Understanding Your Options: "Skipping" vs. "Assistance"
Before we dive into the steps, let's clarify a vital point: Wells Fargo doesn't generally offer a simple "skip a payment" button or feature on most accounts. What they do offer are various financial assistance programs designed to help customers experiencing genuine hardship. These programs might involve:
- Forbearance: Temporarily suspending or reducing your payments for a set period. This is often used for short-term hardships.
- Payment Deferral: Moving one or more missed payments to the end of your loan term. This extends the life of your loan.
- Loan Modification: Permanently changing the terms of your loan (e.g., lower interest rate, extended repayment period) to make payments more manageable. This is typically for longer-term hardships.
- Repayment Plans: If you've already fallen behind, this plan helps you catch up by dividing missed payments into manageable amounts spread over time.
Each of these options has different implications for your loan, your credit score, and the total amount you'll pay over time. It's essential to understand these differences.
 |
| How To Skip A Payment With Wells Fargo |
Step 1: Are you ready to face the music? Assess Your Situation and Gather Your Thoughts
This isn't just a guide; it's an opportunity for you to take control. So, the first and most crucial step is to honestly assess your financial situation. Don't just wish the problem away.
Sub-heading: Determine the "Why" and "How Long"
- Why are you unable to make the payment? Be specific. Is it a temporary job loss, an unexpected medical bill, a sudden car repair, or a more long-term reduction in income? Having a clear reason will help you explain your situation to Wells Fargo.
- How long do you anticipate this hardship lasting? A week, a month, several months, or indefinitely? The duration of your hardship will heavily influence the type of assistance Wells Fargo can offer. A temporary setback might qualify you for forbearance or deferral, while a long-term issue might point towards a loan modification.
Sub-heading: Gather Your Documents
Before you even think about calling Wells Fargo, prepare. This will make the conversation much smoother and more efficient. What might you need?
- Your Wells Fargo account number(s) for the loan or credit card in question.
- Proof of income (recent pay stubs, tax returns if self-employed).
- Documentation of your hardship (medical bills, unemployment statements, layoff notice, repair invoices).
- A rough budget outlining your current income and expenses. This demonstrates you've thought about your finances.
Step 2: Don't delay! Contact Wells Fargo Promptly
This is perhaps the most critical step. The sooner you contact Wells Fargo, the better. Proactive communication shows responsibility and can help you avoid late fees, negative credit reporting, and more severe consequences like default or even foreclosure/repossession.
Reminder: Save this article to read offline later.
Sub-heading: Choose Your Communication Method
Wells Fargo offers several ways to contact them, depending on the type of account:
- Phone: This is often the most effective way to discuss financial hardship, as it allows for direct conversation and clarification.
- General Banking: 1-800-869-3557 (24/7)
- Credit Cards: 1-800-642-4720 (24/7)
- Mortgage Customer Service: 1-866-234-8271 (Mon-Fri: 7 am - 10 pm CT, Sat: 8 am - 2 pm CT)
- Auto Loans: 1-800-289-8004 (Mon-Thurs: 7 am - 10 pm CT, Fri: 7 am - 9 pm CT, Sat: 7 am - 5:30 pm CT)
- Personal Loans: 1-877-269-6056 (Mon-Fri: 7 am - 7 pm CT)
- Online Banking: While you can't typically "skip a payment" online, you may be able to find information about hardship programs or send a secure message. Sign on to your account and look for sections like "Manage Account," "Payment Help," or "Financial Assistance."
- In-Person (Branch Visit): If you prefer a face-to-face conversation, you can schedule an appointment with a banker at a local Wells Fargo branch. Be prepared to discuss your situation in detail.
Sub-heading: What to Say When You Call
When you connect with a Wells Fargo representative, be calm, clear, and honest.
- State your purpose immediately: "I am calling because I am experiencing a financial hardship and am concerned about making my upcoming [loan/credit card] payment."
- Explain your situation concisely: Briefly describe the reason for your hardship (e.g., "I recently lost my job," "I have unexpected medical expenses").
- Be prepared to answer questions: They will likely ask about your income, expenses, and the duration of your hardship. Refer to the documents you gathered in Step 1.
- Ask about available options: Specifically inquire about forbearance, payment deferral, or other hardship programs.
- Understand the terms: Ask about any fees, interest accrual during the assistance period, and how the missed payments will be handled later.
- Get everything in writing: If an agreement is reached, ask for written confirmation of the terms.
Important Note: While Wells Fargo aims to help, not everyone will qualify for every program. Eligibility depends on your specific financial situation, loan type, and Wells Fargo's policies.
Step 3: Read the Fine Print! Understand the Implications
Receiving assistance is a relief, but it's not a free pass. There are always implications.
QuickTip: Stop scrolling if you find value.
Sub-heading: Impact on Your Credit Score
- Generally, if you enter a formal hardship program before becoming delinquent and adhere to its terms, it should not negatively impact your credit score as much as missing payments without communication. However, some lenders might report that your account is in a "forbearance" or "deferred" status, which could be viewed by some future lenders as a sign of financial stress.
- If your account is already delinquent when you enter a hardship program, that delinquency will likely be reported to credit bureaus. This is why contacting them before you miss a payment is crucial.
Sub-heading: Interest Accrual and Loan Term Extension
- Interest continues to accrue: In most forbearance or deferment programs, interest will continue to accrue on your outstanding balance even while your payments are suspended or reduced. This means your total loan cost will increase.
- Extended loan term: If you defer payments, those payments are typically added to the end of your loan term, extending how long you will be paying off the debt.
Sub-heading: Repayment After Assistance
- Be prepared to catch up: Once the assistance period ends, you'll be responsible for making up the missed payments. Wells Fargo will work with you on a repayment plan. This could involve a lump sum, increased monthly payments for a period, or adding the amount to the end of your loan. Ensure you understand this repayment obligation clearly.
Step 4: Stay on Track! Adhere to the Agreement
Once you've secured a payment assistance plan, your responsibility isn't over.
Sub-heading: Stick to the Terms
- Make sure you understand and adhere strictly to the terms of your agreement. If you're on a forbearance plan, ensure you resume payments on the agreed-upon date. If you have a modified payment, pay that amount on time.
- Set reminders to avoid accidentally missing a payment after the assistance period.
Sub-heading: Communicate Any Changes
- If your financial situation changes (improves or worsens) during the assistance period, immediately contact Wells Fargo again. They may be able to adjust your plan or offer further solutions.
Step 5: Plan for the Future! Rebuild and Strategize
This temporary relief is an opportunity to get your finances back on track.
 |
Sub-heading: Review and Adjust Your Budget
- Use this time to thoroughly review your budget. Look for areas where you can cut expenses or increase income to ensure you can comfortably resume payments and build an emergency fund.
- Consider seeking advice from a non-profit credit counseling agency like the National Foundation for Credit Counseling (NFCC) if you need personalized guidance on managing debt and budgeting.
Sub-heading: Build an Emergency Fund
- One of the best defenses against future financial hardships is an emergency fund. Aim to save at least 3-6 months' worth of essential living expenses. This fund can provide a buffer against unexpected events, reducing the need to "skip" payments in the future.
10 Related FAQ Questions
How to contact Wells Fargo for credit card payment relief?
You can contact Wells Fargo's Credit Card Help Center at 1-800-642-4720 to discuss payment solutions for credit card debt.
How to defer a Wells Fargo auto loan payment?
To inquire about deferring an auto loan payment, call Wells Fargo Auto at 1-800-289-8004. Eligibility usually depends on your loan being current and the nature of your financial hardship.
Tip: Don’t skip the small notes — they often matter.
How to get mortgage payment assistance from Wells Fargo?
For mortgage payment assistance, call Wells Fargo Home Mortgage Customer Service at 1-866-234-8271 to speak with a home preservation specialist.
How to apply for a loan modification with Wells Fargo?
Loan modifications are typically discussed with a home preservation specialist for mortgages or a personal loan specialist for other loans. Contact the relevant department (e.g., mortgage, personal loan) using the numbers provided above.
How to find out if I qualify for Wells Fargo financial hardship programs?
The best way to determine eligibility is to directly contact Wells Fargo for your specific loan or account type and explain your financial situation. They will assess your circumstances and inform you of available options.
How to prevent a missed payment from hurting my credit score with Wells Fargo?
To minimize credit score impact, contact Wells Fargo before you miss a payment and arrange a formal hardship program (forbearance, deferral, etc.). Adhering to the terms of such a program is crucial.
Tip: Write down what you learned.
How to handle interest accrual during a Wells Fargo payment deferral?
During a payment deferral or forbearance, interest continues to accrue on your principal balance. This means the total cost of your loan will increase, and you'll owe more in interest over the life of the loan.
How to repay missed payments after Wells Fargo payment assistance ends?
Wells Fargo will work with you on a repayment plan after your assistance period concludes. This could involve a lump sum payment, higher monthly payments for a period, or adding the missed payments to the end of your loan term.
How to get help with multiple Wells Fargo debts simultaneously?
If you have multiple Wells Fargo debts, it's advisable to contact each relevant department directly (e.g., auto loans, credit cards, mortgages) as their assistance programs might differ. You can also ask the first representative you speak with if they can connect you with specialists for your other accounts.
How to find general financial counseling resources recommended by Wells Fargo?
Wells Fargo often recommends resources like the National Foundation for Credit Counseling (NFCC) for personalized financial counseling and education, which can help with budgeting and debt management.
 |
