1 comment

I just suffered the ignominy of watching my family minivan be repossessed. Yes, we had suffered financial downturns and yes we were behind in our payments. However, when trouble first started brewing on the horizon, I attempted to negotiate some sort of alternate arrangements with Wachovia to get through the rough patch. EVERY representative I spoke to was curt, dismissive, and essentially gave me the "pay everything or else" message. When I told one particularly rude representative that his tactics and tone were insuring that I would never do business with Wachovia again, his response was "Well, with your payment history, we wouldn't WANT you as a customer." (Of course this was after soaking us with a 15% used car loan!)

Funny, but when my WIFE called a few days later, she was given some latitude and we were able to make a couple of partial payments until another financial downturn.

Finally I had to send a cease-and-desist order because they were calling us 8 - 10/day from 8 AM - 9 PM.

A recent NY Times article highlighted that -- much like doctors who admit mistakes are less likely to be sued -- when financial companies who treat their customers with a modicum of respect and understanding generally have been able to recoup 90% of overdue debts as opposed to the 40 - 45% recovery for the "hard-***" collection agencies.

The rep I spoke to as the repo man was hooking up the car said "Once you sent us the cease-and-desist order" we couldn't talk to you anymore -- which is a blatant lie. The law says they then have to stop CALLING (which they did cut back, but did not stop) and must use WRITTEN CORRESPONDENCE, which they did not.

If a utility company can send you a statement in an envelope with a red stripe to alert you to an overdue account, why can't a multi-billion dollar bank (a recipient of TARP funds, no less!)

Finally, to add insult to injury the repo man informed my that Wachovia is BRUTAL in their tactics. When I said to him that my family was stressed to the point of contemplating telling Wachovia to TAKE the car because they would likely get $5, 000 on the $11, 000 note we owe. The repo guy then added, "Yeah, but then they'll go after your house" -- to make sure they make a killer PROFIT. Not a reasonable value for the vehicle but the sheer (high) interest profit.

Had an Experience with Wachovia Bank?

Write a review


Terms of Service
Post Comment

There real name is Westcorp, Inc.There Corporate office in North Carolina needs to get more complaints from us about the harassing calls(877) 250-2265, here is the number.

WE need to complain more on the BBB. The web address

is www.charlotte.bbb.org.

Since there are alot of complaints but not enough they feel this company is ok.Spread the word!!

You May Also Like

Bank Of America - BOA fails to protect customer from real fraud case Bank Of America "My credit card been phone scammed on April. I have all the evidence, police report. BUT: 1, BOA custermer service push you around in different departments, let you waiting, holding..." Read more Scotiabank - Bad cybersecurity Scotiabank "I've been documenting for years, the abysmal cybersecurity at Scotiabank. I personally think they're a dangerous bank to be with. I've now started to serialise to YouTube some of the..." Read more Ge Capital - I was in a bad spot and applied for a small loan. Received an email Ge Capital "And a legitimate looking letter on letterhead saying I was approved for 6000$. When I called over and over following up no answer and finally Indian girl answered. When I..." Read more Ally Bank - Auto Loan Review Ally Bank "I've been with ally auto financing for two years. Bought 2014 Kia Optima brand new for 300.27 a month through ally mobile app. January 11th 2017 I made my payment..." Read more Maaco - Bad paint job and broke window Maaco "Took my SUV in to have the driver side painted. Plan black was used and you can see the difference because I have sparklers in my black paint. But when..." Read more Dresslily - Wrong Color and it came to me Tangle Dresslily " This item came to me it's a ugly color it was tangled and I needed replaced I've been trying to call but no one is answering so now I'm..." Read more Ross Dress For Less Mobile Al - Terrible Customer Service-Ross Dress for Less Manager Ross Dress For Less Mobile Al "I purchased items from Store #1845 on Sept. 1, 2017 for a total of $30.22. I took the items home and hung them up for wear on a later date...." Read more Walmart - BUG IN MY "WASHED AND READY TO EAT" SPINACH Walmart "After a morning, which led to a rather warm afternoon, I decided that I would purchase my greens from my local Walmart, as to prevent heat induced wilting. My local..." Read more