Consumer complaint received 2018-01-09
Company: WELLS FARGO & COMPANY
State: ID
Product: Payday loan, title loan, or personal loan
Sub-product: Installment loan
Issue: Struggling to pay your loan

Complaint:
Approximately 4-5 years ago I took out a loan with Wells Fargo to pay off my credit card debt. From the first payment up until XXXX, XXXX I never missed a payment or paid less than the minimum required of me. In the middle of XXXX, XXXX I became unemployed. I saved enough money to make a couple months payments whilst looking for a new job. The job search was not as fortunate to me as I had hoped or planned for. Given my current situation I contacted Wells Fargos loan department on XXXX XXXX, XXXX to discuss setting up any kind of payment option. This was 19 days prior to my next bill due date 3 business weeks in advance. Despite my literally perfect payment history over the span of many years Wells Fargo was not able to offer any assistance. I was told, ... you must resolve any economic hardship before Wells Fargo can help you. The lady I spoke with asked if I had applied for unemployment, which I honestly did not believe I could get. However, given the fact that Wells Fargo has no policy in place to help those with my situation I figured I would at least attempt to acquire unemployment. I was denied. So again, according to Wells Fargo I am still in a place of economic hardship which needs to be resolved before they can offer any assistance with my loan while I need it. I went into my local Wells Fargo to see if I could speak to a personal banker. I was told, however, they would simply contact the same loan department I had already spoken with and was advised to contact them again myself. 

For the first time in years I have missed payments during XXXX and XXXX. After missing my first payment I was contacted by their collections department in early XXXX, and the gentleman I spoke with again reiterated that there was no assistance for customers who become unemployed. He did refer me to someone else within the collections department and all they could do was ask when I would be able to make my payments. Since then, Wells Fargo has called me multiple times per week repeating the same question of when I can make my now increasing payment. At this point I am still unemployed and can only offer the same response : I can not make my full payment right now and need them to work with me in any way. 

Any attempt thus far to acquire specific information regarding this loan has been unsuccessful. In my pursuit of specific information to provide the CFPB I called Wells Fargos loan department. I was transferred to the collections department and told that I could not be provided my payment history or any information on my own loan because my loan was not current. Complaining to the CFPB set aside, it would be assuring to me to at least have access to my own financial information which I am currently being denied. 

I understand my financial responsibility regarding payment of this loan as I always have. Although, I find it highly unethical and immoral that Wells Fargo has no policies or options in place for those with economic hardship ; especially those with excellent payment history asking for help before the account becomes delinquent.

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