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Ripoff Report | Wells Fargo Student Loan Department Review
Report: #1479700

Complaint Review: Wells Fargo Student Loan Department -

  • Submitted:
  • Updated:
  • Reported By: Anonymous — Memphis United States
  • Author Not Confirmed What's this?
  • Why?
  • Wells Fargo Student Loan Department United States

Wells Fargo Student Loan Department Wells Fargo Bank Refused to apply funds to correctly to student loans resulting in potential negative credit reporting.

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This has gone on for far too long.  I don't know why I haven't submitted a report on them before now, but I personally have four student loan companies that I deal with, and Wells Fargo is by far the absolute worst company I've ever dealt with.  I pay a practical mortgage note in student loans to them every month, often with the help of cosigners.  This particular month, my cosigner, who is authourized to pay on all four loans paid half of the the loan, and I paid the other half of the loan.

Sounds simple, right?  Wrong.  I get a call from them today--the very last day of the month from Wells Fargo to tell me that the amount my cosigner paid wasn't 'applied to the loans orrectly' to satisfy the month, so she--NOT ME, would need to call in to make an adjustment.  Keep in mind that they will report you to the credit agencies on the 1st.  So, doing the best I could, I call my cosigner, who calls Wells Fargo and they won't allow her to do anything without the loan number(s) that she would like to adjust the payment.

First of all, how--oh how, are we supposed to know how Wells Fargo applied her money?  To which loan numbers?  They couldn't tell her, and they d**n well didn't tell me.  When I called in to make a payment the day before, I was told that the payment that I was making would satisfy the monthly payment.  Those were the agent's exact words.  And now there's an issue with loan numbers and applying the payment correctly. 

What's key here, is that we've paid our money to satisfy that month, and are still looking at negative credit reporting because Wells Fargo did not apply our money to where it should have gone.  This has happened before--multiple times, and it is a mistake on Wells Fargo's part.  I could not be a more dissastified customer.

I strongly recommend anyone who is credit conscious to avoid doing anything credit-related with Wells Fargo.  I wouldn't even open a credit card with them, let alone another student loan.  I am trying very hard to escape them as a company, as I'm trying to raise my credit score to refinance my student loans with another company, but they make it increasingly difficult with bullshit mistakes, that further impact your credit--even if you've paid your money on time for that month. 

Stay away from them.  They are possibly the worst student lenders in existence today.  I don't even mind the debt--I just want to pay my money somewhere else.

This report was posted on Ripoff Report on 05/31/2019 03:37 PM and is a permanent record located here: https://www.ripoffreport.com/report/wells-fargo-student-loan/bank-refused-apply-funds-s-1479700. 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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