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Wells Fargo Student Loan, reporting late while in Deferment


Twinkie
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Just when I thought I had it all figured out...

I have 2 student loans with Wells Fargo. Last year in April I lost my job, I sent in the deferrment paperwork and my deferment was dated April 4 2003. My deferment ended Jan 1 2004.

For some reason I have lates reported as of:

June 2003

May 2003

April 2004

March 2004

I have been paying my Student Loans every month since April.

I called up Wells Fargo to see if I can get the lates from 03 removed, and they say no.

They didnt receive all of the information they needed until July 2, when they received it they backdated my deferment to April but are still reporting lates.

Can they do that?

What can I do?

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Tell me one of their recently hired "just lost my job at Burger King" reps told you that.

Write their corporate offices. Tell them you were told it was to be retroactive and any lates due to the processing time were to be removed. Also point out the other lates that aren't reporting correctly.

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My forbearance information reads like this on my account:

Deferment/Forbearance Information

Type Hardship Forbearance

Start date: 07/12/02 End date: 07/11/03 Expired

I asked why, then, were they reporting me 30, 60, 90, 120 days late during that time, and this was their answer to me:

Dear Erika,

Thank you for contacting Wells Fargo EFS.

According to our records we did not receive your forbearance request until 4/4/2003. We had to back date this forbearance request to 6/12/2002 to help bring your account current. Your late reportings are valid during this timeframe because we did not receive your forbearance request in a timely manner. If you would like to discuss this further, we recommend that you contact us at the telephone number below.

What they said was true - I did fall behind, and I did request a after I fell behind and they did back date the forbearance, but I know it wasn't in APRIL, 10 months after I started falling behind -- no freaking way. And of course, I didn't save my forbearance information back then... lesson learned. But, I was under the assumption that they would take off the lates while it was in forbearance, regardless.

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Dumb question, but it is a Federal loan or a private student loan through Wells Fargo?

If it's Federal, your contact at the USDoE is:

Theresa Shaw

US Dept. Of Education

Union Center Plaza

830 First Street, NE, Room 112G1

Washington, DC 20202

(202) 377 - 3003

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Heres a draft of the letter I am sending to the DEPT OF ED. Please critique:

Theresa Shaw

US Dept. Of Education July 21, 2004

Union Center Plaza

830 First Street, NE, Room 112G1

Washington, DC 20202

Dear Ms. Shaw:

I hope you are able to help me with a problem I've encountered with Wells Fargo. I have two student loans that are currently in repayment status with Wells Fargo.

In April of 2003 I became unemployed while I was eight months pregnant. I was contacted by Wells Fargo Student Loans via telephone in May of 2003 and advised that my student loan was due. I advised that representative that I was unemployed and pregnant but I would make a payment as soon as I could. The representative became very unprofessional and made a comment about my employment status which made me uncomfortable, I hung up the phone.

About a week later a second representative called me and advised me the same thing the first one did. I let her know that I was unemployed and pregnant and would make a payment as soon as I could. The representative advised me that I could qualify for deferment and sent out paperwork to get that process started. I completed the paperwork the same day I received it and sent it in immediately.

I was under the impression that everything was taken care of.

June 1 2003 I went into labor and did not deliver my child until June 4 2003. I was not released from the hospital until June 9 2003.

Approximately a week and a half after I got home I was contacted again by another representative who informed me that my loan had not been placed into deferment and I would need to submit further proof of unemployment.

I submitted the proof and I called to make sure everything was in good order. When I called the representative assured me that everything was in good order and that my loan would be placed into deferment as of April 4 2003, and that any lates would be removed due to the processing time, I was also told that the deferment would last until May of 2004.

I recently pulled my credit reports from Equifax, Experian and Transunion and have lates showing in May 2003, June 2003, March 2004 and April 2004. All of these late pays showing up on my personal credit report are a direct result of relying on Wells Fargo and its representatives providing me with truthful, accurate information. As you can imagine I am shocked to see such information reported, as a Wells Fargo Representative had assured me that the deferment would be retroactive and any late pays reported would be removed and/or not reported on my personal credit report due to the fact the first Wells Fargo Representative failed to notify me of my right to have the loan placed into deferment status when I notified Wells Fargo I was unemployed.

Here's the resolution I propose: Remove all the late pays reported on my credit report due to the fact a Wells Fargo Representative assured me the late- pays would not be reported under my associated with the deferment. The lates to be removed are as follows:

June 2003

May 2003

March 2004

April 2004

Thank you for your consideration in this matter. I look forward to your prompt reply.

Sincerely,

Mrs. Potatohead

SSN 123-45-6789

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Dear Ms. Shaw:

I hope you are able to help me with a problem I've encountered with Wells Fargo. I have two student loans that are currently in repayment status with Wells Fargo.

Due to a health issue (stating that you were pregnant and unemployed is not the issue --it sounds as if there is an attempt for "an appeal to pity" here --and that not what you want.

I was contacted by Wells Fargo Student Loans via telephone in May of 2003 and advised that my student loan was due. I advised that representative that I had recntly become unemployed but I would make a payment as soon as I could. The representative became very unprofessional and made a comment about my employment status which made me uncomfortable, I hung up the phone.

About a week later a second representative called me and advised me the same thing ( what is the same thing --that your student loan was due or you were going to be reported late?....)the first one did. (I informed her of my employment and health status) and that I would make a payment as soon as I could. The representative advised me that I could qualify for deferment and(that the rep would send me the paperwork to assist me) sent out paperwork to get that process started. I completed the paperwork (On date0 and mailed on date)the same day I received it and sent it in immediately.

(I was under the impression that everything was taken care of.

June 1 2003 I went into labor and did not deliver my child until June 4 2003. I was not released from the hospital until June 9 2003.) not neccesary

(ON DATE)I was contacted again by another representative who informed me that my loan had not been placed into deferment and I would need to submit further proof of unemployment. DID she tell what kind of proof -additional paperwork???

(Ireceived paperwork on date and sent paperwork on date as required)I submitted the proof and I called to make sure everything was in good order. When I called the representative (on date) (name of rep would be good) assured me that everything was in good order and that my loan would be placed into deferment as of April 4 2003, and that any lates would be removed due to the processing time, I was also told that the deferment would last until May of 2004.

I recently pulled my credit reports from Equifax, Experian and Transunion and have lates showing in May 2003, June 2003, March 2004 and April 2004.

As you can imagine I am shocked to see such information reported: a Wells Fargo Representative had assured me that the deferment would be retroactive and any late pays reported would be removed and/or not reported on my personal credit report.

due to the fact the first Wells Fargo Representative failed to notify me of my right to have the loan placed into deferment status when I notified Wells Fargo I was unemployed.

(Please) Remove all the late pays reported on my credit report . I should not be penalized because of the incomptence diplayed by Wells Fargo

due to the fact a Wells Fargo Representative assured me the late- pays would not be reported under my associated with the deferment. The lates to be removed are as follows:

June 2003

May 2003

March 2004

April 2004

Thank you for your consideration in this matter. I look forward to your prompt reply.

Sincerely,

Mrs. Potatohead

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