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Category: Consumer Protection Law
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Experience:  20 years experience in consumer advocacy, debt collection violations, contracts, construction
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agreed loan not honored.

Resolved Question:

We have received the money on a loan we signed with Wells Fargo. They are not giving us an account number and are trying to make us sign a different contract with a higher interest rate and threatening us with collection bc they gave us 2 loans and made a mistake. But can they do anything once we have signed and received the money and used it. Can they not honor the original loans? Wondering what I should do?

Submitted: 1 year ago.
Category: Consumer Protection Law
Expert:  Law Pro replied 1 year ago.

Welcome to JustAnswer! My goal is to do my very best to understand your situation and to provide a full and complete excellent answer for you.

My name is XXXXX XXXXX I'm going to assist you with your question.

Please bear with me if you believe my answer isn’t coming fast enough because I’m also working with other customers too. I apologize for any seemingly late response.


There is documentation and a contract covering the monies you received (although WF doesn't like it and potentially made a mistake according to them) - correct?
Customer: replied 1 year ago.

correct. we have the loan papers signed. Already have received the cash and paid off bills.

Expert:  Law Pro replied 1 year ago.
Then if the documentation is correct for the monies you received - WF is SOL in being able to force you to sign alternative loan documents or agreeing to another interest rate - they can't force you.


This is an issue of mutual or unilater mistake potentially.

Mutual Mistake: When there is a mutual Mistake of Fact with respect to the subject of the contract, the subjective intention of the parties is evaluated by the courts to determine whether there had been, in fact, a meeting of the minds of the parties.
If the mutual mistake significantly changed the subject matter of the contract, a court will refuse to enforce the contract. If, however, the difference in the subject matter of the contract concerned some incidental quality that has no (or negligible) effect on the value of the contract, the contract is binding, even though the mistake altered or removed what had been the incentive to one or both parties to enter the contract.

An alleged mistake in the interest rate would NOT be considered a mutual mistake.


Unilateral Mistake: Ordinarily, a unilateral mistake (i.e., an error made by one party) affords no basis for avoiding a contract, but a contract that contains a typographical error may be corrected. A contract may be avoided if the error in value in what is to be exchanged is substantial, or if the mistake is caused by or known to the other party. Unilateral mistakes frequently occur where a contractor submits an erroneous bid for a Public Contract. Where such a bid is accepted, the contractor will be permitted to avoid the contract only if the agreement has not been executed or if the other party can be placed in the position that they occupied prior to the contract. If the mistake is obvious, the contract will not be enforced, but if it is inconsequential, the contract will be upheld. The mistake must consist of a clerical error or a mistake in computation, as an error in judgment will not permit a contractor to avoid a contract.


An alleged mistake in the interest rate would be a unilateral mistake - but your agreement has been executed, monies paid and spent, and, therefore, the contract enforceable.

I would inform them that you are holding them to the terms of the executed agreement and will not agree to executing a new contract with a new higher interest rate. They have no legal basis for demanding that you execute another contract or amend/modify the existing contract.


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Customer: replied 1 year ago.

we return the documents to the bank to try to get this straightened out and got them back yesterday. Only one copy was sign for the two loans. what would you advise doing?

Expert:  Law Pro replied 1 year ago.
Did you make copies of the loan documents before you sent them?
Customer: replied 1 year ago.

nope but we do have an account number for the $13,000 dollar loan. We have the documents signed for the $8,711. They gave us blank copies of the $13,000 but we do have a statement plus proof of both deposits in my checking account. But they will have to prove we signed for the difference between $13,000 and $8,711 correct?

Expert:  Law Pro replied 1 year ago.
The burden is on them and you did execute the agreements and sent them back - that it's a mere formality and ministerial matter that they didn't execute the agreement because they sent you the monies as per the agreements you executed.

As such, they are bound by those agreements.

I would just inform them that you are not executing new contracts but holding them to the existing contracts and their terms - that's it.

They are trying to intimidate you but don't let them - they are bound by the existing contract terms - they funded the loans and you accepted the monies pursuant to the contracts you already executed.

They have "impliedly" agreed to the contract terms by funding the loans as per the already existing contracts.

So, just ask for copies of the contracts and inform them you will not execute new loan docs.

There is nothing they can do.



Thank you so much for allowing me to help you with your questions. I have done my best to provide information which will be helpful to you. If I have not fully addressed your questions or if you have any follow up questions, or if I have misinterpreted your questions in any way, please do not rate me yet, but simply ask a follow up question without rating so I can provide you with a fully satisfactory answer. If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service with 3, 4, or 5 faces/stars so I can receive credit for helping you today. I thank you in advance for taking the time to provide me a positive rating!


Law Pro, Lawyer
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Experience: 20 years experience in consumer advocacy, debt collection violations, contracts, construction
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