can debt settlements be done with wells overdraft account?
Date: Fri, 01/14/2011 - 14:04
Well my question is i have a balance of $5000, which at one point was a credit overdraft account, now a credit line of sorts. Since my credit is already getting dragged through the mud. I've thought about not paying it & basically wait for them to make an offer to settle the account for less than i owe, before it hit's a CA. That would eliminate all my debt more or less. But i am aware slightly since i still have some credit at the time it may help build it back up some. But i already have a chargeoff with wells fargo with my second mortgage, why not just eliminate all the accounts? Is my thinking.
Can a settlement be done on a overdraft/credit line/ credit card wells fargo.
Hi! Welcome to the forums! First of all, charge off doesn't mea
Hi!
Welcome to the forums!
First of all, charge off doesn't mean that you don't owe the account. It means that your creditor (in this case Wells Fargo) will report it as their loss when filing tax returns. You still owe the debt. He still retains the right to collect the money. Charge off remains on your credit report for 7 years and 180 days from the date of first default and lowers your credit score. Wells Fargo may even assign/sell the account to a collection agency also.
I thinking you're mixing the 2 thing. As far as I can understand, you have a credit overdraft account and a second mortgage with Wells Fargo. The 2 accounts are separate. They have decided to charge off your second mortgage and not your credit account. Even if your credit account was charged off, it would not have eliminated the debt.
Yes, you can settle the credit account with Wells Fargo. You can negotiate with them to reduce the overall payment. You can also get help from a professional settlement company if required.
