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settlement offer

Date: Tue, 10/05/2010 - 17:26

Submitted by Bob Piner
on Tue, 10/05/2010 - 17:26

Posts: 7 Credits: [Donate]

Total Replies: 10


I have several cards in trouble. one is with Citibank.Balance is $6492. I was offered a settlement of 25%, bringing it down to about $1600. I made an initial pmt of $140, next payment due 10 days or so. To make a long story short, I didn't meet the offer and it was voided.

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


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.


lrhall41

Submitted by SOAPLADY on Wed, 10/06/2010 - 04:54

( Posts: 17315 | Credits: )


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


lrhall41

Submitted by Bob Piner on Tue, 10/19/2010 - 04:32

( Posts: 7 | Credits: )


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.


lrhall41

Submitted by aubrey on Tue, 10/19/2010 - 07:19

( Posts: 1203 | Credits: )