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Wells Fargo Not Working with me at all

Date: Wed, 01/06/2010 - 12:02

Submitted by Andrew Bernard
on Wed, 01/06/2010 - 12:02

Posts: 11 Credits: [Donate]

Total Replies: 13


I have a couple of Wells Fargo accounts that are through my business (with personal guarantee). I have been unable to pay them for several months because I simply do not have enough money to make the required minimum payments. I have called and discussed this with them on numerous occassions trying to get them to lower their interest rates or put me on a hardship program like I have gotten with several of my other creditors. They are telling me there is nothing they can do and that I have to pay the full amount due or it will go to charge off any day now. I have not refuted that I do not owe the money or even told them that I will not pay it - just that I can't make the minimums. Can anything be done?

It doesn't make sense to me that they could get some money simply by lowering my rate which would inturn lower my payment to a reasonable amount, YET they are just going to let it charge off as bad debt.

Any advice would be appreciated.

Thanks,
Andy


Charging off your debt isn't really a terrible thing. For one thing it's good for the original creditor because they're sold it off their books, and good for you because now (especially after being 120 days past due), your account will be in a position to where you can settle them to a fraction. Wells Fargo settles fairly well. If you decide to settle you can either do it yourself or go through a company your choice, if you choose the latter do your due diligence and research them.

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lrhall41

Submitted by Nicoli Menninger on Wed, 01/06/2010 - 15:42

( Posts: 6 | Credits: )


Quote:

Originally Posted by Andrew Bernard
Finally got Wells Fargo settled at 30%..right at 180 days past due.


Hi. I am at 180 days with wf businessline and looking for a settlement but no offer. I owe 60k and business is liquidated so just the personal guarantee is at issue. would you mind sharing how large your debt was?


lrhall41

Submitted by dantheman on Tue, 03/09/2010 - 18:02

( Posts: 860 | Credits: )


dantheman,
We had two business lines. One of them was at around $26K, the other at $11K - total of $37K. One of them was right at 180 days, the other around 170 days. Our business was still operating, so we had the business and the personal guarantee to worry about.

Call them and make an offer. I wouldn't wait on them to call you. I tried for 20% for the longest time because that is what I got from BOA. Finally, got them to take 30%. I had one girl who was rude and wouldn't do anything, then another who was nice and easier to work with. They also had a bunch of different numbers on the different statements and letters they kept sending. Keep calling the different numbers until you get someone who will work with you. I also sent them a letter detailing my financial situation and providing them with details of my massive debts. It didn't take a rocket scientist to decide 30% was better than 0%. (If only Zwicker & Associates people were this smart.)

effed1,
The charge off thing was odd because supposedly they say that one of them was charged off, but it was still with Wells Fargo. It was scheduled to leave that department and go the next step on the next day. My guess is that it wasn't really a true charge off. It doesn't show as such on credit, but it may be too soon to tell. Anyway, it is all settled now.


lrhall41

Submitted by Andrew Bernard on Thu, 03/11/2010 - 06:42

( Posts: 11 | Credits: )


Quote:

Originally Posted by Andrew Bernard
dantheman,
We had two business lines. One of them was at around $26K, the other at $11K - total of $37K. One of them was right at 180 days, the other around 170 days. Our business was still operating, so we had the business and the personal guarantee to worry about.

Call them and make an offer. I wouldn't wait on them to call you. I tried for 20% for the longest time because that is what I got from BOA. Finally, got them to take 30%. I had one girl who was rude and wouldn't do anything, then another who was nice and easier to work with. They also had a bunch of different numbers on the different statements and letters they kept sending. Keep calling the different numbers until you get someone who will work with you. I also sent them a letter detailing my financial situation and providing them with details of my massive debts. It didn't take a rocket scientist to decide 30% was better than 0%. (If only Zwicker & Associates people were this smart.)

effed1,
The charge off thing was odd because supposedly they say that one of them was charged off, but it was still with Wells Fargo. It was scheduled to leave that department and go the next step on the next day. My guess is that it wasn't really a true charge off. It doesn't show as such on credit, but it may be too soon to tell. Anyway, it is all settled now.


OK, settled $60000 at 30%. I had offered 27% and they said absolutely will not do. No matter what I did, they would not come off of 30% but I was able to get 3 payments. Thanks to all for your assistance.


lrhall41

Submitted by dantheman on Tue, 03/23/2010 - 13:13

( Posts: 860 | Credits: )


I just settled a WF credit card. I was 6 months PAST charge-off, which took place in August 2009. The absolute best I could get was 40%. They would not budge at all. I'd been offering them about 22.5% for about 5 months, so I finally just caved. I'm regretting it a little now, but at the same time glad this one is done.


lrhall41

Submitted by ball_mich on Tue, 03/23/2010 - 13:53

( Posts: 360 | Credits: )


Quote:

Originally Posted by ball_mich
I just settled a WF credit card. I was 6 months PAST charge-off, which took place in August 2009. The absolute best I could get was 40%. They would not budge at all. I'd been offering them about 22.5% for about 5 months, so I finally just caved. I'm regretting it a little now, but at the same time glad this one is done.


congrats. they are not easy and threatened to sue me. you always have to consider the worst case, so you did fine.


lrhall41

Submitted by dantheman on Tue, 03/23/2010 - 14:09

( Posts: 860 | Credits: )