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Any suggestions would be helpful.

If someone voluntarily calls Wells Fargo Bank tells them they cannot afford vehicle any longer and what would the procedure be to return it.  Wells Fargo says it would be a voluntary repossession, then they would take back vehicle, attempt to sell at auction and any balance remaining they did not get from sale would be owed by the Borrower.

Now, Wells Fargo checked out the vehicle & said they probably would get close to what was owed as it was practically brand new & in great condition. The Borrower returned the vehicle April 10, 2014 and it was set for auction on April 22, 2014. They owed $24,000. & it was sold at auction for $21,000.  Wells Fargo called Borrower and told Borrower balance due was $3.000. Borrower was ecstatic and asked if they could pay balance due via debit card over phone. Wells Fargo said wait till paper work came in.  Two weeks later Borrower called Wells Fargo to settle the $3,000. balance due and it was then Wells Fargo said even though Borrower was paying balance off from auction ($24,000 amt. owed - $21,000. sale amount - $3,000. balance due) there was still going to show a Charged Off of $11,740.00. on April 12, 2014.   Borrow said WHAT?!? No! What Charge off?  Balance due was $24,000. it was sold within 12 days, and if Wells Fargo received $21,000. for sale at auction, & Borrower was willing to pay the balance of $3,000. as agreed, where and why and how was there a charge off?  Wells Fargo said that is how they do things & they have to reflect the charge off.  Borrower was fuming saying  NO there should have not been a charge off b/c it was verbally agreed to voluntary repossession and they would pay balance. Now Borrow refuses to pay the balance of $3,000. off unless they erase the charge off, Wells Fargo refuses to erase charge-off.   How the hell-0 can there be a charge off for $11,740.00 in 2 days after giving vehicle back and when vehicle sold 12 days after giving it back & when it was agreed to pay the balance?

Now Borrower has on their credit report Charge Off- $11,740. Balance due $3,000. Wells Fargo said Charge Off will remain on Credit report for 7-10 years even if $3,000. is paid in full.  Doesn't make sense for Borrower to pay Charge-Off b/c it would be senseless as it will show there was a Charge-Off that never should have been.

How is this fair and is there anything that can be done b/c there should never have been a charge off and it was never agreed to.  Is there anything Borrower can do to get this Charge-Off their credit report?

Thanks for any advice.

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Dispute through the credit bureau first. Wells will need to show how they arrived at the figure. In the meantime, look into a free consult with a consumer attorney at http://www.consumeradvocates.org/find-an-attorney

http://www.creditinfocenter.com/repair/DisputingWithOriginalCreditor.shtml

http://www.creditinfocenter.com/forms/sampleletter18.shtml

 

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11 hours ago, CCRP626 said:

Wells will need to show how they arrived at the figure.

No, they won't.  ALL  Wells will have to do is say the amount and trade line is accurate.  WASTE of time.

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