unsecured business line of credit

I have an unsecured business line of credit with a balance of about $50k through Wachovia, which is now owned by Wells Fargo.

Do these types of accounts offer settlement the same as credit card accounts?

It depends on the type of business and why you want to settle. If you have business assets, they may go after those.

i ran the biz for about 2 years and couldn't sustain it last year. keeping it going on the side but i have another fulltime job now that just barely covers household expenses each month. no biz assets other than my laptop and a couple contracts that pay monthly.

LOL at SOAPLADY advice, the person asked a simple question and you failed once again at answering it with some sort of non sense. stop posting!

the answer is..







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Yes!
you can expect the same settlements and sometimes even lower.

aka same question for Wells-Fargo Businessline. I have found very little info. The business shut 5 years ago and I have been paying the monthly interest since out of personal funds, given the personal guarantee. They tell me it is charged off and with recovery at about 190 days and no offer to settle $60k. the only thing I have found at all is they say they only go to 50%. any info or thoughts?

i would keep trying, maybe not calling but faxing an offer to them, depends on how much you have to offer, wells fargo i wouldnt expect for them to go as low as B of A or some others but 50% is a start so try for maybe 25% or 30%, if you need payments i would call them and feel them out, tell them your story and youre trying to settle but can only afford a certain amount each month ON A SETTLEMENT, they should respond with the max payments they will give you in a settlement, once you find that out then you can figure out how much you can pay per month, they should have a certain amount they cant go below percentage wise. if they tell you they cant go below 40% offer them 30%, you can tell by pushing someone on how low they can go.


what happened in precharge off before 180days, did you try to settle with them then ?

because this was my largest one at 60k i had to let it go while i worked on the smaller ones. they were not interested in discussing settlement though. i will try your advice. thank you again.