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Re: Citibank Chargeoff
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Posted by Mike
on December 31, 2001 at 03:01:53:
In Reply to: Citibank Chargeoff posted by Shannon on December 30, 2001 at 13:19:25:
Shannon, How do you know about the dates and amounts showing on your credit report ? Did you ask to see your record recently ? If so, expect to be contacted by what ever Collection Agency has your old debt. They will now know that you are alive and well and come after you !
The other writers are right -- leave everything alone for now until you hear back from them. The Collection Agency bought your old debt for pennies on the dollar, but will try to "gouge" you for every dollar they can by conjuring up interest and any other charges they can think of. They will make all kinds of threats and try scare-tactics, including mentioning lawyers and lawsuits.
From what I read on this Board, the amount you owe is small enough that they won't really take any legal action against you -- those legal costs will be more than they will recover if you are forced to pay and will be more than what they paid for your debt. And since this is a third-party collector, should they start contacting and harassing you, you can send them a letter telling them to stop the calls and letters and they will have to leave you alone unless and until they decide to take you to court. In my opinion, the amount you owe is not sufficient enough for them to go that far with it.
The negative remark on your credit record was placed there by Citibank, who has since sold your debt to a third party. The third party can't change what Citibank has already reported and they wouldn't try anyway -- they don't care about you. They just want to make some money. By now, Citibank considers you a dead-beat and they are not interested in helping you either.
So paying any money at this point will not help anything except help the Collection Agency keep its doors open so it can harass and prey on other folks who may have fallen on hard times.
My vote, also, goes with waiting it out until the seven-year reporting period for the Credit Reporting Agencies has ended, which should be 2004.
Just my $0.02 worth. Mike
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