Minden, Louisiana
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1 comment

Some years ago, my wife cosigned as an accommodation for our not yet 21 year old son to attend Mary Washington University in Fredricksburg,VA. Wells Fargo Education Financial Services (WFEFS) made the loans and since he was not of legal age, the wife cosigned.

Some years later the lad is out of school, 24 years old and has encountered some financial and legal problems, now unable to pay the student loans my wife was an accommodation signer because of his contractually under legal age status at their incurrance. Instead of even contacting him on his past due status, WFEFS has demanded payment from my wife in full, charging around a 50% interest rate for the "late payment" charges. The only person that received benefit of the funds derived from these student loans was our son and neither my wife or I received any benefit of the funds. Clearly, the obligation rests upon the adult child but WFEFS will not even send him a past due notice let alone make a collection call to entice him to pay.

Now, we in our advanced years are going to have to cough up $25K to pay these loan sharks who have even agreed to attempt collection from the son but DO NOT even contact or send him any notices, routing everything to my wife. This all started when my wife left employ of Wells Fargo & Company (WFC) at the beginning of 2009. WFC is the worst employer in the world and they tried to thwart her from drawing out any of her 401 K and profit sharing funds last year even before the student loans were past due.

WFC and John Stumpf are without a doubt (I have written to Mr. Stumpf appealing for his assistance to resolve many of the issues) the most egregious parties as employers and as a human I have ever found, despicable.

Product or Service Mentioned: Wells Fargo Loan.

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Well, your wife did co-sign for the loan. In doing so, she took responsibility for repaying the loan if your son could not.