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Settlement Offer from Wells Fargo Business CC. Are they trying to trick me?


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Hello Everyone, 

I have (had) a business credit card with Wells Fargo a while back and always made my payments with them. Back in 2014 I was the victim of identity theft and in process of getting new accounts, monitoring credit, etc.  I got really busy and got late on payments, but still made payments. Wells Fargo was very kind and decided to help me out by maximizing the APR and find new ways to add fees, etc. My due payment doubled. Since it was a business cc, they could apparently just do what they wanted. Talking to them didn't do anything and the hyenas kept on laughing, so I simply stopped making payments since I could not make them anyway and focused on fixing the harm to other accounts from identity theft. 

I didn't really hear from them that much,  until lately, when they sent me a letter offering to settle for 20% of the debt ($25k debt reduced to $5K). It is very tempting. Any other time I would actually feel bad about not paying what I fully owe but I am unsure about what I should do to ensure that they  do not report anything on my credit and don't find new creative ways to try to screw me again.  I just want to be prepared so that I can put it behind and also not suffer further consequences.

What should I do and get in writing when contacting them?

How and how would I be able to negotiate a short payment plan? Are they willing to listen and work with me or are they simply all heartless and bloodless creatures aiming the earth in search of souls to torture?

Thank you in advance for any tips and advices.


Edited by Oliver22
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