Wells Fargo & Company Complaint - Robbed By The Bank - Loan Agreement
I purchased a furnace in January, 2010 that was financed by Wells Fargo Financial. The monthly due date on the agreement clearly states the 8th of the month for the next 48 months, at $80.00 per month. While I made a payment on June 8th, I received a phone call from their collections department saying that I was one day late, and that the due date was the 7th of the month. WF assessed a late fee of $39.00, which according to them made my July payment due of $119.00. On July 6, 2010, I paid online $100.00, thinking that I was paying $20 more than the principal and interest due, but I received a phone call this morning (7/17/10) informing me that because I was $19 short of what was due, an additional late fee of $39 has been assessed. After an hour on the phone with their collector and her supervisor, I am told that unless I satisfy principal, interest (which totals $80), and all fees each month by the due date, a late fee ($39) will be assessed each month. I argued that I have satisfied the agreed upon principal and interest commitment, and the due date should rightfully advance each month. I am willing to dispute the changed due date through their customer service channels, but I should not have to continue to be victimized by late fees when I have a documented due date spelled out on the original loan agreement.
What law is there that protects a customer from (1) having a loan agreement due date changed without agreement from the customer, and (2) from an institution that takes its fees out of the monthly monies sent, and then pays principal and interest after they pay themselves their fees, setting the customer up for a fee assessment in the next month?