I have a balance past due with Citi of over $20,000. It will be charged off this week and I cannot pay anything. They say it will be sent to collections or to an attorney for a lawsuit this week. I have heard they will not sue until after it goes to collections. Is this true? Anyone have any experience with an account this big? I had a good relationship with them for a couple years, and then everything fell apart for me. I have tried the hardship program, but was unable to keep up with it. All my money goes to rent, food and utilities. Is there anyway to keep it going to collections?
The only thing that will keep it from going to collections is a huge payment which you obviously don't have. So... get used to it, and look at it this way: When thy send it to a Collection Agency that's an OPPORTUNITY for you to let the CA commit some violation of your FCRA or FDCPA rights and you get to sue THEM for your $1000.00 damages. Something tells me that the probability of you suing them is equal to the probability of them suing you. BUT, you have a better chance of collecting.
Karen, For that kind of money, they may skip collections. You may want to start talking to an attorney to protect your assets. Sorry about all of this misfortune...
Thanks for the opinions. Does anyone know for sure what to expect? On a good note, my chemo went well today, my blood pressure is down, and I lost 10 pounds in the last week. Not everything is going bad.
Ditto on the attorney. Make sure he/she is reputable. Let the attorney take on the burden of communicating with Citi and/or their reps. You have more important things to concern yourself with right now. We all wish you the best for your health.
Re: Re: Need truth on CITI writeoffs/collec Good... Good... Fantastic! Seriously, with health issues like these, really begin to talk to decent attorneys re your assets. If you are anticipating gigantic medical bills, you'll want someone "in the know" to help you navigate the financial land mines out there. Dogman would be a good person to e-mail. You can get him on CreditBoards.
Re: Re: Need truth on CITI writeoffs/collec I have already checked about protecting assets. I cannot shield my home. I cannot shield my car. Thanks for the kind thoughts. Does anyone know if they will sue? Bankruptcy is out of the question. I have accounts receivable and equity in my house that will pay off the debts, but that would leave me with no assets and a bankruptcy on my record. I would rather pay it off over time when I collect on accounts receivable.
Re: Re: Re: Need truth on CITI writeoffs/collec Consider talking with a consumer debt/banktruptcy attorney just the same. Most states have some kind of homestead exemption whereby a certain dollar amount of equity in your home is protected from attachment or liquidation. There are also exemptions for tools of trade, clothing, heirlooms and others. I do, however, understand that you wouldn't want the BK on your CR just for this one large debt. More than likely, the OC will outsource the debt to a small-potatoes lawyer. He/she may offer to settle the debt for a lesser amount, but it's usually nothing that's affordable for the debtor. They will most likely file their complaint shortly thereafter. If you decide not to get an attorney (which I would not advise), do answer whatever complaint that's served on you. If nothing else, it buys you some time. God's Goodness and Blessings be with you.
