Wells Fargo debt settlement? Get it in writing
Q: I owe close to $43,000 in credit card debt to Wells Fargo, give or take. I have not worked for 3 months and may be going back to school. Wells Fargo just offered a debt settlement plan which I find hard to resist but also believe. It will give me up 84 months with 0%. The monthly payment of $531 would amount to $44,604 to include $1,500 settlement fee. My minimum payment now is $930 at 14% interest. I have not missed the payment yet, but wrote them a hardship letter detailing my situation and then called. The family would give me the interest free loan so I can afford the payments. This credit card debt settlement sounds too good. Could it be Wells Fargo is simply trying to see if I would take the deal and then turn around and say - OK, now that we see you can afford the payments, we are going back to the original agreement?
A: Was this verbal offer made via the phone or at your Wells Fargo branch? Do you have the letter with such a debt settlement offer? If you do have it in writing, take it. If not call them and request this offer be sent in writing. Once you receive it, read it carefully and make sure you understand all the terms. Look closely at the small print and every condition they often put on the very bottom. Since you have it, Wells Fargo can not renege or claim that you misunderstood. Make sure that once the 84 months are over, the debt is paid in full.
Mon Aug 9, 2010 10:08AM | Copyright: www.bad-credit-advisor.com | More in Relieving Debt | Comments (0)
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