Wells Fargo Consumer Loan Complaint

Wells Fargo Consumer loan department,

Installment loan Shopping for a loan or lease Texas

My wife and I have been customers of Wells Fargo for several years. A few months ago, my wife approached Wells Fargo about a consolidation loan to try to better manage our credit card debt. The financial advisers from - worked out a deal where we would get a $55000.00 consolidation loan, with a bridge loan of $20000.00 to enable her to start consolidating cards. The key to getting the bridge loan, however, was guaranteeing it with $20000.00 dollars from my Mother-in-Law 's estate, which my wife manages. So, under the express advice from the Wells Fargo financial advisors, my wife withdrew $20000.00 from her mother 's account, set it up in its own account, and used that to secure the $20000.00 bridge loan. Around a week later, we received a notice that our $ - consolidation loan had been rejected. To summarize:- We went to Wells Fargo in good faith as long-time customers, with excellent credit scores to seek assistance in managing our credit cards, which at the time were 100 % current. -. We ended up with a $20000.00 loan, secured by money pulled from my Mother-in-Law 's accounts. -. Wells Fargo repaid our trust and loyalty by taking 0.00 % risk, essentially tricking us into borrowing from my Mother-in-Law. -.This was a shameless predatory bait-and-switch scheme employed by Wells Fargo - -. We have since learned that the advisers may have broken SEC regulations by advising my wife to breach her fiduciary responsibility to my Mother-in-Law 's trust.