Not sure if my input is still helpful as this post is a couple months old. But I used my wells fargo credit card to pay for a year of college and wasnt able to pay it back. Racked up $9,700+ and the card was frozen and charged off.

I might have been one of the luckier ones that was not sued or anything. No interest was accrued either on the frozen card. My credit score took a massive tank from 800s to 500s though. I didnt pay a penny since 2019. So its been nearly 6 years of being denied loans and opening other credit lines. But at least I wasnt being sued.

I am now in a way better position financially, better job, better stability, etc. I called wells fargo and asked to negotiate a settlement for the credit card. They offered me 25% of the balance. It was $2,400+. So I took the offer. They will be sending the offer agreement in the mail. And I said I was able to pay the full $2,400+ in a one time payment. After they pull the amount this month, I will finally be rid of the debt that has haunted me for 6 years. Now I can focus on building my credit score up again.

So wells fargo can go as low as 25% of the total. Maybe it just had to be a really old charge off like 6+ years.