Wells Fargo & Company Student Loan Complaint

Wells Fargo & Company Student loan department,

Non-federal student loan Dealing with my lender or servicer Trouble with how payments are handled Texas

Ever since my - student loans came due in - 2015, Wells Fargo has consistently misapplied my full amount payments to only - or - of the loans, and then charged me late fees for the remaining balance. This has happened whether payments were made in a branch, through the app, or over the phone. By the time I discovered these mistakes made by Wells Fargo, late fees had already accrued. These late fees have not only caused a lot of hassle, they have also caused significant drops in the credit scores of both me and my parents, because when these " accidents '' are made, and account are mistakenly shown as past due, this information is then forwarded to the credit reporting bureaus. Additionally, because over - loans, my interest averages out to a little over 10 %, I applied for a modification in an attempt to lower my monthly payments of $890.00. I was informed that, along with my parents as cosigners, we made too much to qualify for a modification. We


was a mistake, as I had submitted my parents ' information multiple times, they informed me that, between my parents and I, we did not qualify for a consolidation, not only because our credit scores had dropped ( in no small part due to misreporting accounts as past due, when they had, in fact, been paid ), but because we did not make enough. As of this morning, I received an email from Wells Fargo informing me that I was past due on - of my - accounts. This last month, in an attempt to avoid any issues with Wells Fargo for the first time in over a year, I made my payments two weeks early, through the app, and paid on each account separately. After a fifteen minute phone call, I was informed that, once again, a mistake had been made by the app, and the payments were only applied to - of the accounts. The person I spoke with assured me, as I have been assured every month for the last fourteen months, that a flag would be placed on my account so that a person would manually make sure that my payments would be applied correctly. Wells Fargo has just settled with the Consumer Financial Protection Bureau for misapplying student loans payments so that they could charge more late fees, even when payments have been made properly. At this time, I currently have an outstanding balance of $88000.00, with $220.00 in late charges. I do not look forward to having to call Wells Fargo again in - when they most likely " accidentally '' misapply my payments for the fifteenth time.