Re: Creditor Harrassment

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Jeremy,

Yes, you're right Wells Fargo do have a 2 weeks gracing
period after the due date (meaning 14 days unless if they
don't count weekends). However, Wells Fargo bank is a good
company but I believe, they contract it out with an outside
company for debt collection (it is a long story to go into
it). But...
What is your right under the law?

The creditor harassment is illegal under the fair debt
collection protection act or FDCPA.Under the FDCPA it
protect you from being harassed. But the benefit it also
allow you to sue any creditor or collector that continuously
harasses you. Therefore, if you decided to sue you have up
to one year to file a lawsuit. You must keep a good record
of every event as well as documented evidence. Remember the
creditor cannot threaten arrest or criminal prosecution
unless you have committed a crime. They cannot even threaten
garnishment of wages from you except for BIG SAM (Federal
Government such as IRS, court order, student loans etc)also
check your local law.

Other Financial options:

Set up a payment plan to pay your monthly payment on time or
you can also set-up an escrow account with your creditor
meaning when you pay your monthly payment you can put in
extra dollars to go into your escrow that way you’re
protected beco’s if you cannot send the payment for that
month payment or you’re late they can take it from your
escrow account within the gracing period frame. This way it
help your credit record for future loan etc But you must
make arrangement with your creditor.

The 3rd option is to cut down need(s) and pay off as quickly
as possible the car.

4th option is to re-finance looking for a lower interest
rate (meaning look for interest rate is 1 or 2 % different
e.g. if your current interest rate is 6% look for refinance
within 5% or 4% if the different is only a point don't take
it. this is all depend on the life of the loan, how long to
be pay it off) if you get the cash from the refinance then
you have to payoff the total amount own and continue paying
your re-finance loan with low interest rate. Remember to re-
finance you have consider your current situation, benefit,
and affordability if you cannot afford it don't re-finance.
There are other options but way to long to go into it.

Good Luck
SFanua

On 8/12/04, Jeremy wrote:
> I have an automobile loan with Wells Fargo. My due date
is
> the 8th of each month. I have never been more than 14
days
> late on my payments but if my payment is not there on the
> 8th of each month I receive harrassing phone calls from
> Wells Fargo. I tell them I will send the payment on the
up
> coming Friday and they demand a check over the phone which
> they charge for. On every other loan I have had you have
a
> 10 day grace period before late fees and phone calls
> occur. Is there a way to stop this? And have deliquent
do
> I have to be before they can repo my vehicle? fyi live is
> missouri