How do I handle Wells Fargo

Submitted by lauraw_9 on Wed, 02/17/2010 - 02:10
Forums
Credit repair

Ive been unable to work due to disability since 2006. The debt was charged off in 2008. Same time i voluntarily surrendered my home of 13 years. I intend to repay all debts once body is rehabbed and I am able to be gainfully employed again (still 6 mo. -a year out). Problem is who will i pay it to!?!?
Wells Fargo charged it off and it has since been sold to four different CA strangely all of them are affiliated and or owned by Wells Fargo: now how is this legal.
Even more confusing is the fact that the same amount is reported on my credit report YES FIVE times now!

Aaron

Hi lauraw.

As the original debt has been sold off to five different companies, in succession, the details which your report is reflecting is legal. You will have to pay the due amount to the last company to whom the account has been sold off.

If a company realizes, that it won't be able to collect the due amount from you, it writes it off as their loss, and sells it to another company - the collection agency. If the collection agency in turn is not able to collect the amount from you, they too in turn can sell the account off to another agency. That is what has happened with your debt. It has been sold off to 4 different companies, and that is why it is being listed for five times on your report.

Wed, 02/17/2010 - 09:02 Permalink
lauraw (not verified)

Once I pay the amount to settle with the last CA...How do I remove the other four bad marks on the credit report
Or do I have to wait seven years for it to fall off?

Thu, 02/18/2010 - 15:50 Permalink
Aaron

Hi lauraw,

Once you pay the amount to the last collection agency (CA), you can dispute the items one by one with the other agencies, mentioning that you have paid off your dues with the concerned CA. You can then ask the original creditor to remove the charge off as the debt has been paid. However, if the agencies do not comply you can try the 623 method of dispute.

However, while paying off the due amount to the CA, you can request them to agree to a "Pay for delete" (PFD) agreement. With the PFD, the item will get removed from your report. However, not all CA agree to a PFD.

Fri, 02/19/2010 - 11:01 Permalink
cinnamngrl

did wells fargo default this while you were in the hospital?

Fri, 02/19/2010 - 11:42 Permalink
dorothykinder

I think they Should look briefly into this matter .. how could they do this... thats some thing not good..

Fri, 02/19/2010 - 22:34 Permalink