Received collection letter from law office regarding wells fargo bank account

by DS
( CA)

I received a letter yesterday regarding a bank account in 2008 that was closed due to being overdrawn $759. The law office is advising that I need to respond to this letter to validate that the account was mines...or it will go to a lawyer for lawsuit. The total cost now including interest is $1164. I don't want this to go on my credit as a collection; and I don't want to be taken to court or have my wages garnished. Is there anyway to fight this?

Comments for
Received collection letter from law office regarding wells fargo bank account

Click here to add your own comments

Dec 08, 2011
 Received collection letter from law office regarding wells fargo bank account
by: Debtcollectionanswers.com.

If the debt has been turned over to a collection agency, then it may already be showing up on your credit history as a collection account. Have you reviewed your credit history lately?

The best way to avoid being sued for the money you owe the bank and risk having a court judgment against you, which would be very damaging to your credit, is to pay the debt, assuming you agree that you owe it. If you owe it, there is probably not much you can do to fight it although to be sure you may want to meet with a consumer law attorney in your area who helps consumers resolve their debt collection problems.

If you can't afford to pay what you owe in full to avoid a lawsuit, see if you can negotiate a payment plan with the lawyer or try to settle the debt. When you settle a debt you pay if off in full for less than you owe on it. If you are unable to work out either of these arrangements for clearing up the debt that you owe and the lawsuit moves forward, it's still possible for you to negotiate one or another -- even once you are in court.

Good luck.

Click here to add your own comments

Return to Debt Collection Questions.