Wells Fargo Credit Card Settlement

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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!




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.

Sub: #1 posted on Thu, 05/21/2009 - 23:06

novice novice

(Posts: 290 | Credits: 20.37)

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

Sub: #2 posted on Sat, 05/23/2009 - 13:49

Unregistered


What do you mean by the whole dollar amount?

Sub: #3 posted on Mon, 06/01/2009 - 07:54

teamtrav teamtrav

(Posts: 77 | Credits: 17.59)

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.

Sub: #4 posted on Mon, 06/01/2009 - 08:03

desperatelyseekingsanity desperatelyseekingsanity

(Posts: 1129 | Credits: 58.41)

That is what I was thinking.

Sub: #5 posted on Mon, 06/01/2009 - 08:08

teamtrav teamtrav

(Posts: 77 | Credits: 17.59)

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

Sub: #6 posted on Mon, 06/22/2009 - 14:09

Unregistered


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.

Sub: #7 posted on Thu, 07/02/2009 - 11:17

ball_mich ball_mich

(Posts: 360 | Credits: 53.92)

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

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

Unregistered


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.

Sub: #9 posted on Thu, 08/05/2010 - 16:36

Unregistered


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!

Sub: #10 posted on Fri, 09/17/2010 - 09:52

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