Lawsuit at 60 days???
Date: Wed, 07/07/2010 - 08:19
How much of what he said is true?
Has anyone ever heard of Wells Fargo suing so quick?
What do I say to him tomorrow when he calls?
Please help talk me through this. Thanks!!
A lot of collection agencies/departments make threats to sue you
A lot of collection agencies/departments make threats to sue you if you don't pay them what they want. Some of it is just a tactic, some of it is real. That said, I doubt they would sue so quickly or that you will be getting a summons on August 11th. No court will allow a creditor to sue unless they have exhausted all other collection methods.
Lies, Lies Lies and more lies. They should be ashamed. However
Lies, Lies Lies and more lies. They should be ashamed. However, a settlement is very unlikely at this very early stage. What I would do now is just explain why you can't pay and allow another 3 months to pass.
Quote:Originally Posted by OVLG AttorneyA lot of collection agen
Quote:
Originally Posted by OVLG Attorney A lot of collection agencies/departments make threats to sue you if you don't pay them what they want. Some of it is just a tactic, some of it is real. That said, I doubt they would sue so quickly or that you will be getting a summons on August 11th. No court will allow a creditor to sue unless they have exhausted all other collection methods. |
So do you think I am okay to stick to my guns and just keep telling them that I cannot send them any money at this time? Is it true that I should not send anything at all if I want to settle eventually?
Quote:Originally Posted by tdavisI am attempting a debt settleme
Quote:
Originally Posted by tdavis I am attempting a debt settlement with my Wells Fargo Financial Bank credit card. The balance is $7000. It is currently 40 days late. I answered a call today from their representative who was of course trying to get some kind of payment. He told me that they were beginning the process of income verification and that unless I paid $216 by August 10th that it would be turned over to the legal department for a lawsuit. He said that the balance was well over the amount to file a garnishment on in my state. While I did not offer to send any money, he also told me that he could not accept any amount less than $216. I insisted that I could not commit to any kind of post dated payment and he said for me to think about what I could do and talk to my husband and he would call me back tomorrow. How much of what he said is true? Has anyone ever heard of Wells Fargo suing so quick? What do I say to him tomorrow when he calls? Please help talk me through this. Thanks!! |
for one they can't get a garnishment without taking you to court.that would mean serving you,and a court date.second what state are you in?despite the amount of debt some states are non-granishment.meaning even with a judgement they can't garnish.it sounds like this person is using strong arm tactics to get you to pay.i would try to call and not only ask about this but let them know your situation.again it sounds like someone who works on commission,and wants you to pay through him.call and talk to somebody else at wells fargo about this.do not give him anything yet.
Quote:Originally Posted by paulmergelfor one they can't get a ga
Quote:
Originally Posted by paulmergel for one they can't get a garnishment without taking you to court.that would mean serving you,and a court date.second what state are you in?despite the amount of debt some states are non-granishment.meaning even with a judgement they can't garnish.it sounds like this person is using strong arm tactics to get you to pay.i would try to call and not only ask about this but let them know your situation.again it sounds like someone who works on commission,and wants you to pay through him.call and talk to somebody else at wells fargo about this.do not give him anything yet. |
I am in Georgia. Also, I made the mistake of correcting them when they asked about my employment. They had a place where I worked 7 years ago. In a moment of weakness and not thinking gave them my current employers name. How bad was this mistake? Why did he say he could not take less than $216. If I sent them $25 would they not take it? Wouldn't this later hurt them if they tried to to sue? I don't plan on sending anything because I honestly don't have it, I am just curious.
Quote:Originally Posted by tdavisI am in Georgia. Also, I made t
Quote:
Originally Posted by tdavis I am in Georgia. Also, I made the mistake of correcting them when they asked about my employment. They had a place where I worked 7 years ago. In a moment of weakness and not thinking gave them my current employers name. How bad was this mistake? Why did he say he could not take less than $216. If I sent them $25 would they not take it? Wouldn't this later hurt them if they tried to to sue? I don't plan on sending anything because I honestly don't have it, I am just curious. |
not too bad as if he calls there your boss can tell him you can't have calls.that opens him up to legal action.now GA is a garnishment state,but they still would have to take you to court.i still say call wells fargo and let them know their collectors are threatening people.the part about aug 10th,but you have to give him info today smacks of a loser on commission.i wouldn't give the schmedrick anything.in fact i would report him first then hang up on him.
???I am attempting a debt settlement with my Wells Fargo Fin
???I am attempting a debt settlement with my Wells Fargo Financial Bank credit card. The balance is $7000. It is currently 40 days late. I answered a call today from their representative who was of course trying to get some kind of payment.???
You will have to wait a minimum 90 days of non payment before they start talking settlement probably.
???He told me that they were beginning the process of income verification???
This is a bogus threat and means nothing. You have no obligation to verify any information. I would not offer any personal information. It is none of their business.
???unless I paid $216 by August 10th that it would be turned over to the legal department for a lawsuit.???
Another idle threat. 6 months is about the shortest time something starts working its way to court.
???He said that the balance was well over the amount to file a garnishment on in my state.???
This is a complete lie. He can not obtain a garnishment without a judgment. He can not get a judgment without going to court. Also, I don???t believe there is any minimum or maximum amount in law that applies to garnishments or judgments. I believe a creditor could sue for a dollar and obtain a judgment. The problem for them is it cost them too much money to chase around little debts. What he probably meant is $7000 is high enough that they would pursue it in court.
"While I did not offer to send any money, he also told me that he could not accept any amount less than $216."
Two things to consider. A minus, if you make a payment it will reset the SOL time clock. A plus, if you make a payment and are sued a judge may be more lenient since you can show that you were making an attempt to make good on the debt.
"I insisted that I could not commit to any kind of post dated payment and he said for me to think about what I could do and talk to my husband and he would call me back tomorrow."
Never pay with post dated checks. All it will do is end up sending your checking account balance into the negative.
I would try to save up money and start making settlement offers when they call. I think you would be doing good to settle this thing for $3500 at this point. It is still very fresh. If you don???t have the money then you could try to get them to agree to a series of payments. In general they will not spread it over more than around four payments or so. If you don???t have the money or means then don???t create a settlement agreement. Make sure they send you any agreement in writing. If they ask where the money is coming from tell them it is a loan contingent upon settlement of this debt and you are only going to be given $3500 or whatever you are trying to settle at. Don???t let them know you have the money.
I personally think if you try to settle too soon that they feel
I personally think if you try to settle too soon that they feel you are just trying to weasle out of a debt that you could pay but just don't want to. I think in the first 90 days the most important thing is to just keep repeating your hardship (loss of income, etc).
Update.. Wells Fargo called today and I explained my situation a
Update..
Wells Fargo called today and I explained my situation again. This time they offered to waive the $768 in fees and past due payments. Drop my interest rate from 30.75% variable to 11.9% fixed for 60 months. Close my account and report pays as agreed on my credit as long as I pay $162/mo. I owe just over $7000 now so I would be paying back $9720. Do you think I should make a counter offer for a lower monthly payment?
I was going to try to settle, but I am thinking about taking this offer. I want to pay my debt. I just think that it is a shame that after 7 years of on time payments (never late!!) It took me being 34 days late to get them to reduce my interest.
What do you think? I told the girl that called to call me back in a couple of hours. Please send me your advice!
Quote:Originally Posted by tdavisUpdate.. Wells Fargo called tod
Quote:
Originally Posted by tdavis Update.. Wells Fargo called today and I explained my situation again. This time they offered to waive the $768 in fees and past due payments. Drop my interest rate from 30.75% variable to 11.9% fixed for 60 months. Close my account and report pays as agreed on my credit as long as I pay $162/mo. I owe just over $7000 now so I would be paying back $9720. Do you think I should make a counter offer for a lower monthly payment? I was going to try to settle, but I am thinking about taking this offer. I want to pay my debt. I just think that it is a shame that after 7 years of on time payments (never late!!) It took me being 34 days late to get them to reduce my interest. What do you think? I told the girl that called to call me back in a couple of hours. Please send me your advice! |
the ball is in your court now.if that is something you feel you can do,then take it,but i would still report the idiot who threatened you with a lawsuit and garnishment.his behavior should not be excused.btw they won't talk settlement until you are 90 days late.somethhing to think about.
Loan[SIZE=2] $ 7,000.00 [/SIZE]Rate11.900%Years5# of Payments
Loan[SIZE=2] $ 7,000.00 [/SIZE]Rate11.900%Years5# of Payments per Year12Total Payments60Monthly Payments$155.36 Total Payments[SIZE=2] $ 9,321.46 [/SIZE]Cost of Loan[SIZE=2] $ 2,321.46 [/SIZE]
Loan[SIZE=2] $ 7,000.00 [/SIZE]Rate13.750%Years5# of Payments per Year12Total Payments60Monthly Payments$161.97 Total Payments[SIZE=2] $ 9,718.31 [/SIZE]Cost of Loan[SIZE=2] $ 2,718.31 [/SIZE]
Something is messed up in the rate. They are telling you 11.9% but charging you 13.75%. Try to get them down to 8.5% or so which would be the following:
Loan[SIZE=2] $ 7,000.00 [/SIZE]Rate8.500%Years5# of Payments per Year12Total Payments60Monthly Payments$143.62 Total Payments[SIZE=2] $ 8,616.94 [/SIZE]Cost of Loan[SIZE=2] $ 1,616.94 [/SIZE]
I would make them send the agreement in writing and make them state all fees are waived prior to making any payments.
paulmegel, thanks for your quick response. I understand about th
paulmegel, thanks for your quick response. I understand about the 90 days before settlement talks begin. I think that I want to go ahead and try to make this work. I can still attempt to settle the other accounts that I can no longer pay.
DOLLARSandSINCE, thanks for working those figures out for me. I guess I should have done that first. Lesson learned. When she calls back I am going to tell her that I need to have something where the payment is more like $130/month for 60 months and see what happens.
I will definitely get it all in writing first. I will keep you posted.
Thanks again to both of you!!!
Update I spoke with Wells Fargo again. They offered to 5.9% fix
Update
I spoke with Wells Fargo again. They offered to 5.9% fixed for 60 months.
Principal balance $7261.27 at 5.9% for 60 months = $141.00 per month.
(These are the figures that they gave me and I confirmed that they work out correctly)
I am thrilled since my current rate is up to 30.75%. I took the deal provided what they send me in writing is legit. Thanks for all of your advice!!
Quote:Originally Posted by tdavisUpdate I spoke with Wells Far
Quote:
Originally Posted by tdavis Update I spoke with Wells Fargo again. They offered to 5.9% fixed for 60 months. Principal balance $7261.27 at 5.9% for 60 months = $141.00 per month. I am thrilled since my current rate is up to 30.75%. I took the deal provided what they send me in writing is legit. Thanks for all of your advice!! |
cool,glad it worked out.keep us posted.
[FONT=Arial][SIZE=2]Loan $ 7,261.27 Rate2.850%Years5# of Paym
[FONT=Arial][SIZE=2]Loan $ 7,261.27 Rate2.850%Years5# of Payments per Year12Total Payments60Monthly Payments$129.99 Total Payments $ 7,799.52 Cost of Loan $ 538.25
Loan $ 7,261.27 Rate5.900%Years5# of Payments per Year12Total Payments60Monthly Payments$140.04 Total Payments $ 8,402.60 Cost of Loan $ 1,141.33
2.85% gets you a payment of $130 a month for 60 months. 5.9% should be $140.04 per month for 60 months which is pretty good. I think it is a fair deal as long as you can make the payment.
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Chase sent our account to a law frim up the street from us at da
Chase sent our account to a law frim up the street from us at day 60, Amex sued us at day 90...You never know but in my opinion if you're self employed versus employed and if you let them know your employed and draw a check it increases the odds of a lawsuit. My opinion for what it's worth.