Wells Fargo debt can quickly add up, and before you know it, the balance can be overwhelming. Already high monthly payments become compounded with late fees and interest. Eventually, Wells Fargo will take legal action for debt settlement. If you’re not prepared for this, you could be looking at a seized bank account, garnished wages, liens, and much more.
You don’t have to face Wells Fargo alone. Even if you’ve already had a judgment entered against you, there are steps you can take to substantially reduce what you owe and keep more of your money. But it starts with hiring the right attorney. At The Fullman Firm, we help our clients settle debts with Wells Fargo so they can have a fresh start.
What You Should Know About Wells Fargo Debt Settlement
Wells Fargo is the third-largest bank in America, which means it has significant resources at its disposal to go after delinquent debtors. If you’re been sent collection notices from Wells Fargo, or you’ve been sued, you might believe that ignoring the debt will make it go away. In reality, the bank has enforcement methods it can use to get money from your bank account or even take a portion out of your paycheck. This is in addition to other ways it has to make good on the debt.
The simple fact is, trying to wait out Wells Fargo is not a viable strategy. On the contrary, the longer you wait, the more money you will likely end up losing. Taking swift action with the help of an experienced attorney is the best way to handle your Wells Fargo debt.
I’ve Started Missing Payments; What Happens Next?
When you stop paying your Wells Fargo credit card or other debt, you will begin to rack up late fees and interest. You might see your debt ceiling lowered or your account closed as a result. Wells, or an outside third-party collection agency, will start contacting you about your balance.
If you still don’t pay, the bank has a few options of what to do next. Sometimes Wells Fargo will sell its account to a debt buyer. The buyer has probably purchased the account for very little, which gives it an incentive to try to collect as much as possible from you through litigation. Or Wells Fargo may decide to keep the account and assign it to one of its lawyers.
Either way, a lawsuit will make the debt much worse. Not only will you owe the original balance, plus late fees and interest, but a lawsuit will tack on attorney’s fees and court costs. If Wells Fargo obtains a judgment against you, that allows the bank to take even more aggressive actions to collect what you owe.
I’ve Received A “Charge-Off” For My Wells Fargo Account; That’s Good, Right?
After several months of missed payments, you may receive what’s called a “charge-off” for your Wells Fargo debt. If you’ve seen that phrase used before concerning debt, you might think it’s a good sign. But despite the misleading terminology, a charge-off doesn’t mean the account is written off from Wells Fargo’s end. It certainly doesn’t mean you no longer owe the debt or that Wells cannot sue to collect on it. Charge-offs are just accounting tools that allow the banks to take more action against their debtors. They also damage your credit score and stay on your report for seven years.
What to Expect in a Wells Fargo Debt Settlement Lawsuit
As mentioned above, either Wells Fargo or a debt buyer will eventually sue you to collect what you owe. Debtors are often surprised by how quickly Wells will take them to court. Once you’ve been sued, collection efforts ramp up considerably, so the more you understand about the process, the better. Here’s what you should expect with a lawsuit.
The process begins when Wells Fargo files a summons and complaint. The complaint contains the substance of the bank’s allegations against you: your identity, what you owe, and how far behind on the debt you’ve fallen. The summons is an order for you to respond to the lawsuit. You have 30 days after being served to answer the complaint.
Your answer allows you to assert any defenses you may have to the lawsuit. But if you legitimately owe the debt, there’s not much you can do. Failing to answer the lawsuit only makes it easier for Wells Fargo or whoever purchased the debt. The creditor can obtain a default judgment against you for the entire amount owed, plus attorney’s fees, court costs, and interest. Even if you answer the lawsuit and go to court, it’s almost guaranteed the creditor will get its judgment.
What Can Wells Fargo Do With A Judgment?
A judgment is not just another way to pressure you to pay your balance. Wells Fargo can use the judgment to seize money directly from your bank account. The judgment can also be used to impose liens on your property or garnish your wages. The bank can continue using the judgment until it gets every penny you owe.
Can a Wells Fargo Debt Settlement Attorney Help Me?
Considering all that Wells Fargo can do against you, what can you do to protect yourself? That’s where an experienced debt settlement attorney comes in. A debt settlement attorney allows you to negotiate a payoff amount that is significantly less than what you owe. The right debt settlement attorney can evaluate your case for leverage and since it can save Wells Fargo from costly and time-consuming lawsuits while allowing them to at least get some of what you owe.
Contact The Fullman Firm Today
If your Wells Fargo debt is more than you can handle, let us help. We understand how to devise a debt settlement strategy that will save you time, stress, and money. Put our experience to the test. Call The Fullman Firm to get started today.
