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Update

Date: Thu, 07/08/2010 - 09:48

Submitted by tdavis
on Thu, 07/08/2010 - 09:48

Posts: 32 Credits: [Donate]

Total Replies: 4


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!


TD my own advice would be to try to get them to lower the interest rate through a hardship progam. BOA offered me a hardship on one of my cards...I owe around $12,000 (I'd have to look up the exact amount) and they offered me $230 for 60 months at 3.5% interest. I took it! I would try to get them down on the interest which will lower your fees.



Quote:

Originally Posted by tdavis
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!


lrhall41

Submitted by debtor in CA on Thu, 07/08/2010 - 17:39

( Posts: 27 | Credits: )