Category: Debt Settlement

Wells Fargo is a very large financial institution.  They offer all sorts of financial mediums such as credit cards, personal loans and home mortgages.  Perhaps you have taken up one of these loans and fallen a bit behind on your payments.  If you have fallen off course we can help you find debt settlement with Wells Fargo.  We have a proven track record and many examples of successful settlements.

Wells Fargo is the 4th largest bank in the United States.  The company was started all the way back in 1852 by Henry Wells and William Fargo.  Henry and William also created another popular brand called American Express.  Well Fargo is one of the oldest banks we have in America and supports several museums and artifacts throughout the country.  Wells Fargo has the highest rating of any bank at being “green” and protecting the environment.

Wells Fargo has been known to work with customers and settle debts for 20 to 60 percent of the original debt balance.  Sunbeam Financial and our partner Curadebt work together to bring you the best debt settlement experience you can find.  With more than 20 years in the debt relief business we have the experience that you are looking for.

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Wells Fargo Debt Settlement Letters

Here we have some examples of debt settlement with Wells Fargo.  All of these transactions were done with our partner Curadebt.  As you can see, each account has settled for at least 50 percent off or more.  In fact, one of the debt settlement with Wells Fargo received an 81 percent savings on the balance of the loan.  Imagine how much faster you will be able to get out of debt with a settlement like this.

Curadebt has many more settlement letters available on their website.  If you would like to see more proof and examples you can check them out here.

Here is what an actual Wells Fargo debt settlement offer letter looks like:

Wells Fargo Debt Consolidation Loan

If you have several debts and would like to bring everything together into one easy payment then a consolidation loan is right for you.  Curadebt can help you manage your debt, reduce your interest, and bring down your monthly payment.  So how do you know if a Wells Fargo debt consolidation loan is right for you?

At Sunbeam Financial we work with clients that have more than $10,000 in credit card and other unsecured debts.  If you feel that it will take you longer than 5 years to pay off your credit cards you might want to consider Curadebt’s debt relief services.  Their experts will take a look at your financial situation and determine with you the best course of action.  Click the link above or give them a call directly to learn more information.

Wells Fargo Debt Settlement Department

Want to pursue debt settlement with Wells Fargo on your own?  No problem, you don’t have to hire a debt settlement company.  If you are a good negotiator you can settle the debts with them.  They can work with you to create a repayment plan.  However, they usually will not discount the balances owed very much if you go this route.  Instead they will extend the payment plan for you.  You can transfer other credit card balances to them and defer payments through their customer service portal.  Here is the number to contact the Wells Fargo debt settlement department (800) 869-3557.

Do you have a mountain of debt that you just can’t seem to get rid of?  Have you fallen behind on payments and it has ruined your credit?  Don’t worry, you are not alone.  In fact the average person in the United States has almost $6,000 in credit card debt.  Perhaps you have much more than this and are looking to get things back in financial order.  There is hope and we will show you how to get out of debt with no money and bad credit.

You could try to cut expenses, sell your personal items and pick up a side job but sometimes these things are just not enough.  Rather than living frugally for years on end you might want to consider working with a professional debt settlement company.

How Does a Debt Settlement Company Work?

A legitimate debt relief company will work hard for you, negotiate with your creditors and get your balances significantly reduced.  Does this sound too good to be true?  Well, it isn’t.  Now a debt settlement company does not work for free, they will charge for their services.  The title of this article was how to get out of debt with no money and bad credit, so how does this fit in?  Well, the right debt settlement company will not charge you upfront nor charge you a monthly fee.

The company that we have personally vetted and recommend is Curadebt.  They charge a fair rate of 20% of your total debt for their services.  You will not have to pay this fee until they have negotiated a heavily discounted amount and you agree to the terms.  Also, once you have negotiated all of your debts down you will more than likely consolidate all of the remaining balances into one payment.  Curadebt will then add on their fee within the new lump payment.  Having one payment will make paying your bills much easier and convenient.

So How Much Money Can I Save Using a Debt Relief Company?

Each individual’s situation is unique and there is not exact amount that Curadebt can guarantee they will be able to settle for.  With this being said, they have been in business for more than two decades and have a good understanding of the industry.  The amount you will be left with paying will usually be around 10 to 45% of the original amount depending on the type of creditor you are negotiating with.

Once you come to an agreed upon amount the creditor will send our a debt settlement letter.  You will look it over and sign the new arrangement.

What Are The Downsides To Using a Debt Settlement Company?

Debt settlement is not perfect for everyone.  It will damage your credit.  Although, if you have missed a few payments the damage has already been done.  Curadebt will work with you once the program is complete to help build your credit back up and raise your credit score.  They will develop a solid game plan specific for your needs.  As mentioned earlier, they do charge a fee for their services.  You could go on your own, contact the credit card companies yourself and try to negotiate a better deal.  At Sunbeam Financial, we suggest letting this go to the pros.

Curadebt will more than likely be able to negotiate much better terms and an overall lower amount than you will be able to do on your own.  We consider them kind of like a realtor.  History has shown that the average home sale is higher with a good realtor than with a home owner that tries to sell his home for sale by owner.  The same is true in this industry.  You should try to get a reputable company to represent you when negotiating with your creditors.

Aside from getting several part time jobs and side gigs, debt settlement is probably the best way to get back on your feet.  Hopefully, we successfully answered how to get out of debt with no money and bad credit.  It is a situation no one likes to be in.  Unfortunately, we come across this problem on a daily basis.  That is why we are here to help guide you in the right direction.

If you have any questions about the Curadebt program or would like to schedule a free financial analysis with one of their counselors then click on the link below to get started.

If you are looking for debt settlement with American Express you should know they handle themselves a bit different than the other major credit card companies.  Visa, Mastercard and Discover typically sell their delinquent accounts to collection agencies for a reduced rate and then write them off the books.  American Express, however, does not do this.  They handle all of the debt collection in house and will rarely sell any of its accounts.

The reason we point this out is to avoid asking them to validate the debt.  When trying to settle a debt the first thing you would do with a collection agency is to ask for a validation letter.  Since it is in house, American Express can easily generate these documents.  Once they are generated and the debt is valid they can immediately move the case to a legal firm.  This will put you behind the eight ball at the start.  Below we have the best practices for debt settlement with American Express.

How to settle an American Express credit card account

First of all, don’t try to settle the debt if it is not past due.  You will be wasting your time.  You need to be 90 to 120 days behind in your payments before contacting them with a debt settlement.  If your account is 30 to 60 days past due American Express will more than likely not settle.  Instead they will work with you and schedule payments until your debt is paid in full.

A phone call to the company is the best start to settling your debt with American Express.  Call them explain your situation and ask to get the balanced reduced in exchange for a lump sum payment.  American Express has settled thousands of accounts in the past so the representative on the other end of the line will be familiar with the process.  You can expect a savings of 40 to 90 percent of the total balance owed.  Your negotiation skills and how well you can convince the representative of your bad financial status will determine the amount you have to pay.

Once you come to an agreement on an amount you need to pay, make sure to get the agreed amount in writing.  Do not make any payments to them until you receive your settlement letter.  Once you have this in hand you have legal rights to the agreed upon amount and you can safely make your payment.

What to do if you are sued by American Express for credit card debt

If you are being sued by American Express then you are at least 120 days past due on your account.  A representative from a law firm will be contacting you instead of an American Express collections rep.  If it gets to this point we recommend hiring a professional debt settlement company such as Curadebt to represent you.  Curadebt has been working with American Express and settling accounts for 20 years.

Curadebt will more than likely be able to get a more discounted settlement than you would  be able to negotiate on your own.  Along with this, if you do not have the funds to pay a lump sum payment, Curadebt can consolidate all of your debts into one payment and make settlements with all of your creditors.  This will help free up cash flow for you and give you a bit more peace of mind.

We have thoroughly investigated Curadebt and are familiar with their practices.  They have proven themselves time and time again.  At Sunbeam Financial we give Curadebt a 5 star recommendation.  For more information click on the highlighted text or the banner in the sidebar that says “Our #1 Recommendation”.

What does an American Express debt settlement letter look like?

Curadebt can help you with your debt settlement with American Express.  The easiest way to convince you of this is to show you the proof.  There are many more but we have included pictures of a few accounts that Curadebt successfully settled with American Express.  The settlement percentage ranges from 45% to an amazing 92% savings.

The settlement we have is from October of 2018.  The debt was reduced from $5,311 to $1,860.

American Express debt settlement letters:

We have included a few more accounts that Curadebt was able to settle with American Express.  Unfortuantely, we don’t have the actual documents but here are the balances and the agreed upon amount.  If you would like to see more accounts from American Express and other companies you can see them here.

It is time to get the creditors off you back and get your financial life back in order.  Curadebt can help you achieve financial success.  Give them a call and receive a free consultation.  They will let you know the best service and how to get back on track.

Sometimes people get so behind in their credit card and personal debts that it would take many years to get back on track.  Paying the minimum payments each month is just treading water and getting you nowhere.  When this happens people turn to debt settlement.  Here we have debt settlement letter samples and proof that it works!

Why would a credit card company accept a settlement?

At Sunbeam Financial we get this question all the time.  The answer is simple.  It is better to receive some money than nothing at all.  If a person’s financial status is in dire straights then the credit card company is willing to take a small loss on the account rather than have to write it off entirely.  Every year creditors settle thousands of accounts that are past due for pennies on the dollar.  What percent of the debt can you settle for?  That depends.  Each situation is different.  Settlements are negotiated on the amount of available funds you have, the type of debt it is, and your ability to effectively negotiate.

The credit card company will usually be willing to take a lower percentage for a lump sum payment.  However, this is not always possible depending on the amount of savings you have available.  If this is the case, you can still negotiate with them and make monthly payments for a reduced amount.

Is debt settlement worth it?

This is something that you will have to decide on your own.  Weigh the positives and negatives and come up with the best solution.  Don’t let any company pressure you into using their services.  Let it be known that debt settlement will hurt your credit for awhile since you are not paying your debts in full.  This is the major drawback.  However, if your credit is poor to start with or you are not concerned with your credit then settlement is a good solution.

As a general rule at Sunbeam Financial, we believe if it will take you 5 years or more to pay off your current debt then a settlement is a good idea.  Yes, negotiating a settlement will hurt your credit but once your debts are clear you can quickly work on repairing your credit.  With on time payments and a little preparation you can repair your credit back to where it was or better in less than the 5 years+ it would have taken to pay your debt in full.

Should I use a debt settlement company or try to negotiate on my own?

Of course you can try to negotiate a settlement on your own but we suggest working with a professional company with a proven record.  We have partnered with Curadebt to help our clients get the best results from debt settlement.  Curadebt has been in business for more than two decades.  They have the experience behind them that you will be looking for.  Along with this their fees are very competitive and even slightly below the industry norm.

They offer a free financial analysis and will suggest the appropriate program for your situation.  Click the link below for more information and learn more about the programs they offer.

Our Recommended Debt Settlement Company

Real Debt Settlement Letter Examples

Before you start working with a debt settlement company you need to have them send you examples of proof from their previous cases.  If they are not willing to do this then you should move on.  Curadebt is straightforward with all of their clients and can show you proof of their services.  Below we have pictures of real debt settlement letter samples from real clients.

The first debt settlement letter example we have is with Capital One credit cards.  The client owed a total balance of $6332.61 and with the help of Curadebt they were able to settle this account for $1,267!  That is 80% off of the original balance!  Imagine how much faster you can get out of debt when you can reduce your balances by this much.

Sample letter #1

Please keep in mind each situation is unique and Curadebt is not able to guarantee 80 percent savings on every account.  This is just an example of one of their cases.  Depending on the creditor you will more than likely save between 40 to 80 percent of your debt.  The good news is Curadebt has been working with these companies for many years and have developed a strong relationship with them.  Curadebt is familiar with the amount each company will be willing to settle the account for.

Sample letter #2

The next example we have is a settlement with Bank of America.  We specifically chose to post this letter because of the very high balance that was owed.  This settlement was for 55% of the total owed on the debt.  This resulted in a savings of almost $14,000.  That is very good.  More than likely, the remaining balance was paid over a period of time rather than a big lump sum.  Here is the proof…

Curadebt has many more examples of debt settlement letters posted on their website.  We recommend seeing them for yourself.  Let them help you take the stress out of your financial situation, contact Curadebt today.

Debt Settlement Letter Template

Not ready for a debt settlement company to do the work for you?   No worries, we have you covered. If you are going to do this on your own the first thing you will want to do is to get all of your debts verified.  If you are behind on your bills you may have to work through a collection agency that was hired by the credit card company.  Ask them to send you a validation letter proving the debt is yours.

The collection agency has 5 days to get the letter in the mail.  Once you receive the letter you will have 30 days to dispute that you owe the debt.  The reason we are doing this is to make sure the company follows all the laws and rules that are set in place with collecting a debt.  If the company does not do so, you have a legal right to fight them and get the debt dismissed.

If you are going to do this on your own we suggest brushing up on all of the laws and regulations of the Fair Debt and Collection Practices Act (FDCPA).  Debt.com has a lot of very valuable information on their website on how to handle credit card and collection agencies.  They have templates of offer letters for credit card companies, collection agencies and even counteroffer templates.

Check out their Debt Settlement Letter Templates

Getting out of debt can be a long road.  When financial stress comes upon you, it is easy to make rash decisions.  This article is here to help you learn the difference between debt consolidation vs credit card refinancing.  When you are informed, making the right decision is much easier.

Even though we mentioned it second, we are going to start with credit card refinancing.  This is basically a fancy term for a balance transfer.  If you don’t have a lot of debt, meaning $5,000 and under, this can be a good option.  Whenever you sign up for a new credit card they will often have a grace period with 0% interest.  The term is different with each card but it usually is between 12-18 months.

A card with 0% interest on your balance transfer is awesome.  That means every cent of your payment is going towards paying off your balance and not towards the high interest rate credit cards usually carry.  Credit card refinancing is a good option only if you can pay off your debt within the free interest period.  You also need to make sure you stop spending on that card.  The problem many people have when getting a new card is they keep spending on it and are never able to pay down the debt.

This defeats the whole purpose of the balance transfer and the 0% interest rate.  Of course this is exactly what the credit card companies want you to do.  So, if possible, beat them at their game.  Transfer your balance, get the great interest rate and pay your card off before the promotional period ends.

Debt Consolidation Loans

Debt consolidation is different from a balance transfer.  With a debt consolidation loan you will not be getting an interest rate of 0%.  Depending on your credit and where you get the loan from you will more likely be paying 8-12% interest on it.  However, a debt consolidation loan is usually for a longer period of time such as 36 or 48 months.  It is a good way to move all of your debt into one monthly payment.

One monthly payment will make paying your bills a lot easier.  A debt consolidation loan is the better choice than credit card refinancing if you are not able to pay your balance off within the promotional period.  It is also a better choice if you have a higher amount of debt such as $10,000 or more.

There are many debt consolidation companies out there that want your business.  However, not all of them are created equal.  If you find one you like be sure to check out their rating with the Better Business Bureau.  You will often find customer reviews that can help you decide if they are a reputable company.  A simple Google search with the company name will bring a lot of information as well.  This will help you determine if debt consolidation vs credit card refinancing is right for you.

Debt Consolidation vs Debt Settlement

With debt consolidation you are taking your entire balance from multiple credit cards and personal loans and applying it into one larger loan.  You are then going to pay the balance over an extended period of time.   What should you do if you are not able to pay your debts?  Perhaps you are not able to get a loan big enough to cover all your debts.  Maybe you have bad credit.

Any of these situations can take debt consolidation off the table.  At this point, you should look into debt settlement.  With debt settlement you will call your credit card company and try to negotiate a lump payment for an amount that is less than the total debt.  If the credit card company knows you are struggling and feels like they will not get paid they often will settle for 50-60% of your total debt.

The problem with this method is people often do not have a large lump sum to give the credit card company.  They are usually living paycheck to paycheck and can barely make ends meet.  Using a professional debt settlement company may be a better option.  These companies work with the credit card companies on a daily basis.  They will know what each credit card company will typically settle debts for and will more than likely be able to get it reduced even further than you would be able to on your own.

Not only will these companies help settle your balances for a lower amount, they usually have programs that can consolidate your reduced debts into one loan.  You simply make your payment to them each month and they will make sure your creditors get paid and your balances are reduced.

Of course, these companies are in business to make a profit and their services are not free.  They usually charge around 20% of your total reduced debt.  Each company is different though so check with their terms and conditions.  At Sunbeam Financial we have partnered with Curadebt to help our customers find security through debt relief.  We highly recommend you check them out.

Our #1 Recommended Company

Click Here To Learn More About Curadebt

Do Your Homework Before Selecting a Debt Settlement Company

Make sure to ask about the debt consolidation company’s privacy policy before getting involved with them. What will they do to ensure your information is kept confidential? Get a copy of their privacy policy and read over it before making any decisions. If you spot something you do not like, move on to another company.

Be careful with the terms of collateral for any debt consolidation loan you apply for. Many times these types of loans will include a clause about your home, should you default on payments. Obviously, this could put you at serious risk should circumstances make meeting your loan payment difficult. Keep your home out of any loan agreement, and read the fine print.

The debt settlement company will inform your creditors that you are working with them.  They will be able to negotiate new and better terms on your behalf.  Of course you will still have to approve the new terms and conditions.  Nothing can be done and will move forward without your approval.  The creditors just want to be paid.  If they are aware that you are working hard to repay the money they are owed, they will likely be more willing to help you.

Once you have completed the debt settlement program you should be debt free and have a lot less financial stress.  However, it is important you budget your money wisely so you do not end up in the same predicament.  The less balance you keep on your credit cards the better.  Try to pay your credit card balance in full each month.

If you are struggling with seemingly insurmountable debt, you are not alone. But, you should also realize that there are legitimate debt relief programs like Curadebt that can help a great deal. You now should know the difference between debt consolidation vs credit card refinancing and which is best for you.  With any luck, the advice above has shown you what to guard against and what to look for when making these types of financial decisions.