Wells Fargo Credit Card Settlement

Most creditors / CAs agree to settle for 40 to 50% of the outstanding debt amount. To know how to settle your credit card debts yourself, you may visit the link do it yourself debt settlement.

I SETTLED WITH DISCOVER FOR 50% OF THE BALANCE. BANK OF AMERICA I SETTLED .15 CENTS TO THE DOLLAR. FYI: YOU WILL HAVE TO PAY TAXES ON THE WHOLE DOLLAR AMOUNT, NOT THE SETTLEMENT AMOUNT, NEXT YEAR, SO BE READY FOR THAT!!!

HOPE THAT HELPS

What do you mean by the whole dollar amount?

No, no, no...you pay taxes on the amount forgiven...if the amount forgiven is $600 or more

For example...if the amount owed is $2,000 and you settle for $800, then you will receive a 1099 for the difference of $1,200...unless you are insolvent, then you will pay taxes on the $1,200.

That is what I was thinking.

Sometimes it helps to be late. I settled a similiar amount for half but it took several calls.

I'm working hard to settle my Wells Fargo CC, but have not gotten much traction yet. They recently escalated me to a new depart and have "assigned" me a direct contact. He told me that they could probably settle for about 50-65%, which I can't afford. I'm somewhere between 130-150 days past due, and was told they'd charge it off at the end of August. I'm trying to get down to around 25% or so, if possible.

How is it going with Wells Fargo? I have 2 large credit card debts with them that I am going to try to settle. It seems that B of A and Chase are ok to deal with, but I haven't heard much about Wells Fargo

Wells Fargo is tough. I'm coming up on 180 days late (charge off time) and the guys
on the phone says he won't even discuss settlement for less than 50%.

I'll try them the week before, and see if there is movement. If not, I'll let them charge it off and then try again before they sell it to a 3rd party.

im in the same boat with wells fargo. they keep saying they won't accept anything less than 50% but I read several settlement letters posted on the web that indicated wells has accepted less than that. Any other ideas on how to get wells to budge? thanks!

Have anyone of you settled with wells fargo I have a hugh cc debt with them thanks

I've settled for 30-50% with Chase, capitol, and Amex. Have a payment plan with Wells Fargo, but can't afford the payments anymore. CCC counselor told me to quit paying them. I have money to settle for 1/2. They tell me quite rudely that they will not settle when I have a payment plan. And that they won't do settlements, period. So do I take a chance and quit paying on my card, watch it skyrocket and settle for 50% of that??? Any experience with WF??

I just hung up with Wells Fargo trying to do a settlement and they said absolutely not. They referred me to their "debt counselor" to do a repayment plan. Ugh!!! If I stop paying them and let it go to collections, what are the chances they'd be willing to settle then??

I had a settlement with Wells Fargo for 35% after it went to collections. Keep trying. Good luck.