settlement offer
Date: Tue, 10/05/2010 - 17:26
It has since been picked up by an attorney here in the state of Mass. I've gotten several letters and phone calls, but have ignored them. Until tonight. I spoke with someone there, who said he could offer a settlement of $4500. I told him I didn't know which way I was going, that I just wanted to touch base. He told me I had until Oct 15 to make a decision, then it would go to court.
I called Citi, to see if they would still work with me, but they're out of the picture.
My question after all this...how low should I be able to get the settlement down to with the attorney? I really don't want it to get to court, where the fees start piling up.
I'm a total idiot to have fallen through on the agreement. At the time, money was extremely tight. I should have just done it.....
Any and all advice is welcome.
Thanks,
Bob
Citi can be pretty agressive. Now that it has been placed with
Citi can be pretty agressive. Now that it has been placed with an attorney, they (Citi) pays a higher commsion so you might not get as good a settlement.
You shouldn't have broken the agreement. Now it will be very dif
You shouldn't have broken the agreement. Now it will be very difficult for you to settle the debt as it has been placed with an attorney. Find out who made the settlement offer? Was he someone from the bank? It is best to negotiate with the company directly.
Nelly, as with most third party or assigned collections, you CAN
Nelly, as with most third party or assigned collections, you CANT go back and work with the company directly. Collection agencies are hired under contract, and the creditor agrees NOT to interfere unless there is a breach of contract...i.e...FDCPA violations. Citi also pays a placement fee when assigning to a law office.
I've been in contact with the attorney that has the collection L
I've been in contact with the attorney that has the collection Lustig is the firm, they've been mentioned here before as a shady conflict of interest.
Anyway, they offered a settlement of 4500 on 6500 balance. I countered with 2400. They came back with 4450, nice, huh? I asked if I accepted, could I stretch payments out to a year or so. They agreed, with a 600 down payment. I told them I needed to think about it, and would get back in a few days. That was ok.
My question is: can I go back and try to get a better deal? I've thought about using BK as a tool to try and get some leverage...
What do you think?
My
Stretching payments out for more than 3 or 4 months is not consi
Stretching payments out for more than 3 or 4 months is not considered a settlement, at least by definition.'
bankruptcy or the threat off can sometimes backfire...
Quote:Originally Posted by SOAPLADYNelly, as with most third par
Quote:
Originally Posted by SOAPLADY Nelly, as with most third party or assigned collections, you CANT go back and work with the company directly. Collection agencies are hired under contract, and the creditor agrees NOT to interfere unless there is a breach of contract...i.e...FDCPA violations. Citi also pays a placement fee when assigning to a law office. |
Soaplady, are you saying that if a collection agency violates FDCPA I can go back to BofA?? I had called them several times and they told me the account was coming back from CA. I told them of the violations and I asked them if they would call me when the account came back. Well, they didn't call me, but gave it to another collection agency. I am suing the first collector.
I would much rather deal with Bank of A. How do I convince them? Do I need to get a letter from my attorney as proof? I did write a letter to the CEO Moynihan along with enclosures, but of course I've heard nothing.
The OC has the option to place you with any CA at anytime once y
The OC has the option to place you with any CA at anytime once you reach a certain stage...they no longer have to deal with you. Often they will get recalled and moved to another CA same day.
Any other comments/thoughts? Back to my latest question. How muc
Any other comments/thoughts? Back to my latest question. How much negotiation is there in these cases?
Come on, people....80 views, and only 8 replies!!! And 3 of them
Come on, people....80 views, and only 8 replies!!! And 3 of them are mine! Let's see some action on these threads. I'd be willing to bet that most of the entries on these forums are time sensitive.
Give it up!!!!!!!!!
Bob
Hey Bob, I say hold out for a better offer. They always threaten
Hey Bob, I say hold out for a better offer. They always threaten with court. It is only a very small chance of them accually taking it to court. Use the bankrupcy threat and see what happens. This is what I did and now they are trying to settle for 10 cent on the dollar.