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Old 03-11-2009, 11:06 AM   #4 (permalink)
Junior Member
Join Date: Mar 2009
Posts: 4
The time frame to cancel this specific loan was 15 business days, but I called the day I recieved the Loan Disclosure form and the representative I spoke with told me there was nothing they could do that I was stuck with the loan. I continued to call several more times until I got through to a supervisor who said that he was sorry for all the problems he would cancel the loan right away. When he didn't do that I contacted their corprate office and the head of the loan dept. said she would see that it got cancelled. Well, that still hasn't happened. Yes I signed the promissary note, but it clearly states on the last line, "by signing this promissary note you understand that you are under no obligation to accept credit from this bank if your loan is approved". So what has happened is they sent the funds to Sallie Mae after I was approved, and since Wells Fargo drug their feet about cancelling it the funds got deposited and so it shows my loan with Sallie Mae is paid off and my loan through Wells Fargo is in repayment. I don't want the loan through Wells Fargo and who knows if Sallie Mae will even reinstate the loan with the way the economy is, but that is not my problem because it is their job to contact Sallie Mae about reinstating it.
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