Re: Citibank settlement??????????????

Posted by LadynRed (199.91.33.254) on February 28, 2003 at 11:14:56:

In Reply to: Citibank settlement?????????????? posted by julesann on February 28, 2003 at 00:23:35:

They can't touch your house ! TX has an UNLIMITED homestead exemption, not a damn thing they can do about it, so their threat is an empty one, and illegal, since they are threatening actions they cannot legally take !

Your vehicle, if its financed, is probably also exempt, especially if you have little equity in it.

Knowing this, it takes away ALL of the "leverage" they THINK they can threaten you with. I wouldn't settle on their terms, NO WAY. Besides, if its not in writing, they will NOT stick to it and will screw your credit 6 ways to Sunday anyway !
Get settlement on YOUR terms, percentage-wise and full deletion of anything they may have on your credit report. You don't want 'paid settlement' on your credit report, your pristine credit will be trashed by that. You want 'paid' or 'pays as agreed'. You also want a 1099-C issued - cancellation of debt income. If you don't get this, they can and will sell the remainder to a collection agency who will harrass you again. You'd have to claim the 1099 on your taxes next year as income, but it'll be far less than paying a collection agency's extortion !

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