- Report: #699920
Report - Rebuttal - Arbitrate
Complaint Review: Wells Fargo Education Services
Wells Fargo Education Services301 East 58th street North Sioux Falls, South Dakota United States of America
Wells Fargo Education Services Lending that is perceived by the average consumer as "predatory" Sioux Falls , South Dakota
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After speaking by phone with a receiptionist, I received documentation in the mail reflecting some information that I was unaware of during the phone application. 1. I never at anytime had I agreed to a loan for $15,000 with a 12% interest rate. 2. I had been approved without having any credit history 3. The promissory note that I rendered signature on did not reflect the constituents of the interest rate of the loan amount which was again, 12% on a $15,000 loan=$44,000. The promissory note is dated, August 12, 2008, The Wells Fargo Education Connection Loan Program letter is dated August 15, 2008.
I was clearly unaware of the legal basis of this loan, therefore, I think that a breach took place...I would have never taken this loan for educational endeavor-had I of known of this scheme. I'm probably going to file bankruptcy. I simply can't afford to pay this extraordinay amount of money before graduating college. Please don't make the same mistake, If you know of someone that can help me, please feel free to contact me.
Even as a Legal Assistant, establishing a basis for sanctioning this will be very challenging...This is very similar to Prdatory Lending in the Housing Industry-remember when the banks got a bailout for putting many homeowners in a position of foreclosure. I guess its time that some banks experiment this strategic with persons that want to advance in education to support themselves and our economy once they complete there education-if they're able to do so..that is without predatory lending getting in the way...
This report was posted on Ripoff Report on 02/25/2011 01:39 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo-Education-Services/Sioux-Falls-South-Dakota-57117-5185/Wells-Fargo-Education-Services-Lending-that-is-perceived-by-the-average-consumer-as-pred-699920. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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