11-02-2009, 06:50 AM
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Citibank
I owe Citibank Master Card45K a lot of it is fees since my original credit limit was 35. I am paying 225 a month to United Recover System after not paying my bill. I asked them to settle for 12k in 3 payments but they refused. Should I stop paying the 225 a month? I will never be able to pay 45k and they refused to take less than 25.
I settled with BoA directly and Cap One with a ca already. 
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11-02-2009, 10:56 AM
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you may want to read up on settlement and how it works. they are not going to settle with you if you continue to pay. would you? they are getting the money plus interest, plus late fees, plus im guessin over the limit fees and they are not gonna consider settlement because you are proving that you can continue to pay it because you are. the way settlement works is that you scare them into thinking you cant pay or that they may not get anything because you are considering bk. hope that helps.
__________________
my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family
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11-03-2009, 06:05 AM
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Ok thanks _ I was thinking about not making anymore payments but got nervous about them suing me - I will call the CA and tell them I can't afford the payments anymore- How long after I stop paying until you think they will settle?
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11-03-2009, 06:55 AM
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Citi sued me after 6 mths for a balance like that (51K in my case). I gave a cannot affirm or deny answer and am waiting for a court date - but I'll probably file BK before that.
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11-03-2009, 11:56 AM
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Call me an ingrate, but times were tough and I couldn't make any payments as well. Citi sued me and got a judgement against me. I met with a representative of theirs at court one morning. I was one person among many. The person had us do a quick financial statement and asked what we could pay....she suggested $25.00 a month - just to keep me out of court. It worked. Well, it doesn't do anything BUT keep you out of court. Has anyone on this forum had a creditor attached to their wages directly? That's what the threat was to me. I just found it hard to believe on an unsecured credit card. Oh...by the way, that $25per month was against a $15,000 balance. I'm trying to avoid BK at all costs right now....I just don't want someone breathing down my neck for several years. We'll see - working hard at it now.
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11-03-2009, 12:50 PM
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Did you try to settle?
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11-03-2009, 03:02 PM
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What does SOL mean?
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11-03-2009, 03:08 PM
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The law firm who filed the suit was open to a lumpsum settlement pre-judgment or installments post-judgment. I didn't get as far as getting to a number as I decided to file BK and my attorney said he could get a delay while we were getting ready to file.
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11-03-2009, 03:09 PM
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Oh I should add that the lawsuit was after 6 mths of NOT paying them anything.
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11-03-2009, 06:22 PM
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sol means statute of limitations the amount of time that they have to sue you in court.
boston guy, it can happen it depends on your state im lucky enough to live in a no garnishment state you will have to check your states laws on that. __________________
my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family
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