Consumer complaint received 2016-12-05
Company: WELLS FARGO & COMPANY
State: TX
Product: Student loan
Sub-product: Non-federal student loan
Issue: Dealing with my lender or servicer
Sub-issue: Received bad information about my loan

Complaint:
In XXXX, I had XXXX separate Wells Fargo Student loans estimating {$18000.00} with different due dates and payment amounts, and then rapidly became an estimate of {$49000.00} in XXXX with financial fees to consolidate those XXXX student loans into XXXX payment and due date. I wanted to borrow again from Wells Fargo for XXXX, but this current situation burdens that American Dream, makes it difficult to consider future careers or life goals while trying to find a full-time job, go back to school, and even attempt to pay Wells Fargo back. 
After reviewing a CFPB article on Wells Fargo 's illegal student loan servicing practices ( http : //www.consumerfinance.gov/about-us/newsroom/cfpb-takes-action-against-wells-fargo-illegal-student-loan-servicing-practices/ ), the dodd-frank act ( https : //www.whitehouse.gov/economy/middle-class/dodd-frank-wall-street-reform ), and the Fair Debt Collection Practices Act ( FDCPA ), I am now submitting a summary for all my complaints relating to Wells Fargo student loans to provide documentation on where I believe the lender has violated such practice and debt collection. I was not aware of the CFPB who fined Wells Fargo for such violations prior to this complaint in XXXX of XXXX. I want all my debt cancelled or forgiven, or to be used as a voucher or credit ( even some of the debt owed at least ) to pay for my future academic endeavors. I feel this is fair because Wells Fargo has increased the costs for all my student loans after I completed their consolidation process to combine the XXXX student loans into XXXX loan, and then failed to provide important payment information to me about payment options over the phone and mail. I asked about partial payments over the phone, and they said my account would be delinquent or not in good standing. CFPB Director XXXX XXXX is indeed correct that, " Wells Fargo hit borrowers with illegal fees and deprived others of critical information needed to effectively manage [ my ] student loan [ account ]. '' I also asked Wells Fargo about hardship assistance, lowering the monthly payments to a more affordable payment, and even making advanced payments to try and reduce the life of the student loan, which their customer service responded in unclear and not so helpful answers. In XXXX of XXXX, Wells Fargo took a large payment that was 18 times more than the amount due so that we could try and reduce the debt, but they refused to put it towards the interest or future monthly payments as a response to my request in XXXX of XXXX. Instead, they decided to refund the payment of XXXX XXXX, lower the monthly payment ( for who knows how long ), add late fees, and void the XXXX XXXX payment due to the refund. Wells Fargo also likes to call me rapidly or multiple times during the day after the grace period ends without any written letter reminding a payment is due. I am worried that Wells Fargo is reporting these late payments to our credit reports as well. Wells Fargo has no payment options and will not discuss with you over the phone on how you can get better payment or alternative payment options. I have only had the chance to forebear once for a month or two with accrued interest in XXXX due to " hardship ''.

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