Payday loan, title loan, or personal loan -- Charged fees or interest you didn't expect -- Complaint #6157718
Complaint Overview
Complaint ID: 6157718
Company: Wells Fargo & Company
Product: Payday loan, title loan, or personal loan
Sub-Product: Personal line of credit
Issue: Charged fees or interest you didn't expect
State: New Jersey
ZIP Code: 08527
Date Received: 2022-11-02T12:00:00-05:00
Date Sent to Company: 2022-11-02T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Tags: Older American
Consumer Narrative
In XXXX of XXXX I lost my husband, I paid my mortgage off with the money he had left, he worked for the USPS and they put remainder of funds into a annuity account, my family wanted me to go to speak to a financial advisor to see what I should do with the remainder of funds, I was told at Wahcovia at the time to invest into an Money Market account and take out a Small ( XXXX ) revolving equity loan so I had a write off as I paid the home off, not sure what to do I trusted them but was not back to working and really did not need another payment as we had just purchased a new home. before he passed. I am 20 years into the loan paid a monthly bill whatever the payment was added to principal at times and never saw a amount off principal balance tried several times to to take out additional funds to fix up the home and upgrade, and was denied, also never told why exactly, I did receive paperwork about equity loans being given out at Wachovia with faulty disclosures and filed, but never received any following on that.. I had called and asked to speak to XXXX XXXX as she help out that day and was told she left the bank, I asked for what location she was at and was told they could not help me. I am asking now because I have a 40 year loan that I was never permitted to increase and was frozen in XXXX because of XXXX late payments,,,, also it was interest only payments for 20 years with a 20 year draw which was frozen 7 years into, and now they want payment high interest for another XX/XX/XXXX years on principal with again daily interest? I was even told to go to another company and ask for a loan to pay off this loan which I paid interest on for XXXX plus years..Seems like I am way overpaying on such a small amount my home has increased in value over the first XXXX, I am so confused and never heard of a 40 year loan and such long interest payments, ( 40 years interest ) .but I was taken advantage of at a rough time in my life I have stopped payments as this is not realistic, or fare to the customer. Please contact me for further information Thank you for your prompt attention to this matter XXXX XXXX.
Frequently Asked Questions
What is Complaint #6157718 about?
Complaint #6157718 was filed against Wells Fargo & Company regarding Payday loan, title loan, or personal loan specifically about Charged fees or interest you didn't expect. It was received by the CFPB on 2022-11-02T12:00:00-05:00.
How did Wells Fargo & Company respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Payday loan, title loan, or personal loan) and describe your issue in detail.
Can I see other complaints against Wells Fargo & Company?
Yes, visit the Wells Fargo & Company company profile at readthecomplaint.com/company/wells-fargo-company to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.