Wells Fargo CC- what to expect?

Yes, it is true. They don't settle that low. I have settled an account with them at 55%. You are lucky to receive a settlement offer of 50%.

If it doesn't get to an attorney by then, you can settle for 30% post chargeoff.

As far as I understand, the creditors in general agree to settle debts according to their company rules and conditions. There is no such limit by which a creditor is going to agree on the settlement. In fact the 50% settlement is a really good offer which many people are not even able to receive. So, I think it would be better for you to agree to this settlement offer.

However, if you don???t have the money, try to get it from relatives or close friends if possible.

Hope this helps.

All big banks accepts settlements well below 50% every day, and had the file not been sent to an attorney, OP would have had a good chance to settle at much, much less than 50%.

Hi options, thanks for your posts. Do you have any idea about whether/when they might send to legal, versus if they'll write off?

Big banks do and can settle...however Wells as a general rule does not. They would prefer to sue. FYI....I am an ex wells employee....

The credit card side of the agency I work for works Wells Fargo accounts. I believe they are first and second placements. From what I hear, they never settle below 50% and they often will recommend for attorney placement.

Just thought you all might like an update. WF is still at 50%, and I still don't have that much to pay them. It was scheduled to go to attorney 9/24, but I was able to give them $100 to postpone it for a month. I'm hopefully I can do this for a few more months, because I'll actually be able to settle at 50% around the end of the year.

But you may fall short, they'll add fees and interest in the next three months, wont they. Just sayin... With any luck you can get them lower before then.

I settled around 40% with wf on a large balance in 2010. I made 3 equal monthly payments.

The amazing thing with WF is that they haven't added any late fees ATA ALL. I'm not sure why, maybe because I was in a hardship program for over a year before I stopped making payments at all. Glad of it, though. Got to notice the good in all this mess.

Wells Fargo WILL settle credit cards. I can tell you this with recent first-hand knowledge. They demanded full payment. I suggested settlement and they asked me to make a proposal. We negotiated and settled. Good luck to you.