As I wrote last week’s post about the new ombudsman at the Consumer Financial Protection Bureau, I was submitting my complaint against Wells Fargo Education Financial Services. Yesterday, I received an email from a “research and remediation analyst” at Wells Fargo EFS thanking me for my complaint to the CFPB, and offering to work with me on a workable repayment plan.
After figuring out what payment I can afford to make to Wells Fargo EFS each month, they accepted my offer. That simple arrangement could have been made over a year ago, but they refused to work with me until the CFPB got involved.
I have to send a huge thank you to the Consumer Financial Protection Bureau for the creation of the ombudsman for private student loans. I’ve tried everything I know to do for over a year now, and within a few days of the CFPB’s involvement, Wells Fargo is now willing to work with me.
After all the heartache, the job hunts, the packing, moving, and unpacking, contacting my congressmen, going on national radio, the letter writing, financial and legal consultations, etc., they’re finally being responsive. If they had simply done a year ago what they did today, this whole mess could have been avoided. Now I get to try and repair the damage that has been done to my credit since this situation began. Any tips on that are welcome.
Another big thank you goes to Elizabeth Warren for her efforts to create the CFPB. Without her leadership and persistence, the CFPB would not exist today, and I wouldn’t have been able to get Wells Fargo EFS to agree to any terms on my own. Thank you, thank you, thank you.
I know this isn’t over–far from it, I know–but for now, I’m able to breathe a sigh of relief.
Refresh. Recharge. Reboot.