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Wells Fargo / balboa forced insurance

1 Wallingford, CT, United States

It seems this complaint is pretty common among this board. So I fell victim to the same forced placed insurance as many others. A few months back I changed insurance companies to get a better rate. For those who don't know, in CT it is illegal to hold a car without having insurance so the companies here are very stringent about getting the coverage right and not putting their customers into a legal problem. Wells Fargo apparently never got confirmation of this. They claimed they received word of the cancellation of my other insurance but not of this new coverage opening up. Which is absurd, first off, considering CT's law. So, rather than try to confirm it themselves which any company can do easily, they tack on forced insurance through balboa. Let me try to make this as concise as possible. The collection calls begin. I called Wells Fargo and they told me they couldn't help me at all, that Balboa is a completely separate company and that my gripe is through them. I called Balboa and they said they needed more info, so I made a three-way call with them and my insurance company. My insurance company (Unitrin) is fantastic and the woman made verbal confirmation and Balboa said OK, we'll update the account, we don't need anything more. Hang up. Next day? Collection call. This is three days later now and Wells Fargo is still looking for money. Are you kidding me? Wells Fargo claims that when I make a payment (Mine happens to be 475.69 a month) the first part goes to interest, the second, goes to forced placed insurance, the third part goes to the loan. Which means that they give my money out to a separate company before taking the part that I owe them? Give me a ------ break. If I ever had to do business with Wells Fargo again, I think I'd shoot myself. What are people doing to resolve this garbage?


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