Collection Agencies - Problems with Wells Fargo (previously Trans Canada Credit) - Canada

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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby RichardC » Wed Apr 15, 2009 01:19:19 PM

So she paid on a loan for 15 years which was originally $5,000 and it amounted to a total of $36,000 paid?

I've seen this one before.

What was the interest rate and how was it compounded?

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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby indeptandconfused » Wed Apr 15, 2009 11:13:55 AM

My husbands grandmother had a loan with wells fargo in 1992 for $5000.00 she paid $200.00 a month every month up until 2007 now to my calculation she paid them....36,000.00. now that sounds like an awful lot of intrest to me and if she failed to pay for 1 month she would get phone calls threatning they would take her house and land..... is there anything she can do about this now???? Maybe to get some of her money back.....i personally think someone in that office pocketed alot of her money.
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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby The Lone Pony in the Pack » Sat Apr 11, 2009 06:31:37 PM

My it is interesting how polictics usually ends up in the lap of our commissions, various public paid accounts for various groups and all we get is mumblejumble from each, and the crooks get away with your hard earned money!!!!!!!.
Lesson number one: Don't underestimate your customer skills which are being grossly overinflated with their attitudes on your phone, and even on Sundays, Shameful, Deploreable !! With such great friends, whom guide you, with their expert Marketing tools to Lure you, Even the while they are Comparable to the Pay-day loan culture .................. which have been
be smewhat regulated. Surprising what the PRESS CAN DO FOR YOU , and your kind.
I am sure our fore-fathers are turning in their graves as we take this SERVICE,
with a smile approach, which they can
ey should WIN for

re our Government is Praising how regulated we are, do the math !!.
It has come to my attention that in Canada it is against the Law to charge more than 60% in a given year, for interest and fees. The Law !!!!!
If your contract states one thing and you are paying another, do the math, if you are paying more interest in the first year than you are paying principle and it exceeds 60%, file with the RCMP, the Minister of Finance, and Consumer Affairs and state that you are being bilked ! It is a Criminal Offence in Canada, and with NAFTA if you do your research against Money Laundering, etc, Look it up in the agreement with NAFTA, the G-8 Ministers frown on such behavior. So I suggest you enquire, with detail, your obligations with Wells Fargo, to the Letter, to the Secretariat of the NAFTA Organization, underdisclosure obligations with form: NOTICE OF INTENT TO COMMENCE JUDICIAL REVIEW, Good luck trying to print the form, for some reason I have tried Your Minister of Finance, .

Ladies and Gentlemen I have seen cases where Wells Fargo charged 328% plus fees
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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby montyloree » Thu Nov 17, 2005 12:00:00 AM

Sorry, I meant to say moral of the story.
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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby montyloree » Thu Nov 17, 2005 12:00:00 AM

Hey thank you for all this information. I don't expect to hear back from these people but you never know. I like to be prepared and your information will really help. I didn't even know of the government agencies. I will let you know if I hear anymore from them. Thank you again.
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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby montyloree » Thu Nov 17, 2005 12:00:00 AM

Hey Diane,
Writing a letter to the collection agency and copying the Consumer Protection / Privacy Commission usually puts the collection agency in their place. They won't usually pursue it if you're going to tie them up with investigations and paperwork with Consumer Protection.

Getting the authorities involved helps you to posture a little.
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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby montyloree » Thu Nov 17, 2005 12:00:00 AM

I have no idea. This is what I am trying to find out as well. I assume they have no rights whatsover. They have a right if we give them the right, by opening negotiations with them, by validating what the heck they say. But unfortunately, I have a feeling if it gets to court that the court system dislikes people who owe money so much that they give all the rights to these big ugly bullies. Even though they put debtors through great stress and frustration. Even though there are laws in place to protect us, they still get away with these twisted tactics of theirs. Good thing though is that we can report the abuse to the government agencies that are in place for such cases. It takes work on our end because we have to maintain records but I do believe that this can be effective to a degree until this old debt is passed onto yet another agency who starts this thing all over again. Motto of the story... do not open accounts and if you do spend your credit only if you can afford to.
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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby montyloree » Thu Nov 17, 2005 12:00:00 AM

Hi and thank you again for more information. I was reading about this company from the website you provided (Portfolio Management Group). I have another question. How does this affect us? If they buy old debts that are considered unrecoverable, what does this all mean? Even though the statute of limitations says they can no longer take any legal action against us for any outstanding debts, (if there were any), what else can they do? Harrassement? What do they do with these debts after they purchase them? I don't really understand the whole concept. Thank you again in advance and thank you for all the informative information.

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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby montyloree » Thu Nov 17, 2005 12:00:00 AM

The web sight for portfolio management is http://portfoliomci.com
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RE: Problems with Wells Fargo (previously Trans Canada Credit)

Postby montyloree » Thu Nov 17, 2005 12:00:00 AM

It is my sincere wish that more people would complain to the Provincial Government 's dept of Justice in writing about collection agencies misdeeds.

We're trying to do our part with this forum to help level the playing field between the big powerful creditor and collection agencies and the individual.

I also encourage people to learn about their contracts and what they've agreed to with these creditors. If people actually knew what sort of power they gave to creditors, they would hesitate more often in taking and using debt.

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