Consumer complaint received 2017-09-01
Company: WELLS FARGO & COMPANY
State: CA
Product: Student loan
Sub-product: Federal student loan servicing
Issue: Struggling to repay your loan
Sub-issue: Can't get other flexible options for repaying your loan

Complaint:
On XX/XX/XXXX I submitted a request through Wells Fargo for a temporary loan modification. I had just started my real estate career in California and I was waiting for a couple of deals to close. In the meantime, I had been working at a restaurant to help pay the bills. My loan was beginning to default and I did not want this problem to spiral out of control. I continued to call into Wells Fargo to check on the status of my loan modification request. They continued to tell my co-signer and I that they still needed additional documents. They also requested documents that I had sent to them before. This raised some concern for my dad and I. If they were n't receiving these documents, where were they going? Was anyone actually handling our request? This chaos went on for an additional four months while my loan continued to default. On XX/XX/XXXX we receieved a letter saying that my request had been denied. I could not believe it. In the matter of four months both my credit and my dads credit had been destroyed. I was now left with an outstanding bill that I could not pay. They told me that there were no other options. Why could I not temporarily lower my payments based on my income? When I talked to a Wells Fargo hardship specialist, he informed me that I did n't have any income and my co signers debt to income was so high that if they dropped their payments I would still be over extended. I asked him why it said that I did n't have an income if I submitted my restaurant pay stubs. He could not give me an answer. If they thought that a lower monthly payment would be a stretch, what did they think would happen when you sent me an outstanding bill for the four months that my application was being processed? I really feel as if they were setting me up for failure. Now I have been making payments on my account even though the loan is still in default. My payment is due on the XX/XX/XXXX of each month. Yesterday I was very sick and forgot to make a payment over the phone. When I called first thing this morning, I was expecting that I would have to pay a late fee. Mind you, this is 12 hours after my payment was due. On XX/XX/XXXX ( today ) I spoke with a Wells Fargo supervisor who told me there was nothing she could to do help me. She said my acct had been sent to collections and she had no telephone contact or any way to help. She said she 's never seen a charge off, which clearly is n't the case if she works for a major bank. She was incredibly rude and offered no support. At the beginning of every call, Wells Fargo let 's the customer know that the call is recorded. If they were to go back and listen they would see just how serious my dad and I were about resolving this issue. All that I asked for was a temporary modification while I waited for a couple of deals to close. I have no idea what to do at this point. Wells Fargo has shown ne that they are not willing to help me resolve this issue.

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