Wells Fargo threatens to sue over credit card debt (pay, suing, credit report)
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Wells Fargo is threatening to sue over a credit card debt. I stopped making payment on the account in February due to financial hardship. There was an income reduction at work (I work for Wells Fargo). I tried to work out a payment plan with them, but they wouldn't put anything in writing and refused my offers. The account is now over 6 months old and charged off at the end of September. I got a letter from then that the account will not be turned over to a third party but they will sue unless I make the full payment. I owed a little of $10K before they started adding fees etc and the balance is now over $11K. About 2 months ago they offered a reduction of about 30% of the balance but I have to come up with the full payment over 3 months. I don't have any lumpsum amount and can only do monthly payment. I asked them for 0% to make monthly payment over 5 years but they refused. What do I do? If they go ahead and sue me, how do I respond to the summon? Can I fight it even though I owe the money? I'm in North Carolina. Thank you.
Basically they are doing this more and more lately especailly on such amounts. They will get a judgment then wait often refiling it for years as required.I would recommend you showup when summoned tho.
Maybe if you threaten bankruptcy? I dunno never did it but one would think that if threatened with a chap 7 where they get nothing they'd prefer some sort of payment schedule instead.
Good luck to you my friend, I hope everything works out for you.
They are just posturing and threatening. Keep going back and forth. Try to save some sort of lump sum, whether it is $3000-5000. When you have that lump sum, tell them that you'll write them a check if they put in writing that they will accept that payment in full for your debt. Get the piece of paper in writing FIRST and then write the check.
Let them threaten, I doubt they will actually sue you anytime soon.
There are laws that govern what a debt colection can do and not do. WF is acting as its own agent. TI don't know if this company can help you or not, but they were able to hel me. They have offices in several states. Bankruptcy is never good, but in some situations it is the only choice and its fairly cheap when compared to the debt incured. Starat here and read carefully. If they don't have license in your state they can answer general debt collection questions. FDCPA|Debt Collection | Debt Collections |FCRA |Fair Credit Reporting Act |Fair Debt Collection Practices Act . You may be able to lower the balance by using a debt-reduction agency. But be warned. A good deal of the paynent goes into their pockets and not on reduction of the debt
DO NOT AGREE to anything else without the advice of an attorney. You don't want to get in any deeper by agreeing to something you don't understand.
Just remember it "ain't over until the fat lady sings" and your curtain hasn't opened yet. .
Thank you very much everyone. I sent them a certified mail today offering to pay the actual balance minus all the extra fees over 5 years with no interest. I asked them to put it in writing if they accept my offer. IF not, I don't think there is anything else I can offer them.
Thank you very much everyone. I sent them a certified mail today offering to pay the actual balance minus all the extra fees over 5 years with no interest. I asked them to put it in writing if they accept my offer. IF not, I don't think there is anything else I can offer them.
Very good idea. If they don't take it go to Consumer credit counseling. The wil basically get you that same deal and do it for free. Don't go to the ones that chage you for this service. There are community based CCC's with no fees.
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