Re: HELP--CITI debt transfered to LTD collections/ reply to LM

Posted by Sweetyb (134.71.140.80) on January 14, 2004 at 20:37:19:

In Reply to: Re: HELP--CITI debt transfered to LTD collections posted by LM on January 13, 2004 at 10:47:16:

This is the first time I have ever had debt so I have been going through all of this as an amature. Luckily my mom works for a Law firm and has been able to give me helpful advice, and I will be seeking more soon. Hopefully something in here helps you in some way...

Although my debt is by no means a mistake, I am just not financially capable of paying it due to a layoff and now returning to school full time. Because my small monthly payments were still incurring late fees and charges, especially since I had already closed the account, what I've had to do was just stop paying. Why waste my money when I can save it for a future settlement.

I wrote a detailed letter to CITI (directed to whoever was sending me their own letters from CITI) about my situation and how I intend to pay but need a settlement of $300 on both accounts due to blah blah blah. I also included transactions that I was in disagreement with in the letter. I never sent them a dime in payment for anything for the next 3 months or so, no matter how many payment offers I received. If it didn't have the word "settlement" in the letter, I was not going for it. I tried one of their limited time offers, but I think soon after was when I called to close my account.
They would call me everyday and I have caller ID so I would only pick up once in a while to calmly explain that I'm waiting for a settlement. I came to realize that these telephone callers know nothing, so they would always transfer me to the settlement dept. Once I found out how easy that was, I started to make it sound as if I have a settlement in process and asking them what was going on with it and that I've been waiting and I have the money in hand and things like that.

Finally, this one settlement officer said that their system read that one of my offers was accepted, the other one not yet. The scary thing was that they asked for my $300 over the phone! After reading "WHYCHAT"'s take on that I thank God it actually went through as a "settlement" and not a "payment"! They gave me a deadline to give them my check over the phone (they were really adamant about receiving it over the phone, and I was quick to accept in fear that they would reject the offer later, since it was over the phone anyway). It took 3 months for it to offically close.

Other info I learned through CITI:
- Not paying your account for 180 days will send your account to a collections agency.

A # for the settlement Dept. I have still jotted down is 1-800-572-9325.

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If you get any advice on dealing with LTD, please share!

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