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Wells Fargo charged off a student loan that I had co-signed in July. The thing is that it was:
a) only 90 days late before the June payment
b) in June, all back payments were made and the account was caught up
I did tell them that month in June that I would not be making any payments on the account but that I had spoken with the primary and that she would be. This, I think, was taken as a refusal to pay. For whatever reason, the account then showed up as a "charge-off" in July. Additionally, the primary (unaware that it was charged-off or even what that is) has continued to make regular payments of almost double the old monthly payment.
Before I call them, does anyone have advice on how I should approach this?
Thanks in advance.
I would file a complaint with the Office of the Comptroller of the Currency. Why do you need to pay this immediately? Wouldn't a student loan payments start after graduation? Did the primary drop out?
thanks cinnamngrl
Sorry for my confusing wording - I did not co-sign it in July; I meant to say that it was charged off in July. I actually co-signed it more than 10 years ago and I didn't even know that the loan was still outstanding until Wells Fargo contacted me in June to tell me that it was past due.
I think the best option for now is to work with WF, but I am unsure what my options are, so I guess what I am wondering is:
a) since the account was charged off, is it at all possible for the bank to reverse this (if they think it is to their advantage) or will my only options be some form of charge-off on my records (i.e. paid or settled charge-off)?
b) if a charge-off must remain, should I try to pay-for-delete or is negotiating a settlement a potentially cheaper but almost-the-same effect on my credit option?
I would still file the complaint. It will help WF be more cooperative. The primary is making payments and there might have been an available deferred that WF ignored