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Guidance needed.... How to approach charged off loc with WF

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Anonymous
Not applicable

Guidance needed.... How to approach charged off loc with WF

I have a $10000 chargeoff with Wells Fargo.  I have posted a few times in other threads that I plan to settle this debt.  Well I'm ready to start tackling it.  My problem is I don't know how.   I feel like the kid who did something bad and has to admit it and take his punishment.  

 

Here's what I'm thinking I should do:

 

Contact Wells to ensure they still own the debt.  ( pretty sure they do because they still report as past due every month)

Then see if they will entertain a settlement offer ( should I let them give me a number or throw one at them)

If we reach an agreement get a settlement agreement letter in mail.  

Then  send them a certified check

 

Have no idea if this is a good way to do this or not.  Just need to get it taken care of.  Any suggestions would be appreciated 

 

 

 

Message 1 of 7
6 REPLIES 6
SunriseEarth
Moderator Emeritus

Re: Guidance needed.... How to approach charged off loc with WF

Given the significant amount of the debt, you might want to be aware of how SOL may affect your approach.   Is the debt within your state's SOL?



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Message 2 of 7
Anonymous
Not applicable

Re: Guidance needed.... How to approach charged off loc with WF

I'm pretty sure In NC it is 3 years. So It should be beyond the sol.    This item is from 2011.   DOFD was in April 2011.  I guess what I'm trying to ask is when I call how do I talk about it.  I sure as heck don't wanna reset the SOL.  That's why I really want a settlement in full.  If I can't get that then I'll just have to let it sit till it's gone off credit reports in 2018 and then contact them or whatever CA has it by then.  I don't expect it to be deleted early just because I pay it.  Just need it to report settlement and 0 balance because it is crushing my utilization numbers and showing a new deliquent every month.  

Message 3 of 7
RobertEG
Legendary Contributor

Re: Guidance needed.... How to approach charged off loc with WF

If you are past SOL, then you have a time-barred debt for which they cannot obtain a judgment.

As long as you dont admit to the debt or enter into a firm agreement to pay,you will not reset the SOL.

When you speak with them, make it clear that you are offering to pay only to put the matter to rest, and that you do not admit to the debt.

 

Regrdless of whether your pay in full or they accept a settlement for less, they must promptly report a $0 balance.

Just be sure that your payment is acknowledged as full satisfaction of the debt.

If you wish to pursue a settlemtn for less, you can offer an amount and additonally make it contingent upon their agreement not to report paid/setlted for less.

If they agree, then it will show paid, $0 balance, and appear to one viewing your credit report the same as if you had paid in full.

 

Message 4 of 7
Anonymous
Not applicable

Re: Guidance needed.... How to approach charged off loc with WF

GREAT.   Thank you for the information. I gotcha.   Just tell them I want to settle.   Don't admit it's mine.

Message 5 of 7
Anonymous
Not applicable

Re: Guidance needed.... How to approach charged off loc with WF

Update.   

 

Well got up the nerve to call.  Spoke with a really nice guy.  Was able to work out an agreement for a settlement in full for 40% of the balance owed.   That worked for me.  He faxed me a letter stating debt is settled in full and their will be no further collection activity.  Thankyou to everyone that has given me advide on this any many other topics.  

Message 6 of 7
Anonymous
Not applicable

Re: Guidance needed.... How to approach charged off loc with WF

Now just have to wait and see if there is any score change.   Hope so because this should bring down my util to less than 25 percent.  

Message 7 of 7
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