Wells Fargo is "exiting " the student loan business, I want to make a deal

Cancel Student Debt and win #CollegeForAll
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#1

I have some private student debt through Wells Fargo, which I have been paying since my forbearance period ended (September 2020). Wells Fargo has let us (debtors) know that they are exiting the student debt business and selling our loans to Firstmark, a division of Nelnet.

I have heard stories about people who make a deal with their debt collector to pay a portion of their debt and that often the collector will take the deal since they are still profiting off of that smaller amount.

I am thinking about whether I should call WF and basically pay them some part of the debt which is more than they are selling it for, which would make a profit for them and I would end up paying less and not having to deal with the transition of my student loans.

I am wondering if anyone has tried this and if anyone has any ideas on how I can make it work in my favor. Like how to talk to someone who has the power to create a contract which says I paid my debt, what to say, etc.

Thank you!

1 Like
#2

I’m in the same boat! I got that letter & want to know if there’s anyway I can do the same. I’m here hoping for student debt cancellation but in the mean time, if I can pay less because of their decision, that’d be great!

Also wish I could sell my debt off :sob:

#3

@vkerill What are you thinking about doing? I would love to chat more about strategies or language to talk to a bank about these sorts of things.

#4

@cristy.carretero I don’t know where to start unfortunately. Maybe asking the new lender how much WF sold my debt for and consolidate it for that price? I’m not versed at all in this & I’m going to start researching this more .

#5

Hello! I was wondering if you made any progress or learned anything about how to go about this.

Like many others, I am also dealing with the switch from Wells Fargo to FirstMark.

#6

Nelnet, nor any other Servicer will take a partial pay-off. One guy sold his house and offered to pay the debt in full and they refused. They want to keep making interest on loans.

#7

The only way you get a “Paid in Full” is from the lender. You can’t creat one. Have you gotten an itemized bill from your school? It’s likely you were overcharged.