Complaint Rating:

Company information:
Wells Fargo Financial
Iowa
United States
Phone: 18006456462
financial.wellsfargo.com/index.html

I called today to try to settle a credit line I had taken out to buy a couch. The terms were for 2 years with no interest. I was told when I took the credit that if I made my minimum payments every month the account would be paid off in two years and I wouldn't have to worry about being charged interest. However, the minimum payments that Wells Fargo calculated were below what would be needed to pay off the credit in two years. They did not tell me this so I've been happily paying what I thought was the correct amount for two years. The 0% interest deal expired on April 6th and I failed to notice until yesterday (4/23/2008) that not only did I still have a balance but that I was now being charged an extra $444 in interest. I talked to three different customer service reps on the phone and all three were rude and refused to even consider sympathizing with my predicament. They made it clear to me that I was horrible person for not keeping a closer eye on my statements despite the fact that I was told that the minimum would be enough to complete payment on the credit line in two years. They also asked me why I waited 18 days to call them. I said that I just received the statement yesterday so this was the soonest I could call. I asked repeatedly for help since I was actively trying to resolve the issue and admitting my mistake rather than avoiding payment. Again, they implied that I was a horrible person and they would do nothing at all to help me. It seems to me that the minimum was purposely calculated at a rate that would be too low to complete paying off the couch in two years. In this manner, Wells Fargo could catch people like me and charge 20% interest. If I had known that my payments were too low I would have increased them but Wells Fargo never let me know this. They refused to grant me any leniency even though I offered to pay the principal balance in full. They obviously do not care to keep customers. They'd much prefer to lose a customer forever over a matter of $444 in interest that would have been easy to forgive.