• Report: #1085017

Complaint Review: Wells Fargo

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  • Submitted: Mon, September 16, 2013
  • Updated: Mon, September 16, 2013

  • Reported By: frank8675309 — Cumberland Maryland
Wells Fargo
800 Walnut Street Des Moines, Iowa USA
  • Phone: (515) 280-7741
  • Web:
  • Category: Banks

Wells Fargo hfghf Des Moines Iowa

*Consumer Comment: You could avoid this in the future...

*Author of original report: To Make it Simple

*Consumer Comment: It was you who need an interpreter

*Author of original report: RE: Education

*Consumer Comment: All you need is some common sense and a sixth grade education

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We purchased a bed for a little over $2,000 from a furniture store who used Wells Fargo for financing. The financing was for 18 months with no interest. We were told that if we paid $88/mt that the balance would be paid in full on time (9.27/13). A couple of months ago we noticed we were nowhere near close enough to paying off the balance by September 27th so we started doubling our payments. Then today (Sept. 16, 2013) we got a bill for our remaining balance ($700+) was due in addition to an additional $900+ (that’s 27.99%!!!)in accrued interest.

I understand that banks use shady business practices to get rich, but this is a new low we hadn’t experienced before. My credit rating is 754 and my wife’s is in the 740s. We always pay our debts but we feel betrayed by Wells Fargo’s practices. We called Wells Fargo to rectify the situation and were hung up on when we asked about the technique they used to deceive us in to believing we were getting one deal when in fact it was something else entirely. We called again and asked for a manager.  When we asked the manager asked again about this practice he hung up on us as well.  The first manager we spoke to would only give us Michael B. for his name.

We were tricked in to a financial arrangement using deceit and misinformation. We had every intention of paying the balance in full on time. Usually a good business will exercise good faith and work with you, especially when you have excellent credit and have done business with them before. Well’s feels that the $900 they are robbing from us is worth the price of losing our business and gaining the bad publicity that comes with it. Good going guys!


This report was posted on Ripoff Report on 09/16/2013 04:31 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wells-Fargo/Des-Moines-Iowa-50309/Wells-Fargo-hfghf-Des-Moines-Iowa-1085017. 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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REBUTTALS & REPLIES:
2Author 3Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

You could avoid this in the future...

AUTHOR: Robert - ()

..by not being a total jerk.

You posted on a PUBLIC web site a supposed "RipOff".  You then blast a person who responded to you with comments saying that they needed an interpeter, but you did this while also posting information that was NO WHERE to be seen in your original report.   By your third update we probably have closer to the full story, but I would bet that there is still more.

However, if it is truly a case where you have an agreement that says you have until the 27th to pay it off and they applied the accrued interest before that date...of course you have a valid complaint.


BUT there are much better ways to handle it.  You are upset that they hung up on you.  Well what did you expect when you start asking them about the technices they used to deceive you?  Since most people tone down their response to have them come off looking better, I would not be surprised if that was the nicest thing you said.  Bad Customer service or not..there is only so much a person is going to take before they cut you off.    Just imagine if you had gone to them on the feeling that they did an "honest" mistake.  Who knows the CSR on the phone might have said..yep you are right and if you make the full payment I will remove the deferred interest for you.  But since you were such a jerk...no one will ever know.  Oh and sorry but if you come back and say that you were nice to them at any point..your postings here show that is probably not the case.

In fact iif your attorney is worth anything, the first thing he will probably do is not file a suit against them but instead contact them.  Where I can just about guarantee he will be a lot more professional than you and just on that fact, not the fact that he is an attorney, he will get them to waive the fees without going to court.  Then who are you going to get to pay his fees..you think Wells Fargo will?

I will suggest that regardless of what happens that you pay off the principal by the 27th..even before that way they can't claim at a later time you didn't meet the terms of the agreement.  Then deal with the accrued interest at a future date.

 

 

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#2 Author of original report

To Make it Simple

AUTHOR: frank8675309 - ()

Okay trooper, let me see if I can make this extra simple even though you started this off with a condescending attitude and don't really deserve the time of day.

The contract states we have until the 27th to pay off the balance. On the 16th we get a bill stating it was due on the 2nd, and so owe all of the deferred interest. 27 - 2 = 25. 25 days is the number of days they are trying to shave off the deal. Turning an 18 month deal into an almost 17 month deal. With me so far?

What this means, sir, is that although the contract says I still have another 10 days to pay (which I can do), THEY are stating the balance is past due and tacked on the $900+ interest.

We spoke with an attorney today who reviewed the contract and said this would be an easy "Open and shut" case. So we're happy about that. We won’t have to pay the deferred interest AND Wells gets to pay our legal fees.

What I was doing here was warning others of Wells Fargo's underhanded, dirty tactics. Take it or leave it, it’s up to you.

 

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#3 Consumer Comment

It was you who need an interpreter

AUTHOR: MochaG - ()

 

We made a down payment. We should have had until the 27th. They cut it back to the 2nd. Which I'm sure is illegal.

Do you need an interpreter to understand that?

 

Where in your original report does mention ANYTHING about what you said in your reply above? Or do we all readers have to be mind readers?

Back to your credit score, this should NOT affect your credit score because it is NOT a late payment but simply accrued interest that you could not fulfill the agreement. The accrued interest is similar to a situation when you use a credit card and keep paying only the minimum amount. However, if you let it go to collection, then that will surely hurt your credit score.

OK, how much did you pay for the down payment? Is it the amount different of $2,000 - $1,584 which is $416? Have you signed a contract? If so, where is it?

Also, there should be a clause talking about "pay out" before the contract ends. I am guessing that they put you in the position to be obligate to "pay out" before the contract ends. They can be sneaky but the court may not award you due to the length of time has passed. In other words, you are supposed to make a comment long before this to happen.

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#4 Author of original report

RE: Education

AUTHOR: frank8675309 - ()

We made a down payment. We should have had until the 27th. They cut it back to the 2nd. Which I'm sure is illegal.

Do you need an interpreter to understand that?

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#5 Consumer Comment

All you need is some common sense and a sixth grade education

AUTHOR: coast - ()

Think about it. Payments of $100 a month for 18-months equals $1800. So how would it be possible for payments of $88 a month for 18-months to equal more than $2000? Do you need a calculator to see that?

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