Yesterday I noticed a "letter" from Wells Fargo, who holds the note on my car. I pay my bill online, and don't have any other accounts with them, so I assumed this was another "invitation" to loan me some money. Something looked a tad different, though, so I decided to take a look. Inside I found a letter stating that I must verify the collateral securing my account is properly insured. bla bla bla. Bottom line is, if I don't prove that I have insurance within 15 days, they will "buy" insurance for me, and add $799.00 to the unpaid balance of my account, and will charge interest on the amount. OR they might divide up the premium and add it to my car payment each month. Bear in mind, this $799.00 policy would only be insurance to cover loss or damage to the vehicle, not liability or personal injury.
Are you kidding me? Is this even legal? How many people will toss their letter into the trash, like I almost did, and subsequently incur this ridiculous expense? I dunno... maybe this is a routine, or normal thing to happen, but I don't recall ever having to do this before. I'm just so thankful I didn't toss it away. Especially after the fiasco I've been through with my mortgage company being shut down by the feds, and all of the time, trouble, and expense resulting from that. Sheesh.
So let me just add that to my List Of Things To Do. I suppose I need to pay more attention to my "junk" mail. No telling what I might inadvertently order or sign up for by default if I fail to return the enclosed refusal, or fail to call or e-mail. Good grief. I think I need to read that book again. I'm feeling the need for some serious simplifying. Or perhaps a book on cloning myself might be more useful.