Re: Re: Wells Fargo lawsuit Thanks jlynn and jason. I agree, I will take out the verbage about what I would have done earlier and what I will settle for. I'll just leave it, I'm filing on such and such date. Nothing else.
Re: Re: Wells Fargo lawsuit One other thing, I am sending this letter CMRRR, but asking them to fax back a reply to me.
Since your sending it CMRRR, I prefer to give them x days, rather than a date. It has to go to the Agent of Service, and then forwarded to the legal department. You don't want them to inadvertently miss the deadline because of mail time. 6 days (assuming you get it in the mail today) is not very long.
I would have to respectfully disagree with jason. By offering to settle the dispute for $4000, Wells Fargo is getting a bargain--the absolute minimum statutory penalty per violation. Taking it to court would add court costs to both sides plus actual damages plus the wildcard of punitive damages if you seek relief in the appropriate venue. Rather than tell them for how much you will be suing, why not state court costs/attorneys fees/damages but do not attach a dollar amount.
Yeah, if I actually took them to court it could end up costing them quite a bit more. As far as damages, I have my report showing how my score went down and why (inquiries). It also made me dip below 600. I am back up again, thanks to a few more deletions.
As i mentioned, I have heard it said that the $1000 liability is per action taken against them and NOT per violation. I'm still searching for clarification on this as it's a significant difference. If you think they'll bite for the full 4k, and they in fact do, I'd be more then delighted for you as it's a win for everyone here and gives us all knowledge to work with.. I just know that if it were me, and someone made that offer to me, I'd seriously consider taking my chances in court unless I knew I would lose. No legal fees really with small claims - just time, aggravation, and travel expenses (travel could be pricey on its own). I'd wager that 99% of the legal threats they get are bluff's anyways, so they'd probably wait until the day before the court date before they accepted the fact you were in fact serious... I'm just putting my thoughts out there, as I am on the verge of making a financial demand on a CA for violations and these are the things on my mind recently.
there's no damages there just from the score change itself.. damages would be: being turned down for a loan, getting interest rates jacked up on you, etc. I've read of others experiences here where judges threw their cases out because of this, while others had judges more lenient. I've seen many people with court experience on here suggest one should go apply for something that will result in a denial, that way they have damages.
Correct. I already told the poster this once in a different thread, but apparently they have chosen to ignore me. That is fine. You can sue for whatever you want and for whatever reason. But when it gets to court, the judge will put an end to it.
I typed up the papers, but haven't filed them yet. I am going to do it in 2 separate suits, one for DH and one for me. Also, we are getting a mortgage for a different house, that's how I found out about the inquiries. I had never even looked before, but when my new mortgage ran my credit in February the first time, is when my credit dropped due to too many inquiries. I knew I hadn't applied for anything since last June, so I went in and saw the Wells Fargo unauthorized inquiries. We, incidently, are paying 1% more on our mortgage ($121,000). If my scores would have been higher to begin with, it wouldn't have mattered, but I was "on the bubble". So, I do have damages that can be proven. I also have my initial "preapproval at 5 3/4% and my new sheet with the rate at 6 3/4%.
