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Just received a letter in today's mail about a Wells Fargo HELOC class action settlement.

Glancing through the letter and the documents, it apparently involves a class action brought forth against Wells Fargo (WF) based on any of the following three conditions:

1) - HELOC account were suspended or reduced based on a claim by WF that your financial circumstances had experienced an adverse material change to justify the suspension or reduction;

2) - HELOC account were suspended or reduced based on a claim by WF that the value of the property secured by your home had experienced significant decline in value to justify the suspension or reduction;

3) - your HELOC account was closed following a suspension or reduction of the account by WF as a results of #1 and/or #2 above and who incurred a deferred original fee, as a result of WF closing your account.

Apparently former class members gets a cash award of $150 and lawyers will get up to $1,470,000!

The website is www.helocsettlement.com

Note: I'm guessing they got my info because we used to have a WF mortgage and HELOC and our HELOC was suspended (per #2) due to their computerized property assessment/valuation model, before we refinanced.

Check your mail, if you're a former WF HELOC customer.

Member Summary
Most Recent Posts
I'm sorry, but I'm failing to see what the basis of this class action is. A HELOC is a Home Equity Line of Credit. If yo... (more)

LordKronos (Aug. 22, 2012 @ 8:26a) |

LordKronos, you seem to be missing the post above yours, linking to the complaint. In summary, it covers borrowers who h... (more)

SlimTim (Aug. 22, 2012 @ 12:43p) |

LordKronos (Aug. 22, 2012 @ 1:06p) |


I think the 10,000 ratio (1.5M/150) is fairer than the 100,000-200,000 ratio in the weber suit (which also probably requires less work on the part of the attorneys).

That $1.47 million to the lawyers will provide some economic stimulus to the struggling economy.....all the way from Juarez to Medellin.

my chase heloc was suspended due to #2. Do they have a settlement??

Anyone who has a suspended heloc from another issuer should get a copy of the pleadings in this case and sue your own heloc lender

You'll get much more than a class action settlement provided

vickh said:   my chase heloc was suspended due to #2. Do they have a settlement??

You can always try contacting the lawyers who are representing the class and see if they're interested in taking up a class action against Chase.

Apparently the plaintiffs who are named in the class action are also being compensated $6,000 each in this class action.

Dang it! I knew I shouldn't have paid off the HELOC with WF! Dang it!


Oh well, saved me a bunch of interest, and not having to pay $75/year fee for having HELOC was more than the $150 offered in the settlement...

When did you receive the letter? They suspended my Heloc like 3 years ago for reason No.2. But, I haven't received a letter yet.

This is BS: The class members get $150 or try to get reinstated HELOC (GOOD LUCK), the original filers of the case get $6000 (SO WHAT) and the Attorneys get 1.4 MIL (WOW) Who's getting ripped off now - WF and the Class.

Got my letter in the mail yesterday, thx for the heads-up.

onedollarinmywallet said:   Just received a letter in today's mail about a Wells Fargo HELOC class action settlement.

Glancing through the letter and the documents, it apparently involves a class action brought forth against Wells Fargo (WF) based on any of the following three conditions:

1) - HELOC account were suspended or reduced based on a claim by WF that your financial circumstances had experienced an adverse material change to justify the suspension or reduction;

2) - HELOC account were suspended or reduced based on a claim by WF that the value of the property secured by your home had experienced significant decline in value to justify the suspension or reduction;

3) - your HELOC account was closed following a suspension or reduction of the account by WF as a results of #1 and/or #2 above and who incurred a deferred original fee, as a result of WF closing your account.

Apparently former class members gets a cash award of $150 and lawyers will get up to $1,470,000!

The website is www.helocsettlement.com

Note: I'm guessing they got my info because we used to have a WF mortgage and HELOC and our HELOC was suspended (per #2) due to their computerized property assessment/valuation model, before we refinanced.

Check your mail, if you're a former WF HELOC customer.


The definition of irony: I read this post yesterday and emailed my wife about it thinking we should be in this class. Get home last night and open the mailbox, there sits our letter.

$150 for free? Yes please!

culverdavid said:   This is BS: The class members get $150 or try to get reinstated HELOC (GOOD LUCK), the original filers of the case get $6000 (SO WHAT) and the Attorneys get 1.4 MIL (WOW) Who's getting ripped off now - WF and the Class.

As opposed to what? I'm no fan of lawyers, but unlike the recent Weber settlement, there was probably quite a bit of legal work involved. What do YOU think is fair? The lawyers get $100k? That 1.4 million left is a drop in the bucket for WF and divided amongst the plaintiffs is so insignificant you would hardly notice a difference.

I received a letter from the HELOC Claims Administrator today saying that even though I did close my HELOC as a result of WF suspending the account, but because I didn't pay a deferred origination fee, I am not entitled to receive the cash award of $150.


My line was reduced based on #2; I wrote them a nastygram and the original line was reinstated - crossing my fingers for a letter.

i could not download the claim form (no link!)from the helocsettlement.com website...anyone having this problem?

NEVER MIND... link worked after re-booting!

Just spoke with a plaintiff attorney. If you are a CURRENT Wells Fargo customer you get NOTHING. In the next ten months, Wells Fargo will "reopen" your HELOC. Big deal! Our HELOC has been reduced to the point where I am thousands over my limit. Wells Fargo will not increase the line. You have the right to appeal three times. So the only people who benefited from this were the attorneys and FORMER Wells Fargo customers.

Wells Fargo beat so many people and they continue to with those high rates. And you think that 150.00 will help after the damage is already done. We still have lost because those class action suits leave you with nothing.

here's the complaint from PACER

I'm sorry, but I'm failing to see what the basis of this class action is. A HELOC is a Home Equity Line of Credit. If your home equity had fallen, then wouldn't it make sense that your line of credit based on that home equity would likewise be reduced (possibly to zero)? This just seems like another BS class action suit. I had a Citi HELOC that got cut to zero. Made sense to me. I didn't whine, I just moved on. Guess I should have started a class action for my $6K?

Please tell me there is something I'm missing that would make this make sense.

LordKronos, you seem to be missing the post above yours, linking to the complaint. In summary, it covers borrowers who had lines reduced or closed based on "derogatory credit". WF was treating a single negative credit report entry as a trigger for these loan changes, and the plaintiff argues that does not meet the federal law requirements for a "material change in the borrower's financial circumstances".

It seems to have nothing to do with Home Equity.

SlimTim said:   LordKronos, you seem to be missing the post above yours, linking to the complaint. In summary, it covers borrowers who had lines reduced or closed based on "derogatory credit". WF was treating a single negative credit report entry as a trigger for these loan changes, and the plaintiff argues that does not meet the federal law requirements for a "material change in the borrower's financial circumstances".

It seems to have nothing to do with Home Equity.


I read that. But I was also going by the OP.

Glancing through the letter and the documents, it apparently involves a class action brought forth against Wells Fargo (WF) based on any of the following three conditions:
...
2) - HELOC account were suspended or reduced based on a claim by WF that the value of the property secured by your home had experienced significant decline in value to justify the suspension or reduction;
...
I'm guessing they got my info because we used to have a WF mortgage and HELOC and our HELOC was suspended (per #2) due to their computerized property assessment/valuation model, before we refinanced.



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