Here's my situation, I had accumulated over 20K credit card debts. About 10K with Citibank which is now handled by CA, and about 5K each with Chase and National City Bank, both are still current but i 've missed the last few payments and should be taken over by CA soon. I've moved out of the country and unlikely to ever return to the States again, so I really don's care about my credit report. But the CA has called and sent letters to my parnets' home and threat to sue. I don't worry about it all but my parents do, and they want me to sort it out with them. I certainly cannot repay all the debts but I can maybe repay half of it. The CA or OC have not offered to settle, can I approach them first and what would be the right way to do it, and what should I expect they would accept? Any help and advice is greatly apprecated.
You are in a unique position. Since there are no extradition treaties for debt, your creditors cannot touch you. Not only that, they are violating your rights under Fair Debt Collection Act by discussing your debt situation with people other than you, even your parents. Of course youcan offer to settle, and offer them whatever you want to offer them. Expect them to take the hard line "It's Not Enough" at which point I would suggest saying, "OK, I'll call you again next year and offer 75% of that. Let's see if that's enough then. By the way, if I have to come back to teh States for any reason I will be glad and obliged to sue you for the FDCPA violations....." The CA's will always take the position that whatever you offer isn't enough, or isn't coming in fast enough. Just make them wait and wait and wait. And don't be afraid to give them your address overseas. As soon as they figure it out that what you are offering is all they will ever see, the sooner you will get your settlement.
