Wells Fargo charge off

Lenders generally charge off the debt if it is 180 days past due, but they can also charge it off even before 180 days, if they consider it as a bad debt. I think you should pay it off, because charge off listing is very bad for your credit score.

Doesnt it depend on the state on when it gets charged off?

Good idea, I'll just pay it off. I think I have $20,000 laying around somewhere. Thanks for heads up.

There's nothing that says they can't write it off before 180 days. In fact, they should write it off before 180 days, if they think it is uncollectible.

Also, if they sent it in writing, then I'd believe that they intend to write-off in seven days. Otherwise, that's deceptive collection practice and could lead to fines or even a class action lawsuit.

Just as a point of reference... I'm about 130-150 days late on my Wells CC, and they told me on the last call it would charge off at the end of August.

Thanks for the info. Do you answer the phone or has your contact been thru the mail.

Quote:

Thanks, I either answer the phone or call them about once a month. I am not ready to make a settlement offer at this time. I will roll the dice and see what they do, I really don't have a choice.

[quote]I am not ready to make a settlement offer at this time. I will roll the dice and see what they do, I really don't have a choice. [/quote]

Well, there's your answer and it makes the charge-off immaterial. If you don't have it, then you don't have it, and a charge-off won't change that.

Plus, life goes on. My Wells HELOC charged off last week. They are still talking to me about settlement... I'm sure the long term implications of that will not be great, but it certainly has made them more willing to settle given their most recent offer.

It sure makes it easy to choose when you don't have a choice. Hopefully they will wait until 180 days to charge off and give me some more time to build up funds, either way I will fire up the grill and have a couple of cold ones tommorow.

may second mortgage was charged off, and i want to settle it. My second mortgage is $130,000. First they gave me a letter for 30% of the value, but we don't have that much money, can we still negotiate for a lesser amount let us say around 10 to 20% of the value?

I am in the same situation with Wells Fargo, they are very uncooperative and have decided to communicate with them by writing. My account has been charged off for $5,400. I tried and tried to work them even through a payment program but they won't budge after you have already been on a payment program. The only thing that is on my side, is I am disable and I cannot work so, I don't have any income and can only afford to pay them back so little every month. I live at home and have no assettes, like cars, mortages etc except for a checking account and they can't do anything with that either since I don't make the required amount of money for them to garnish my wages., All they can do is ruin my credit and keep trying to collect for 6 years. I'd love to work with them but, they won't give you the time off day after your account has been charged off.


wells fargo client.