|
|
Re: Credit Card debt.......????
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Mike
on January 07, 2002 at 00:54:38:
In Reply to: Credit Card debt.......???? posted by Shannon on January 06, 2002 at 16:28:19:
Shannon, I think the first thing I would do is find out who the collection agency is -- that is, is the agency a branch ( or in-house ) of Citibank or is this a third-party ( outside ) collector that Citibank has sold your account to. This will make a difference as to who you pay and how much, as well as how damaging it may be to your credit record. If Citibank has turned your account over to their in-house collection group, then I would contact Citibank, tell them your story, and try to work out a payment plan with them directly. When you talk to them, try to negotiate with them to remove any negative remarks that they have submitted to the Credit Reporting Agencies.
If, on the other hand, Citibank has already sold your account balance to an outside collection agency, then that is a different problem. Your Credit Report will show your account as a "collection" which will stay on your Report for seven years. In that case, I would negotiate a lower pay-off balance with the Collector, since they bought your balance from Citibank for pennies on the dollar.
You can make them stop the harassing phone calls by sending them a letter telling them to do so. Also, one more IMPORTANT matter....get everything in writing, whoever you deal with. Don't make any committments or promises until they send you a letter outlining all the details. Have paper and pencil with you and ready when you call them and take notes as you talk ( for your reference later ). But don't do anything until they send you something in writing, first ! Mike
Follow Ups:
Post a Followup
|
