Settled Wells Fargo
Date: Tue, 03/23/2010 - 13:45
This one was a bear. There's not a lot of data points here on the forum about Wells, and from my experience, they were tough to settle. They continued to hold the debt even though it charged off about 6 months ago. They outsourced the collection effort to Viking Collection Services, and they were tough, but above board from my dealings with them.
Anyway, settled my $14k and change at 40%. Disappointed I couldn't get it lower, but it is what it is. That one is taken care of.
Basically what Viking told me was that Wells was not very desparate to settle their CC debt because they are already profitable again unlike other banks, were not heavy in credit card loans to begin with, and the lowest he'd ever seen them go was 40%. I think he probably fed me a line about the 40% being the lowest they'd go... but I just didn't have the data points to know one way or the other. And he did seem sort of straight forward, because he rattled off other lenders and how low he's seen them settle for, but then just reiterated that Wells won't do that.
Anyway, it's one. Just Citi to go now. I'm going to try them again today or tomorrow.
Anyway, settled my $14k and change at 40%. Disappointed I couldn't get it lower, but it is what it is. That one is taken care of.
Basically what Viking told me was that Wells was not very desparate to settle their CC debt because they are already profitable again unlike other banks, were not heavy in credit card loans to begin with, and the lowest he'd ever seen them go was 40%. I think he probably fed me a line about the 40% being the lowest they'd go... but I just didn't have the data points to know one way or the other. And he did seem sort of straight forward, because he rattled off other lenders and how low he's seen them settle for, but then just reiterated that Wells won't do that.
Anyway, it's one. Just Citi to go now. I'm going to try them again today or tomorrow.
My settlement was 30% but it is a wf businessline.
My settlement was 30% but it is a wf businessline.
Hey 40% is better than 100%!! AND the monkey is off your back.
Hey 40% is better than 100%!! AND the monkey is off your back. Congrats!!
Nice work, congrats. Quote:I think he probably fed me a line a
Nice work, congrats.
Quote:
I think he probably fed me a line about the 40% being the lowest they'd go ... ... he rattled off other lenders and how low he's seen them settle for, but then just reiterated that Wells won't do that |
This sounds exactly like what a guy from sage recovery told me. I was wondering if he was looking at some kind of report showing other settlements I'm working on, but based on your what you're saying, it's probably just a line they use.
they are one of the tougher ones to settle. 35% would have been
they are one of the tougher ones to settle. 35% would have been a home run but 40 is great. congrats and good luck
Quote:Originally Posted by danthemanthey are one of the tougher
Quote:
Originally Posted by dantheman they are one of the tougher ones to settle. 35% would have been a home run but 40 is great. congrats and good luck |
I admit, I feel a little regret about not holding out for 30-35%. Basically, Wells was trying to recall the account from Viking and Viking was able to keep it while they were telling Wells that we were "close", or at least that's my take based upon my conversations. I do wonder if Wells had recalled it, if I could have gotten a better offer since they wouldn't have had to pay Vikings' fee. But then again, maybe it would have went right to litigation if it had gotten back to Wells, there's just no way to know.
The other side factor is that I was about to apply for a HARP refinance of my Wells Fargo home mortgage, and I felt like I needed to get the Wells credit card settled first... otherwise I was scared to share my personal information for the mortgage application for fear that it would make it's way to the credit card division. So I was eager to settle this one... then unfortunately found out that I don't qualify for HARP because of a recent foreclosure. Oh well.
Quote:Originally Posted by andrewjacksonThis sounds exactly like
Quote:
Originally Posted by andrewjackson This sounds exactly like what a guy from sage recovery told me. I was wondering if he was looking at some kind of report showing other settlements I'm working on, but based on your what you're saying, it's probably just a line they use. |
This guy at Viking went into a lot of detail on the creditors he works for and the settlement he's seen approved, which he contrasted with Wells in painting a picture that 40% was the lowest that Wells will go. Wish I had taken better notes, but my recollection is that he stated the following:
B of A - Settlement of 25% and some less. Said he did a settlement recently for $2.5k on $14k balance.
Citi - Lowest he's seen is 35% but typically 40% and up.
Wells - Typically 45% and up, I obviously settled at 40%.
Discover - I think he said 30% & up.
USAA - He doesn't work with them, but mentioned it as he was skimming my credit report as we were talking, and he saw my debt due to them.
At the end he said, "I probably shouldn't be telling you this, because you might take your money and settle the other creditors because you can do it for less." And he'd have been right, except for the fact I had settled everyone but Wells and Citi at that point. The credit report he was looking at was quite old... And citi has been even tougher for me to work with than Wells.