Kudos To Wells Fargo Financial

[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]

I talk up a storm with giving kudos to Chase and their Balance Liquidation Program and helping my financial situation and my six figures of debt. They have reduced my balances by removing thousands in interest and fees. Way to go Chase and thanks so much for your help.

Now I have to give kudos to Wells Fargo Financial. A couple of months ago, when I was looking into bankruptcy, I had quit paying all of my accounts including my account with Wells Fargo. So of course I received an over the limit fee and a late fee.

However, today I received my statement for my next payment and was pleasantly surprised to find a credit for the overlimit fee. I didn't even ask for it. I was totally expecting to pay the fee, but Wells removed it with no questions asked.

Also, while reviewing the statement I am consistently floored by the required statement format. Creditors are now required to disclose how long it will take to pay off the debt by paying the minimum payment.

In my case by paying the minimum payment it would take 22 years to pay off the debt. By paying an extra $34 it knocks the re-payment time down to 3 years. Saving 21 years of payments and $5,577 in interest.

My goal (using Dave Ramsey's plan) is to payoff my smaller balanced card, which I am currently paying $43 a month on, and then take that $43 and apply it to the minimum balance on this card and paying it off sooner than later.

So far banks in my book are as follows:

Chase 1
Wells Fargo 1
Bank of America .5

Thanks Chase and Wells Fargo for stepping up to the plate for customers that want to pay back what they owe you.