Letter received from Burton Neil repre. Citi
Date: Mon, 03/26/2012 - 20:25
wit help from this forum, settled with Chase at 25% and Cap1 for 50%. Payoing both this week. Unfortuantley Citi has sent my account to the law offices of Burtin Neil and Assoc.
Letter states:
This office has been retained to collect the sum of $$$ which our client alledges is owed by you. Please direct full payment to this office.
Unless you notify this office withoin 30 days after receiving this notice that you dispute the validity of the debt or any portion thereof, this office will assume this debt is valid. If you notify this office in writing within 30 days that you dispute the validity of this debt or any portion of it, this office will obtain verification of the debt or obtain a copy of judgement and mail you a copy of such judgement or verification. If you request of this office in writing within 30 days after receiving this notice, this office will provide you with the name and address of the original creditor, if different from the current creditor.
Please call this number to discuss futher.
This is an attempt to collect debt. Any information obtained will be used for that purpose. In making this communication, we advise that our firm is a debt collector."
Now I called the number and spoke to the case manager. She said she was authorized in house by Citi to settle for 70%, which is up from 45% to which Citi offered me earlier. She said that she could take that 45% back to Citi if I gave her a financial statement and could guaranteed that I could get the 45%, but it wasn't a definite.
I told her I wold call her back. My last offer to Citi was 35% and she said no way now that the law firm has it.
I have been reading and am really not sure what to do. I am 90% sure I could borrow the 45% now, but Citi sent it to the law firm even before charge-off.
Any advice would be much appreciated.
Thx
Depending on when you opened your account with Citi, you may wan
Depending on when you opened your account with Citi, you may want to initiate arbitration with JAMS.
It looks like Citi sold off the debt to some collection agency.
It looks like Citi sold off the debt to some collection agency. Your best bet is to validate the debt, negotiate with the collectors and if you can afford the 45%, pay it off.
I disagree. It does not look like the debt was sold to a CA, rat
I disagree. It does not look like the debt was sold to a CA, rather, it looks like it was assigned to a law firm for the purpose of bringing suit. Citi rarely if ever sells their debt before chargeoff. CA's rarely buy junk debts, JDB's do (and in turn, they can assign, not sell, them to CA's).
Yup, do the financial statement and settle it quickly. Citi is
Yup, do the financial statement and settle it quickly. Citi is very agressive.
Citi is suing a friend and after looking at the local court case
Citi is suing a friend and after looking at the local court case list, they are pretty active there. IMHO, I wouldnt send for a validation especially if you know its yours, that may piss them off and make the act quicker. Try your best to settle before they file.
Talked with a rep at the law firm and they took my financial sta
Talked with a rep at the law firm and they took my financial statement and my offer back to Citi to see if they would except. They were authorized to settle for 70% in house and I could offer the original 45%. I am lucky enough to have awesome family to help me out so hopefully Citi excepts. If I could get it by the end of the month then they may move faster the rep says. Cutting it close and crossing my fingers. Thanks all.