My husband had a loan with Wells Fargo. We were not able to make the payments and they just kept building up and building up. I sent them a c & d letter since they were harassing us with phone calls. We never heard from them again. I ran his CR and it says the $400 was written off/charged off. What does this mean? What do we do now? What is going to happen? We do not have the $400 to pay it off still.
All this means is Wells Fargo Bank wrote $400 off as a bad debt. They probably sent the account to a collection agency who will contact you for repayment. In 7 years the charge off will be removed from your husbands credit file.
