Wells Fargo Recovery

I have a defaulted private student loan ( Consern Loan ). My credit report shows University Svcs as the OC. A couple of years ago I started receiving letters from Wells Fargo Recovery ( I am assuming they purchased? ). I have been making regular payments to WF. They continuously switch their collection reps around so we get a new one every 3-6 months. Each time we get a new rep, they attempt to settle for 50%. I could probably do so but have chosen to continue to send them $300 a month. I still owe around $6000. Last week, we received a call from the latest WF rep. She is demanding $1600 plus $350/mo or they will take us to court.

Is this a scare tactic? Will they really pursue legal action when I have been paying? We have been very cooperative so far but this lady doesn't care. Should I try debt validation if they will not work with me?

I'm really not sure if I want to continue to send them $300/mo if they are going to sue me anyway.

hi,

remeber I said I have two account in default with WFB well I have three all together, I one current account with 3 lates with my dad as the cosigner and on my CR I have the same listing for my current account, I think it is just another company owned by Wells Fargo, it is something like Servus Financial Company or something like that,

I really think they are just big corporate meanies, and your account has not been sent to a collection agency yet like mine has, so I am not really sure about that, I would just try to keep working with them but I do not see how they would sue you or take you to court and you are paying them

look keep all your stuff together, I mean everything, canceled checks, billing statements, name and times of telephone conversations, etc.

Personally, I am trying to deal with mine before they come after me, b/c right now AMAN is sending settlement offers to my husband, after they failed to send the validation that we requested,

So I am personally going to see an attorney this week, trying to get an appointment where all of us can get together, my hubby, me, and the attorney, I have gotten all my paperwork that I have together

I would really advise you to go see an attorney just for precautionary measures, b/c these loans are different than regular federal student loans and there may be some loop holes to them, but each state is different, so do what you think is best

I promise if I find out anything that could help you I will post it, or you can pm me, or whatever

good luck, you and I both need it

toodles,

Jewel

"Will they really pursue legal action when I have been paying?"

Where I work at, we routinely check credit report and recommend client for legal action if we detect assets; especially car payments & mortgage. The fundamental reason being the SOL. In some states like AL, credit card SOL is only 3 years.

Would SOL be an issue since I have been paying all along? I thought SOL started from the date of last activity?

They sent me a letter today saying they were going to turn me over to a collection agency.

I do not know what the deal is with that but if you can keep your account from going to a CA please do so

I know alot of people have written complaint letters to WFB at planetfeedback.com and I checked and almost all of the ones that are shared letters have no replies, but have you tried talking to someone higher up, I mean if your account is somewhat current and you are paying them money, I mean I think that is all they want is money, the president of WFB info is

Richard M. Kovacevich

Wells Fargo Bank

420 Montgomery Street

San Francisco, CA 94163

do not know if this help or not but try what you can, and please go see an attorney, b/c WFB are mean and you need to get this taken care of before it progresses into my situation

like I said I have not sent anything yet, I have an appt. with a attorney on tues. of next week, so as I said before if I find out anything I will let you know

jewel

I have a defaulted private student loan ( Consern Loan ). My credit report shows University Svcs as the OC. A couple of years ago I started receiving letters from Wells Fargo Recovery ( I am assuming they purchased? ). I have been making regular payments to WF. They continuously switch their collection reps around so we get a new one every 3-6 months. Each time we get a new rep, they attempt to settle for 50%. I could probably do so but have chosen to continue to send them $300 a month. I still owe around $6000. Last week, we received a call from the latest WF rep. She is demanding $1600 plus $350/mo or they will take us to court.

Is this a scare tactic? Will they really pursue legal action when I have been paying? We have been very cooperative so far but this lady doesn't care. Should I try debt validation if they will not work with me?

I'm really not sure if I want to continue to send them $300/mo if they are going to sue me anyway.

wells fargo very seldom to sells debt. instead they rotate their debt to collection agencys after a reasonable amount of time. they cannot take you to court if you have had an agreeable payment arrangement ongoing or payments sent for 3 months without a rebuttle letter saying basically thanks for the payment but your balance is due. you may want to check your state law but typically its been ruled 3 times. also i am about to share something huge with you! if you owe 6k still and you are interested in doing a sif offer this firm; $2100. advise you are willing to sif to this, you have someone to lend it to you and can make payment (sif) withing 24 hours, take it or leave it.