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Wells Fargo Credit Card Settlement

Posts: 77
Credits: 1759.4
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Any body had any luck settling with Wells Fargo Credit Cards? I have about a $8,500 balance.

Any suggestions on how much I can settle for if so? Thanks!




novice
Posts: 290
Credits: 2036.95

Sub: #1 Most creditors / CAs agree to settle for 40 to 50% of the outsta
Thu, 05/21/2009 - 23:06

Most creditors / CAs agree to settle for 40 to 50% of the outstanding debt amount. To know how to settle your credit card debts yourself, you may visit the link do it yourself debt settlement.




Unregistered

Sub: #2 WELLS FARGO
Sat, 05/23/2009 - 13:49

I SETTLED WITH DISCOVER FOR 50% OF THE BALANCE. BANK OF AMERICA I SETTLED .15 CENTS TO THE DOLLAR. FYI: YOU WILL HAVE TO PAY TAXES ON THE WHOLE DOLLAR AMOUNT, NOT THE SETTLEMENT AMOUNT, NEXT YEAR, SO BE READY FOR THAT!!!

HOPE THAT HELPS




teamtrav
Posts: 77
Credits: 1759.4

Sub: #3 What do you mean by the whole dollar amount?
Mon, 06/01/2009 - 07:54

What do you mean by the whole dollar amount?




desperatelyseekingsanity

Posts: 1129
Credits: 5841.1

Sub: #4 No, no, no...you pay taxes on the amount forgiven...if the amoun
Mon, 06/01/2009 - 08:03

No, no, no...you pay taxes on the amount forgiven...if the amount forgiven is $600 or more

For example...if the amount owed is $2,000 and you settle for $800, then you will receive a 1099 for the difference of $1,200...unless you are insolvent, then you will pay taxes on the $1,200.




teamtrav
Posts: 77
Credits: 1759.4

Sub: #5 That is what I was thinking.
Mon, 06/01/2009 - 08:08

That is what I was thinking.




Unregistered

Sub: #6 Sometimes it helps to be late. I settled a similiar amount for h
Mon, 06/22/2009 - 14:09

Sometimes it helps to be late. I settled a similiar amount for half but it took several calls.




ball_mich
Debt Samaritan
Posts: 360
Credits: 5392.2

Sub: #7 I'm working hard to settle my Wells Fargo CC, but have not gotte
Thu, 07/02/2009 - 11:17

I'm working hard to settle my Wells Fargo CC, but have not gotten much traction yet. They recently escalated me to a new depart and have "assigned" me a direct contact. He told me that they could probably settle for about 50-65%, which I can't afford. I'm somewhere between 130-150 days past due, and was told they'd charge it off at the end of August. I'm trying to get down to around 25% or so, if possible.




Unregistered

Sub: #8 washwalker
Tue, 09/01/2009 - 18:13

How is it going with Wells Fargo? I have 2 large credit card debts with them that I am going to try to settle. It seems that B of A and Chase are ok to deal with, but I haven't heard much about Wells Fargo




Unregistered

Sub: #9 Wells Fargo is tough. I'm coming up on 180 days late (charge of
Thu, 08/05/2010 - 16:36

Wells Fargo is tough. I'm coming up on 180 days late (charge off time) and the guys
on the phone says he won't even discuss settlement for less than 50%.

I'll try them the week before, and see if there is movement. If not, I'll let them charge it off and then try again before they sell it to a 3rd party.




Unregistered

Sub: #10 im in the same boat with wells fargo. they keep saying they won
Fri, 09/17/2010 - 09:52

im in the same boat with wells fargo. they keep saying they won't accept anything less than 50% but I read several settlement letters posted on the web that indicated wells has accepted less than that. Any other ideas on how to get wells to budge? thanks!




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