PLEASE HELP!! Should I negotiate lump sum?
Date: Fri, 01/15/2010 - 16:49
Hello. I am $13K in debt with Citi. I am not delinquent - all payments have been made on time. But I lost my job a year ago and have been trying to get hired again and have had no luck. My parents now don't have jobs either, so my financial situation has become pretty bad. I was thinking about letting my account go delinquent for the next three months, attempting to negotiate a full and final settlement with Citi, and then if that was rejected, attempting to negotiate a settlement with whatever collection agency they will sell my account to. But I'm afraid of going about this process. Will I get sued? I would appreciate advice. I wouldn't have resorted to this type of resolution if I had any way of paying back my debt or making future payments. This is the only viable option I have left. NOTE: Please do not suggest that I work with a debt negotiation company. I have already looked into many of them and will not be going that route. I would rather struggle through this on my own then pay the thousands of dollars extra that they ask for in return for their "services."
Guest, it is a decision of the creditor whether or not to sue yo
Guest, it is a decision of the creditor whether or not to sue you. Hence, yes, you can be sued if you default.
You may like to discuss the issue with the lender and see if they agree to any payment terms. Remember that defaulting on a loan would dent your report.
Regarding settling with the creditor, you indeed can do it yourself.
