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WELLS FARGO & COMPANY – CFPB Complaint

By on March 21, 2018

Date Received: 2018-02-14T00:00:00

Product: Credit card debt

Issue: Written notification about debt

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: I have an outstanding credit card debt with wells fargo ( XXXX ), and I am trying to settle ( dont have enough, nor foresee a point that I will have enough, to pay the debt in full ). I have had this debt since XX/XX/2016.

Wells Fargo refuses to negotiate settlement terms ( must pay 60 % ). Other banks negotiate these terms, or at least offer less than 60 %.

The degree to which settling the debt will impact my credit score is significant, such that 60 % is not worth the settlement. However, there is no way I could pay the full amount.

The credit card ( XXXX $ limit ) was issued when I was XXXX, had no job, and was paying for college ( through wells fargo loans ).

I feel their tactics in getting me hooked ( and forever in debt ) are predatory. I am trying to get myself on my feet again, and there is no help from wells fargo.

Company: WELLS FARGO & COMPANY

State/Zip: CO 803XX

Company Response to Complaint: Closed with monetary relief

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2815024

The above data is from the Consumer Financial Protection Bureau. Keep in mind that every company will get a complaint from time-to-time, even the great ones. But there are a few key data points that will give you an idea about how well the company values their customers and handles consumer issues.

Look at the item Company Response to Complaint: and Did Consumer Dispute Company Response: to get a better idea of how this was resolved. And the field Consumer Complaint: can give you some context of the issue.

In particular what you are looking for was that the company response was timely and that the consumer did not dispute it. The posting of complaints has proven to be a valuable resource for both companies and consumers.

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