Re: citibank charged-off account

Posted by Christine (24.244.136.198) on May 10, 2002 at 08:41:41:

In Reply to: citibank charged-off account posted by Peter on May 10, 2002 at 00:05:19:

They might not sue you, my husband had several charge offs with the Citi bank and they never came after him. They were smaller amounts but you never know.
Is this debt with a collection agency? Which one?
Its a horrible feeling to be in limbo like this, I would say, try to settle with the collection agency.
Send them a letter, certified mail. (This insures that they received it)
Offer them 20% of the debt and tell them you can only make payments. If they don't settle then tell them your not paying it. Tell them this is all the money you have. Then wait another year and try again.
Remember when the debt is with the collection agency, the interest they charge is rediculous, so don't be do surprised if the amount is a lot higher than you think.
I settled on a debt that started out as 5,600 after non-payment for 7 years it turned into 13,700 with the interest. I did settle it for 3,000 cash.
(I regret settling this as the account was ready for deletion off of the CR's.)I never realized this at the time and I am now waiting to see what will happen with this debt as I disputed it with the CRA's.

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