Credit collections with wells fargo bank?

Question

A few months ago i got fired from my job and i havent been able to make my monthly payments. Ive honestly been trying desperately to find a job.. but know one is hiring. Ive gone to interviews and gave 100% but still i cant get a job.

Now yesterday i received a phone call from a credit collection agency and they explained everything to me.
I am very scared now and I dont know what to do.

The women I spoke to said she was the Wells fargo representitive or manager (i cant remember)
and claimed wells fargo is the second largest bank in the u.s and they are very aggressive. She pretty much demanded i mail a post dated check and that the bank wasnt going to accept anymore of my promises to pay and then said flat out we dont trust you.
I told her their is no one who can borrow me $260 dollars for my credit card payments ( I owe almost 1k) but she insisted that i borrow it from my mother .. and then said hold on while i get your mother on the phone.

.. thats when i hung.
Borrowing the money from friends or family is not an option.
no one has that kind of money just sitting around.

I would really appreciate any helpful advice.

I know collectors like to sound threatening and intimidating towards you and demand large payments but what can they do if i dont make the payment?

they wanted $260 and honestly $ 20 is all i can afford to do right now.


how long until they take further action and what can they do?



I worry about things like this all day long, I cant eat, and i cant sleep. Im very stressed out as it is.

I asked a friend and her advice was to rip up the letters and hang up when they call.

if i did that
what would happen too me
:' (

also would sending a post dated check be a bad idea?
according to them they will not accept anything other than that.

they wanted me to have someone borrow me a check.

if i did this would they have access to the account?

and even though they demanded a personal check...
i will have to do money order.

is that ok?

Answer 1

Remember that those representative in the collections department work on commission, and that is why she said she wouldn't take less...because she gets PAID on less.

I used to work for Wells Fargo early in my career, and what I can tell you, is that what the woman told you borderlined a threat, which is illegal.

Send them $20, $10, $5, anything you can per month...even if it's a $1, it's better than not sending anything at all. Even if they say they won't take it, put it in the mail and send it anyway...and send everything CERTIFIED and keep every single cancelled check like they were made of gold. Keep detailed records of your balance and what is remaining.

Don't worry about paying by personal check, if you have ever paid them before by check, they have a copy of this information anyway, and can't do anything without a court order, of which you would receive notice of. (And it is EXTREMELY unlikely they will go that route).

Since it is a credt card, the worst thing they will do is ding your credit, but you need to focus on finding a job, paying for a place to live, gas in your car, and food on the table before paying off a credit card...but still, do what you can.

Instead of taking calls from them, send them a certified letter spelling out what you are able to pay per month, don't take anymore calls from them, and send them what you can.

I wouldn't speak to them either if they aren't willing to negotiate, and do what I consider, is very rude.

PS: Remember what they can legally do, and what they will do is two different things. The worst Wells Fargo will do is get a judgement against you and it only appears on your credit report. Just pay it when you can.

I wish you the best of luck, and anyone could be in your shoes.

Answer 2

1) Do not send a post-dated check; WF has no duty to hold the check until the post date written on the check, and can legally cash it as soon as it is received.

2) Although you may have sent checks in the past, DO NOT send payment using a personal check. Now that the account is in collections, many companies have been known to do unscrupulous things, such as use the account information on your check to post future unauthorized charges to your account. This has been made even easier now that many banks transfer data electronically, and a paper check is no longer required. Consider paying using a money order or even online banking through your own bank.

3) Make a payment, no matter how small. This makes it increasingly difficult for Wells Fargo to say that you were unwilling to make payments. Keep meticulous records of payments and receipts, and as mentioned, send everything certified.

4) Keep things in perspective. We're talking about a $1k debt. It's not worth Wells Fargo's time, $$, or energy to sue you over this. The rep was giving you a bunch of hot air. Do not lose sleep over this or waste valuable energy stressing over this. Your time and energy is better spent focusing on finding a new job.

Good luck, and keep your head up!

Answer 3

Ok do this things an you will be ok:

1. Whenerver they call, record them and make sure you get their FULL name and ID number and the name of the company.

2. Dont commit to anything that you cannot pay. If you decide to settle for a lower amount that info will go on your credit report.

3. You can negotiate payments, you can negotiate to settle for a lower amount if you pay them all at once

4. DO NOT send your bank information, send them cashier's checks

5. If they get rude and threatening and want to involve anyone in your family in this situation report them to the Federal Trade Commission. www.FTC.gov

6. Your debt is only $1K, that amount is low enought that WF wont waist time to take you to court for it.

7. Your account is in the collection's department already so all they can do is harras you trying to collect the money.

My advice to you for the future if you ever get back into credit card debt and you know you will have trouble paying them back, be proactive and call the credit card company and explain to them your situation and why you wont be able to keep up with the payments in the future. And ask them about the "hardship program" This program anyone can apply for, and what they do is often times give you a 0% interest and automatically move money from your checking account to your credit card company. This offer could be for 6 months to a year. But there is a catch, there is always a catch. When you sign up they will send you a document to sign which says that you agree to have them report this to the credit bureau, you don’t want this because it reduces your credit score so again, it’s all about negotiation. You can say "I really want to sign up for this hardship program but I rather you don’t report it to the credit bureau" and some will agree but this negotiation comes before they send the account to the collections agency.

Good luck

Answer 4

Okay. If this woman calls you back, get her full name and location, tell her she is NOT to call you again, and report her to the better business bureau. (If you ask them not to call back, they're not supposed to call again.) What she did is, as someone else said, borderline illegal. They can sound scary and threatening, but the worst they can do is issue a judgement against you, which is pretty much a black mark on your credit report. They can not demand a post dated check - because who is to say they won't try to deposit it before the date? (They're not supposed to, but some try to do it, and your bank is supposed to refuse to honor the check until the date on it.) Unless she had your mother's name on the account as a co-signer, she's not supposed to try to call her to get payment from her anyway.

Call the general number to Wells Fargo, tell them you're in a bad financial hole that you are trying to dig yourself out of, and ALL you can afford to send is $20 a month right now, you will send more when you can afford it, but right now, you just can't. Tell them you have no other avenues to pay other than this, and they can take it or leave it. (Most of the time, as long as you're not an arrogant *ss to them, they'll take it.) You also might want to mention the phone call you got from this woman, and that you'd like to file a complaint against her.

Answer 5

I've been where you are. I went through the same symptoms where my debt was all I thought about. I couldn't sleep at night, couldn't eat, I thought my life was over.

Looking back ten years later, I often wonder why I was so stressed. I eventually did get a job, and eventually paid my debt off. I had very bad credit for a period, but that was secondary to finding a job and paying for basic needs.

Except for taxes and child support, there is no debtors prison. Keep your your job search up, and redouble your efforts. Don't get frustrated, has hard as that can be. Put these debts out of your mind until you find the job and get the rest of your life together.

Answer 6

If your loan is unsecured, they can not repo something you don't have. If you have your checking account with Wells Fargo, close it because they can debit the account. In most cases, they'll carry the account until it is 8 or 9 months past due before it goes to charge off. Then they give to a collection agency. If you can make payments in the near future, fine. Do it in person with cash or money order. If the calls bother you, get a cell phone.

Answer 7

First of all do not send them a personal check. This would give them all of your banking information and they could use this in the future to attach your bank account.

Second the very worst they can do is take you to court an get a judgment and as aggressive as Wells Fargo is ( And they are, they are my largest bank) this would not be very cost effective if you only owe them $1,000.00.

Just send them a money order for as much as you can afford and continue to pay them every month.

Answer 8

If you have no collateral on the loan they can do nothing but sue you in small claims court. You will be served an a possible hearing could occur in which you would have to answer questions reagrding you finances. You could send them 20.00 and if you do that for 3 months it is sometimes considered a contract. I suggest you go to the doctor and get a prescription for xanax. That **** will relieva all your stress.

Answer 9

record them the next time they call. they are not allowed to threaten or harrass...
I went 8 months without paying my bill when I was unemployed. as long as it is unsecured credit....not a mortgage or car loan.
send them the $20 every month... as long as you are making some attempt to pay them.... they can't do very much at all.

Answer 10

get ready for a lot of letters and phone calls, do what millions do every year file bankruptcy and start all over. i am not quite sure what social security record has to do with this