turned down several times, and feel I have been treated poorly. It was never my intention to bail on my obligation to my student loan, but unfortunately life happens, and living expenses come first. 

I received a phone call from Wells Fargo a couple of days prior to the set-off ( XXXX XXXX & XXXX XXXX ) and the voicemail did not include any information about the set-off scheduled for XXXX XXXX. It is now XXXX XXXX, XXXX and I have yet to receive any written or verbal communication from Wells Fargo that this " set-off '' even occurred. 

I would be more than willing to work out a payment arrangement with them only IF they refund the {$1500.00} and the {$3900.00} that was taken out of my account without my authorization. I feel I have legal grounds to take action in this matter because of the lack of communication and information to me regarding this set-off. I feel I have been treated very unfairly by this company. 

Please let me know if you need additional information from me. 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