charge off (wells fargo)

[phill56]

Hi:

 

I have a charged-off private student loan from Wells Fargo. I'm wondering if they have a rehabilitation program. I tried to call them, but they're closed today.

 

Any tips on doing this?

 

Thanks.

[TxQuiltGirl]

Hi:

 

I have a charged-off private student loan from Wells Fargo. I'm wondering if they have a rehabilitation program. I tried to call them, but they're closed today.

 

Any tips on doing this?

 

Thanks.

 

 

To my knowledge, private loans do not have a rehab option. How old is this SL; when did it charge off? Have you been contacted by a CA?

[phill56]

Hi:

 

I have a charged-off private student loan from Wells Fargo. I'm wondering if they have a rehabilitation program. I tried to call them, but they're closed today.

 

Any tips on doing this?

 

Thanks.

 

 

To my knowledge, private loans do not have a rehab option. How old is this SL; when did it charge off? Have you been contacted by a CA?

 

From a quick google search, I found that there are some who offer a rehab option. This loan is quite recent; it just has been in the charge-off status for about a month.

 

CA? what's that?

 

I could either settle or try to rehabilitate it. And have been thinking of pros and cons on the credit report. Any advice?

 

Thanks

[LynnInMN]

From a quick google search, I found that there are some who offer a rehab option. This loan is quite recent; it just has been in the charge-off status for about a month.

 

To my knowledge, no private lender offers rehabilitation. There is no legal requirement for them to do so. They are also unlikely to settle on an account that has only been in default a month or so. If they do settle, the results will be very minimal.

Edited January 3, 2006 by LynnInMN

[phill56]

If a private student loan is in a charge-off status, can they continue to charge you any interest rate? Are there any other fees that are being added monthly/annually?

[LynnInMN]

If a private student loan is in a charge-off status, can they continue to charge you any interest rate? Are there any other fees that are being added monthly/annually?

 

 

When you default on a private loan, interest does continue to accrue plus collection fees are added as well. Refer to the terms of your prom note.