Has anybody settled with WF Wells Fargo Businessline?

You may try searching the site for members' experiences with Wells Fargo.

Are you still current on the loan? You may try calling them up to see what they have to offer.

90 days late and they are telling me it will charge off and could go to legal. if anyone has dealt with them, please post.

I have two business lines of credit with Wells, both around 70K. Both accounts 90+ days late. Over the past several weeks I have spoken with several people from Wells regarding settlement. One person says best is 85%.... another 75%. Last week I got thru to a manger who says that I should make an offer, but they never settle below 50%. They are playing the charge off card, but I will probably see what happens given I don't have the money to settle right now. Good luck!

They are threatening charge off to me and then legal collections at 90 days. No settlement offer has been made to this point.

Does anyone else have additional information on settlement for Wells Fargo Business Line? Thanks.

I am also 90days late on 2 business accounts. was told exactly what Bigdipper said "manger who says that I should make an offer, but they never settle below 50%." I am also playing the waiting game. Please post any update you get from them .

Thanks and good luck

hmmm. Charging off this week. I am going to call them and see what they say. Good Luck to all.

In all of your cases - were you all personal guarantors on the lines of credit - were they secured by anything?

yes i did a personal guarantee. there may have been secured by the contract relating to business assets...but the business has been liquidated. in my case, they are invoking the personal guarantee. good luck

Same situation as above ^

I have an account with WF, was orginally 23k and I paid it down to 14k over the last two years,recently I had trouble and could not pay for the last three months,they called today and for the firs time told me the account has been charged off for some time and wanted to know if I wanted to settle the account. I said yes, what did they have in mind,they told me to make an offer,so I am very curious as to the level they will accept? I am to call the guy back within two weeks, so I will advise as to the percentage they come back to me with, but I am thinking of offering 10-15%, what do you folks think of that?

Quote:

Still waiting to talk with them, they called today,so I am thinking of offering 20% in three payments. I have settled three accounts over the last year or so. Cap one for 40%(before I found this forum) BOA for 25%, AMEX for 30%. I have two more BOA"s to work out with a balance of $26,000 for both. I am hoping for a 20% settlement on those. I also have a discover for $12k, doesn't seem to be much hope wiht those guys.

Wells Fargo settled for 35% in two payments. They said I was 186 days past due. So perhaps this helps someone out there, as this forum has helped me.

Wells fargo did 38% for 2 business accounts. Could have probably done lower but got sick of dealing with those idiots. Have capital one and BofA left to deal with. Capital one is frustrating because it is outsourced. so you have to deal with f-ing indians

I am just starting my negotiation with WFargo for a business credit card in my former Company's name. I've paid dutifully for years after the business closed. Hard times are here, and I realized I'm never going to get this paid down as things are going, have to make hard choices on expenses I pay, and keep eating and living, so I decided to get their attention by stopping payments. At first, they said a settlement has to be 85-90% of the debt. Now they will "submit" for approval 50%. They are set to "charge-off" this debt in about 10 days. They treaten to attach my personal credit, in which this account has never appeared, because it is listed under my former company's federal tax id. They say they will garnish my (currently low) wages, or place a lien on my home (underwater). My question is...For a business account that has never been listed on a personal credit report, how does that impact my personal credit? It's an 18 year old business credit line, applied for under my former business federal tax ID, and has never been on my personal credit report. Can it suddenly appear on my personal credit report?

I would say anything is possible. I settled 2 of my WF business lines for 35% but didn't let it go to charge off. I would recommend you to do the same. Good luck

I had one Business account with personal Gaurantee for $90,000.00,. About 5 Years ago. I am still Living at my same house, I have my same Phone Number, ,. Ihave not changed anything in my personal Life, About 5 Years ago they were harassing me like hell for a Few Months and then it all stopped,. and I have not heard from them for over 3 1/2 years. I cant figure this out at all but I am not complaining I will just let it go,. But I hope they never find my file ( Its Probably Lost) I wonder if they can still come after me. aNYWAY i THINK i WILL JUST LEAVE THINGS THE WAY THEY ARE. What do you think is this going to come back and haunt me or what

Thanks

Question for dantheman or anyone else who settled with Wells Fargo Business Line. I am the guarantor of the line that was set up in a previous business' name and tax id number. It does not show on my credit but I know that i am the personal guarantor. The business has been gone for 2 years...I am current and just paying interest....balance is about $60k. Did it ever hit your personal credit? As Late or settled? I am thinking about not paying and negotiating a settlement...like 35% or something but I don't want it to hit my personal credit.

thanks

Question for dantheman or anyone else who settled with Wells Fargo Business Line. I am the guarantor of the line that was set up in a previous business' name and tax id number. It does not show on my credit but I know that i am the personal guarantor. The business has been gone for 2 years...I am current and just paying interest....balance is about $60k. Did it ever hit your personal credit? As Late or settled? I am thinking about not paying and negotiating a settlement...like 35% or something but I don't want it to hit my personal credit.

thanks

Have same type of loan that you had dantheman.....i am current and want to settle. but i want to settle without it hitting my personal credit....it is in the old business' name and tax id but i am the personal guarantor.....if i settle before it is charged off, will it ever hit my credit report?

Account Status will state: Account legally paid in full for less than the full balance.
And yes, on your personal credit. I would just avoid allowing it to go to charge-off, or collections to a collection company.

Also, don't forget, you will get a 1099-C i believe, which stands for debt cancellations. Do some research on that and make sure you will be able to get away with NOT paying taxes on the cancelled amount, which WILL BE considered as INCOME to you!!! Veryyyy important.

Mine NEVER hit mt personal credit report. Good Luck. dtm

what did you guys say to settle down your debts with wells?

I used the same procedure to settle this as the others. Basically that everything had gone south, now without funds to pay and then negotiated from 80% down to 30% and paid it. I believed they would file suit from what I had been told by professionals.

I called 866-xxxxxxx and they settled my account for as little as twenty cents on the dollar. It took a few weeks but I got a full release and I paid the creditor directly.

violation of forum rules and also is not true