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 Missouri

I am co-signed on - student loans on behalf of my son. The loans were for incurred while he was attending - College and - College. The loans in question are owned by Wells Fargo. My wife and I have been making repayment of the loans since my son has not made any repayments and we did not want our credit damaged. We have been steadily increasing our repayment amounts in order to accelerate payoff and reduce interest. In our - - payment statement we noticed that the interest charge for that month was nearly half of the entire amount of interest we had paid in - upon further investigation it became apparent to us that Wells Fargo had intentionally applied our entire monthly payment to only - of the - loans. it had been our practice to pay more than the minimum required payment for a number of years previous. Wells Fargo had been applying payment in excess of the minimum equally to each loan. Wells Fargo arbitrarily changed their practice and applied the entire payment amount submitted to only - of the loans for the entire year of -. We did not receive any written or verbal notification


the CFPB in - of - out of frustration with Wells Fargo 's stonewalling and bullying tactics. As a result of my complaint to the CFPB Wells Fargo agreed to only waive the interest charged due to their incorrect application of our repayments. After numerous fruitless phone conversations with Wells Fargo representatives I accepted their offer. As a result of the CFPB 's recent findings regarding Wells Fargo 's college loan illegal actions as well as Wells Fargo 's most recent illegal actions by their lending employees. I ca n't help but feel that my case should be reopened. Because of Wells Fargo 's mishandling of our repayments and their inflexible position regarding our student loan payments and balances. I feel that all of the findings you post on this site regarding your judgements against Wells Fargo apply in our case.