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Debt settlement and court

Submitted by on Wed, 02/27/2013 - 09:12
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I just spoke with citi to try and settle a card that is past due by 3 years now. They will settle but wont delete from the credit report. So I told them I needed to look it over. Next year is when the SOL ends and they cannot do anything. I am debating on whether I should risk another year or just settle and let the settlement hurt me for another 7 years.


i agree -- citibank, discover and capital one -- the three most likely to sue --


Submitted by chrissyhen1 on Wed, 04/03/2013 - 07:04

chrissyhen1

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If I only had one more year, I would wait it out and would only settle with them if they file in court.

From my experience, settlements don't really affect you for a full seven years. Yes, they are still on my report but my credit has gone from a low of 520 (post settlement) to over 750 now...and we just bought a second home. Credit does recover - even with the ding still showing.


Submitted by LisaW on Tue, 03/12/2013 - 06:07

LisaW

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The same thing happened to me with them; I went to a debt settlement place and we got them to accept $388 a month, and they took it out of my acct.


Submitted by meanjean on Thu, 03/28/2013 - 17:18

meanjean

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they are tough -- I had to settle with them -- they took me to court and were about to get a judgement -- its up to you if you want to settle -- for me, it was that or get my salary garnished -- good luck


Submitted by chrissyhen1 on Wed, 02/27/2013 - 10:06

chrissyhen1

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citi just put my account into collection. When I called they said NCO financials would be contacting me. No word yet. Will they settle with me?


Submitted by on Tue, 05/07/2013 - 18:49

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they will def settle with you -- just wait till you receive a letter from them -- they may even send you a settlement with the second and third letters they send to you


Submitted by chrissyhen1 on Thu, 05/09/2013 - 12:46

chrissyhen1

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