Wells Fargo won’t accept payment??

Anonymous · ‎03-07-2019

Hello
I have a charge off on my account from Wells Fargo. The account says the last payment was 10/14/2014 and it was closed in May of 2015. I tried to call them today and offered to pay them the full amount that shows on my credit report : $746. They refused to accept the payment and said that it is outside of their statue of limititations. I live in Wisconsin and the limit is 7.5 years here. I asked the woman on the phone what I could do and she said there was nothing I could do and she refused to accept any payment. I don’t know what to do next. I’m trying to buy a home this summer and this is still updating on my report. Are they allowed to report that I owe them money but not accept my money? I think it’s a bit unethical for you to claim I owe you money but refuse to take it. Any advice would be GREATLY appreciated!

CGeorge · ‎03-07-2019

One of the issues is that Wells Fargo took the tax advantage to them - at the time that they charged off the account. It really is techinically impossible for them to now accept payment. Sounds bizaree, I know!

Anonymous · ‎03-07-2019

So they’re allowed to report that I owe them money but I can’t pay them the money?

zerofire · ‎03-07-2019

Yes they can. You had an agreement and you did not pay as agreed so they took their loss. Now they can sell it to a collector for collections or go ahead, and since the account is so small, just write it off which messes with your taxes.

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CGeorge · ‎03-07-2019

And Wells Fargo (or any creditor) "writes off" (of their taxes) any bad debts, or charge-off. Once they write it off, there no longer is any debt. But, yes, they report it as charged off.

Anonymous · ‎03-07-2019

I don’t think they are going to sell it to a collector at this point. I guess I’m just frustrated that it says that the amount past due is $746 and they’re literally giving me no way to pay them. I got sick in 2014 & lost my job. I’d just be really disappointed if I can’t buy a home because of $746 that I’m willing to pay in full.

vntrsc · ‎03-07-2019

@CGeorge wrote:
And Wells Fargo (or any creditor) "writes off" (of their taxes) any bad debts, or charge-off. Once they write it off, there no longer is any debt. But, yes, they report it as charged off.

Yes, there is still a debt. In addition, a charge-off or tax write-off does not prevent the OC from accepting payment if it still owns the account. It must simply report any money recovered as income.

Anonymous · ‎03-07-2019

Well does anyone have any advice or any suggestion as as to what I can do? Can I still get a mortgage with an open charge off? I’m at a loss here.

Anonymous · ‎03-08-2019

If they sent it to collections could you find the company and pay it to them?

Anonymous · ‎03-08-2019

Wells Fargo still owns the debt, they have not sold it to a collection agency. They reported that I owe as recently as 2/28/19. They will not let me pay in full.