Wells Fargo settlement

Hi - I\\\'m trying to settle with a Wells Fargo unsecured cc debt. I\\\'ve had the card for almost 4 years with a balance of 5400. Always paid on time and haven\\\'t made a transaction on the card in a year.
I ceased payments back in 10/10 and have been speaking with them about my financial difficulties since that time. Yesterday I brought up settlement for the first time @ 103 days past due and offered them 40% and they responded with 75% and stating why don\\\'t you just pay us 150.00 to keep this account current since you\\\'re able to come up with 2100.00. I stated it was a loan and if you don\\\'t take it I\\\'ll offer it to another settlement.

They wouldn\\\'t budge.
Previously they told me my account was approaching litigation. I think this was just a ploy. How did anyone else do with WF? Did you have to take it down to the wire @180 days?
I\\\'ve already settled with chase, citi and chevron and I have 3 cards left with WF, BOA and Juniper. I also still have an open account with Cap One which I\\\'m saving for last - I hope this isn\\\'t going to hurt my settlements chances with the others?
Thanks DWD

3 Answers

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Wells are very difficult to deal with, and are fairly litigious. Still, I can't see why you'd want to make the $150 payment that they said you should. The have an arbitration clause in most of their contracts which you may use if push comes to shove, but just because they send the account to an attorney doesn't mean you'd be served the next month. If you're lucky enough to have the account remain with them in-house until chargeoff, they may accept as little as 30%.

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Great Just when I got laid off

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Wells IS litigating a lot of accounts. From what I found out, they go straight from internal collections to a law office to file. Telling them that you are systematically settling accounts may not have been a good move.

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