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Please help with collections

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Posted by Scared ( on September 20, 2002 at 05:59:47:

I'll try to make this as short as possible...
I've had an account with Citibank since 1994 and never made a late payment until recently. I'm out of work and haven't been able to find a job, and this account is now 5 months past due (owe about $9,000). On Wednesday I returned a call to a CA (GS Services) who said that Citi filed a formal claim. I told them that I was unable to pay but had every intention of doing so as soon as I could find a job. The man said they were going to proceed legally for failure to pay because of inability to pay and that I would be responsible for all of their court fees, etc. He then asked me questions about my job status, where I live, name of my bank, etc. Telling him I have nothing (living with a friend until I can find a job, basically have nothing of value), he then asked me to hold to see if there was anything he could do. He comes back and says that Citi authorized an out of court settlement about $1500 less than I owe, but that he needed to receive payment by noon on the 24th of this month (less than a week from the phone call).

My question is, what are my options? Do you think they are really ready to take me to court, and if so, what could they take since I have nothing? By the way, I live in Georgia. Any help would be greatly appreciated!

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