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Home >> Lending >> Credit Cards
Lost Payment Causes Huge Problems and Fee
I had a 0% APR loan with Wells Fargo that accrued interest through 2008, and was due by 12/10/08 in full. If payments were late or not paid by 12/10, the accrued interest was charged to me. I made every payment date prior to each due date and often paid $1000 each time. For the last payment due on 12/10, I used another 0% APR deal from WorldPoints Visa, since I didn't have the cash on hand. The amount was $1290. I instructed WorldPoints to pay Wells Fargo that amount on 11/25.
WorldPoints confirmed later that they sent a check to my house, but I never received it. They also sent confirmation to Wells Fargo that payment was sent, but that was not good enough for Wells Fargo. I did not learn of the lost payment until I received a statement from Wells Fargo in late
December, which was after the 12/10 due date. I immediately investigated the issue to discover the lost payment. I sent payment to Wells Fargo for $1290, via bank transfer to Wells Fargo from my bank account. Wells Fargo says that payment was not on time, but it was made, and that I owe them the accrued finance fees totalling $1005.95. Wells Fargo instructed WorldPoints to reimburse me the accrued fees.
WorldPoints refused, saying they sent payment per my request and it was not their fault. It was not my fault, since I instructed payment to be made on 11/25. In Wells Fargo's letter to WorldPoints they say that they are a profit-bearing corporation and unable to remove any fees or penalties. If the payment had gotten to Wells Fargo on 11/25 as I had instructed, then how could Wells Fargo have made a profit on this? Would they have still charged me or found a reason to charge those accrued fees to me? The $1005.95 would not have been due. I have an excellent credit rating, never been late on payments and pay more than I need to on my mortgage. I am appalled at how I was treated by both banks. I'm hearing-impaired and feel that Wells Fargo took advantage of me and saw an opportunity to make more money due to a simple lost payment. Please tell me what rights I have and how I can clear
this situation. I'm desperate to get help in this matter.
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 In this case, everyone: you, Wells and WorldPoints, seems to think he, she or it is in the right. Neither Wells or WorldPoints is contractually obligated to give up $1,000. Wells earned that interest under its contract, and your payment to them was received past the deadline for waiver of the accrued interest. It is not true that Wells seized an opportunity to make more money due to "a simple lost payment."
For its part, WorldPoints may have had a reason for sending its check to you rather than directly to Wells. Was the address you provided for Wells correct? Did you in fact provide an address? Did the WorldPoints terms and conditions indicate it sends its advance to the customer rather than the creditor? It is not certain that you have any leverage with either Wells or WorldPoints unless you can document that WorldPoints breached its agreement with you on delivery of the advance, and you might have to resort to legal action to collect, which is likely to cost more than the $1000 in question.
Published on BankingQuestions.com 1/14/09
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