More Wells Fargo CC collections

[IamOld]

More on my "saga" with WF CC collections - about 2 weeks ago they said I had until 5pm that day to call back before "irreversible decisions" would be made.

Calls continued.

Today I get a call from 800-272-1514 which seems to be the "super" collections arm of WF.

THey want me to call them back to go over "options..." problem is...I've no $$ for any "options."

Must hold out till Sept for Ch7.

Anyone (frogger, catleg, etc.) think this may be the time to spring the call my atty on them??

Or wait to see when calls from this # STOP and then call them back?

[frogger]

Let them call for a few weeks, then answer or call them in order that they can give you your options. Of course, you're going to need some time to review these options and will want to study on them to see what you can do. Set a time to call them back in a week or two or three or four after you have explored those options, and then you can tell them that you have decided to go with the debt relief program known as Chapter 7 bankruptcy.

[IamOld]

Let them call for a few weeks, then answer or call them in order that they can give you your options. Of course, you're going to need some time to review these options and will want to study on them to see what you can do. Set a time to call them back in a week or two or three or four after you have explored those options, and then you can tell them that you have decided to go with the debt relief program known as Chapter 7 bankruptcy.

THANK YOU!!!!! I love it Frogger. I'm going to do exactly this!!!!

Perfect!

[nokia123]

Let them call for a few weeks, then answer or call them in order that they can give you your options. Of course, you're going to need some time to review these options and will want to study on them to see what you can do. Set a time to call them back in a week or two or three or four after you have explored those options, and then you can tell them that you have decided to go with the debt relief program known as Chapter 7 bankruptcy.

I love it...lol

[sunshinepa]

Froggers response is great. I will add WF will want a huge payment, been there, done that. It was the one time I spoke to anyone during my journey to BK. They were also unwilling to send anything in writing. I never talked to them again!

As I noted two weeks ago on your original post, they will keep calling. Dont' worry until they stop, that's when they are gonna get serious on ya!!

[IamOld]

Thanks Sunshinepa!!! I figured I'd give an update :-) I'd rather not call...as I said above, I'll follow frogger's advice...and MAYBE call them once they've stopped calling...

[SunshineGal]

I'm probably in the minority here, but it sounds like they are getting ready to file a complaint. I would probably tell then you have retained an attorney and plan to file BK. Give them no other information, including 7 or 13, except your attorney's number. This may be enough for them to hold your file since they have to pay filing fees.

[IamOld]

Right SunshineGal...I just want to wait as late as possible...I'm quite sure that's what they will do- BUT would they not need to send one last pay or else letter?

However...they haven't called today yet.......

[tobee43]

THANK YOU!!!!! I love it Frogger. I'm going to do exactly this!!!!

Perfect!

we all LOVE frogger!!! OH! and his answers too. Iam...i'm holding tight with you!!! gotta do this!

[frogger]

I'm probably in the minority here, but it sounds like they are getting ready to file a complaint. I would probably tell then you have retained an attorney and plan to file BK. Give them no other information, including 7 or 13, except your attorney's number. This may be enough for them to hold your file since they have to pay filing fees.

I understand your point, however in collections, talk is cheap. "Everyone" is planning to file bk to hear them tell it, however until you have a case # in hand, talk is only talk.

Play your cards right, play the games with them, and you can delay.

(And minority opinion or not, the frog ain't always right. Differing opinions are always welcome by me!)

[bcohen]

I'm probably in the minority here, but it sounds like they are getting ready to file a complaint. I would probably tell then you have retained an attorney and plan to file BK. Give them no other information, including 7 or 13, except your attorney's number. This may be enough for them to hold your file since they have to pay filing fees.

Sorry to say, but this is BAD advice. Even most attorneys would agree that you should never, EVER tell a creditor that you are thinking about (or planning to file) for bankruptcy. This would result in more aggressive collection activity, and possibly cause the creditor to sue now since they won't be able to in the future. Especially if you own a house or other asset which a lien can be attached to--remember that a judgement lien will survive bankruptcy even though the actual debt itself can be discharged.

If I were you, I would do one of two things--either ignore all collection calls, or answer and flat out tell them that you're unemployed and you don't have any money after paying for rent and food. In my experience, telling them that generally got them off the phone, although they'd call again in a day or two. However, if they continue to press for a payment plan, suggest that you sell or pawn something, borrow money from friends/family, just remind them that you have no way to come up with the money, and if necessary, hang up. But never mention the fact that you have retained an attorney and/or are planning to file for bankruptcy until you have actually filed!

[treehugger1]

Liens on homes can be stripped. I see it happen all the time in my district. In some states lien-stripping is more problematic. In my five years of default, I have never had a creditor or CA sue me because I suggested bankruptcy. Your mileage may vary.

[IamOld]

Thank you guys - I think every makes good sense. My tactic will be to wait and see what WF does...they just charged the cc off - I see from my credit report...so.......I'm expecting things to escalate...soon....

[catleg]

I can tell you that telling Capital One I was planning for bankruptcy got them totally off my back, it really surprised me. Of course you have to follow through with it within a reasonable timeframe.
Liens on real estate can be removed in BK so long as you have zero (or less :-) equity or your equity is protected by an exemption.
I think most lawsuits are hoping for a lien that is forgotten and eventually the house is paid off or sold or refinanced and surprise! you owe.
This probably used to make sense but nowadays it is a crap shoot.

[IamOld]

I can tell you that telling Capital One I was planning for bankruptcy got them totally off my back, it really surprised me. Of course you have to follow through with it within a reasonable timeframe.
Liens on real estate can be removed in BK so long as you have zero (or less :-) equity or your equity is protected by an exemption.
I think most lawsuits are hoping for a lien that is forgotten and eventually the house is paid off or sold or refinanced and surprise! you owe.
This probably used to make sense but nowadays it is a crap shoot.

Thank you Catleg!!! Well, for now, Linda, Emily, Andy and Greg are still calling from CapOne...

Phone calls seem to have died from WF...I think I'll call the person back next week and see if I can stall...