topic Re: Wells Credit Card in Credit Cards

Wells Credit Card

Anonymous — Mon, 23 Dec 2019 04:22:28 GMT

Hello everyone. So Wells Fargo closed my credit card account, which happened to have a balance. Even though the account is closed, I am being charge a monthly interest fee which is pretty high due to high balance. Is that legal?
Anyone have a similiar experience?

Re: Wells Credit Card

Anonymous — Mon, 23 Dec 2019 04:27:44 GMT

Yes - and yes you still have to pay them what is owed. The account being closed doesn't erase the debt.

Re: Wells Credit Card

SarahJo — Mon, 23 Dec 2019 04:54:31 GMT

Yes. They loaned you the money, and if the account is closed it simply means they will not be willing to loan you anymore now or in the future. But, what they have loaned you must be paid back and with interest/late fees if they apply.

Re: Wells Credit Card

OmarGB9 — Mon, 23 Dec 2019 04:58:45 GMT

Unfortunately yes, and it will continue to accrue interest until you work out a reduced interest plan with them or until it is charged off and/or sold to a CA. I suggest calling them and trying to work out a payment plan with lower interest. No guarantee they'll agree to it, but it's worth a shot.