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Wells Fargo charge off

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I just got a letter from wells fargo saying my account was going to be charged off in 7 days if I did not pay. I am just over 100 days late. I thought the norm was 180 days, are they speeding up the timeline or just blowing smoke.




SC

Posts: 3618
Credits: 36402.4

Sub: #1 Lenders generally charge off the debt if it is 180 days past due
Wed, 07/01/2009 - 07:29

Lenders generally charge off the debt if it is 180 days past due, but they can also charge it off even before 180 days, if they consider it as a bad debt. I think you should pay it off, because charge off listing is very bad for your credit score.




daveleapyen
Posts: 13
Credits: 121

Sub: #2 Doesnt it depend on the state on when it gets charged off?
Wed, 07/01/2009 - 08:14

Doesnt it depend on the state on when it gets charged off?




Unregistered

Sub: #3 Good idea, I'll just pay it off. I think I have $20,000 laying a
Wed, 07/01/2009 - 14:34

Good idea, I'll just pay it off. I think I have $20,000 laying around somewhere. Thanks for heads up.




ball_mich
Debt Samaritan
Posts: 360
Credits: 5392.2

Sub: #4 There's nothing that says they can't write it off before 180 day
Thu, 07/02/2009 - 11:45

There's nothing that says they can't write it off before 180 days. In fact, they should write it off before 180 days, if they think it is uncollectible.

Also, if they sent it in writing, then I'd believe that they intend to write-off in seven days. Otherwise, that's deceptive collection practice and could lead to fines or even a class action lawsuit.

Just as a point of reference... I'm about 130-150 days late on my Wells CC, and they told me on the last call it would charge off at the end of August.




Unregistered

Sub: #5 Thanks for the info. Do you answer the phone or has your contact
Thu, 07/02/2009 - 14:05

Thanks for the info. Do you answer the phone or has your contact been thru the mail.




ball_mich
Debt Samaritan
Posts: 360
Credits: 5392.2

Sub: #6 Quote:Thanks for the info. Do you answer the phone or has your c
Thu, 07/02/2009 - 14:28

Quote:
Thanks for the info. Do you answer the phone or has your contact been thru the mail.


I typically do not answer the phone, but do return their calls generally every 7 to 10 days. Speaking more frequently than that is just a waste of time, I think. But based upon their calling cycles, they'd like to talk every three days.

I have tried faxing and mailing them settlement offers, but they have always gone unanswered. And I mean completely unacknowledged. All headway that I've made with Wells has been over the phone. And that goes for my Wells credit card, Wells home mortgage, and Wells HELOC.

And if you really only have 7 days until charge-off, if you plan to try to settle before that happens, basically you have to do it over the phone. I just can't imagine them acting upon a letter or fax quick enough to meet that deadline.




Unregistered

Sub: #7 Thanks, I either answer the phone or call them about once a mont
Thu, 07/02/2009 - 16:01

Thanks, I either answer the phone or call them about once a month. I am not ready to make a settlement offer at this time. I will roll the dice and see what they do, I really don't have a choice.




ball_mich
Debt Samaritan
Posts: 360
Credits: 5392.2

Sub: #8 [quote]I am not ready to make a settlement offer at this time. I
Thu, 07/02/2009 - 16:53

[quote]I am not ready to make a settlement offer at this time. I will roll the dice and see what they do, I really don't have a choice. [/quote]

Well, there's your answer and it makes the charge-off immaterial. If you don't have it, then you don't have it, and a charge-off won't change that.

Plus, life goes on. My Wells HELOC charged off last week. They are still talking to me about settlement... I'm sure the long term implications of that will not be great, but it certainly has made them more willing to settle given their most recent offer.




Unregistered

Sub: #9 It sure makes it easy to choose when you don't have a choice. Ho
Fri, 07/03/2009 - 02:42

It sure makes it easy to choose when you don't have a choice. Hopefully they will wait until 180 days to charge off and give me some more time to build up funds, either way I will fire up the grill and have a couple of cold ones tommorow.




Unregistered

Sub: #10 may second mortgage was charged off, and i want to settle it. My
Sat, 09/04/2010 - 07:23

may second mortgage was charged off, and i want to settle it. My second mortgage is $130,000. First they gave me a letter for 30% of the value, but we don't have that much money, can we still negotiate for a lesser amount let us say around 10 to 20% of the value?




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