Date Received: 2017-04-24T00:00:00
Product: Private student loan
Issue: Struggling to repay your loan
Consumer Consent Provided to Share Complaint: Consent provided
Consumer Complaint: As of XXXX my student loan interest rate has been hiked up to XXXX %. They have increased my monthly payments, due to this interest increase, without any notification prior. I find it outrageous, and feel this bank should be ashamed of itself for charging a student loan such a large interest rate. In the years I have been making payments, I have not seen the amount owed decrease 1 cent ; in fact, it has increased by thousands of dollars. During a time of financial hardship in XXXX , I was unable to defer payments through Wells Fargo , they only allot 6 months of this and mine were used. Because of this I started to incur late fees that added up to a couple hundred dollars while I would work on trying to find a way to make a payment. I left so many messages asking for these late fees to be reduced for hardships and never heard back from a represe ntative. All of this is unreasonable to me, and I find a negative impact on myself, mostly financially but also personally with struggling to accommodate all my student debt ; it also potentially impacts my family in the respect that they cosigned the student loan.
Company: WELLS FARGO & COMPANY
State/Zip: MA 021XX
Company Response to Complaint: Closed with monetary relief
Was Company Response Timely: Yes
Did Consumer Dispute Company Response: N/A
Complaint ID: 2464653
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