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WELLS FARGO & COMPANY – CFPB Complaint

By on July 2, 2018
Consumer Complaint Submission

Date Received: 2018-06-14T00:00:00

Product: Credit card debt

Issue: Took or threatened to take negative or legal action

Consumer Consent Provided to Share Complaint: Consent provided

Consumer Complaint: Wells Fargo SBA loan officer is using an acceleration clause and calling the total SBA loan amount due within 14 days, a total of {$510000.00} dollars.The SBA loan is in good standing, payments have been made.
Wells Fargo ‘s stated reason for the accelerated payment request is over an unpaid line of credit of {$49000.00}.
This line of credit was used by the previous owner of the corporation in the amount of {$27000.00}. Yet Wells Fargo is still trying to collect the entire amount of {$49000.00} from the company, moreover now we have to pay off the entire SBA loan amount of {$510000.00} Company made a {$25000.00} payment on XX/XX/2018 to stop the acceleration of the total loan, and further we made a commitment to pay the remaining amount as well since Wells Fargo would not stop the proceedings.
However in the mean time the enclosed letter arrived from Wells Fargo holding the previous owner responsible for {$27000.00}.
We have asked the loan officer to stop the acceleration payment and relieve us from the remaining debt obligation, however Wells Fargo is still perusing us for the total payment of the line of credit and the accelerated SBA payment.
Please help us resolve this issue with Wells Fargo.

Company: WELLS FARGO & COMPANY

State/Zip: CA 930XX

Company Response to Complaint: Closed with explanation

Was Company Response Timely: Yes

Did Consumer Dispute Company Response: N/A

Complaint ID: 2936578

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.

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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.

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