I have written in the past about how to defend a student loan lawsuit from Wells Fargo.  Today I will discuss how to settle credit card debt with Wells Fargo.   In my debt relief law firm, I have helped many clients settle debt with Wells Fargo.


How to Settle Credit Card Debt with Wells Fargo

settle credit card debt with wells fargo
Reach a settlement with Wells Fargo by following these helpful tips from debt lawyer Daniel Gamez.

Often, when I settle Wells Fargo credit card debt, my client has already been sued by them. For instance, my client was over $21,000 in debt to Wells Fargo for credit card debt.  Cavalry Portfolio services bought the debt from Wells Fargo and then hired Winn Law Group to sue my client in a debt collection lawsuit.  I negotiated a debt settlement after explaining my client’s hardships and inability to pay the amount due, and they agreed to accept just $7,000 to settle the credit card debt.  We saved our client over $14,000 of the total debt due!  Read more client success stories on my website about all kinds of debt issues and the amazing results we achieve for our clients.


Negotiating a Debt Settlement with Wells Fargo Credit Card

A Wells Fargo credit card debt settlement can wind up saving you the financial burden and emotional stress of facing trial, plus you will end up paying far less than the original debt you owed in most cases.   A credit card account is considered in “default” once you have stopped making payments for 180 days and your account is then “charged off”.   Once you’re in default, you will most likely find yourself having to defend a Wells Fargo credit card lawsuit.   A debt settlement is appealing to Wells Fargo for a couple of reasons.  They want to avoid costly credit card lawsuits and now that your account is charged off, they can write off your debt and receive tax benefits.  Plus, credit card companies would rather negotiate a debt settlement than have you declare bankruptcy and receive nothing.

Additional benefits of settling your credit card debt with Wells Fargo are that once you’ve completed your debt settlement – your credit score will start to increase and you can move on with your life without the burden of your credit card debt hanging over you.  This was the case with a client of mine who owed $16,421.75 to Wells Fargo in credit card debt that he was not able to pay back due to unforeseen circumstances.  Wells Fargo hired Collection at Law, Inc. to file a lawsuit against my client.  Wells Fargo was willing to reach a settlement, but it was for my client to pay back the FULL amount over 36 months.  We decided to meet with a Superior Court Judge for a settlement conference (similar to a mediation) where I explained my client’s inability to pay the full amount of debt owed due to his hardships.  The judge helped us reason with Wells Fargo, and we were able to reach a debt settlement for $8500 – which is a savings of $7,921.75 to my client!  Plus, we were able to avoid a trial, which would have most likely ended in a judgment against my client for the full balance due.


Get Legal Help to Settle Credit Card Debt with Wells Fargo and Save Money

You can try to settle credit card debt with Wells Fargo on your own if it’s a small amount.  However, keep in mind that Wells Fargo has a massive amount of legal resources that are dedicated to suing consumers for credit card debt on a daily basis in high volumes.  Hiring an experienced debt lawsuit defense attorney for a Wells Fargo debt settlement negotiation can make all the difference in getting a good deal.   Be aware of debt settlement or debt relief “companies”, which are different than “law firms”.   They are often involved in debt relief scams.  Attorneys, on the other hand, are held to ethical standards under the law that they must follow or their license to practice law will be revoked.

If you have any questions about settling credit card debt with Wells Fargo or any other debt issues, please contact me at 858-217-5051 or daniel@gamezlawfirm.com to set up a time to talk.   I offer a 100% free consultation to go over your debt relief options.  My goal is to get my clients out of debt and save them money!


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Daniel R. Gamez, an attorney focusing exclusively in debt relief, is licensed to practice in all state and federal courts in California and Texas. Mr. Gamez owns and operates the Gamez Law Firm in San Diego and Los Angeles, California. For more information, please contact Daniel Gamez at 858-217-5051, daniel@gamezlawfirm.com or use our online contact form. Stay updated about the latest debt relief tips by following on Facebook and Twitter and read about client success stories on our website.