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About jameseiv

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  1. Hey ColtFan, It states: This office has been retained to collect the sum of $$$ which our client alledges is owed by you. Please direct full payment to this office. Unless you notify this office withoin 30 days after receiving this notice that you dispute the validity of the debt or any portion thereof, this office will assume this debt is valid. If you notify this office in writing within 30 days that you dispute the validity of this debt or any portion of it, this office will obtain verification of the debt or obtain a copy of judgement and mail you a copy of such judgement or verification. If you request of this office in writing within 30 days after receiving this notice, this office will provide you with the name and address of the original creditor, if different from the current creditor. Please call this number to discuss futher. This is an attempt to collect debt. Any information obtained will be used for that purpose. In making this communication, we advise that our firm is a debt collector." Now I called the number and spoke to the case manager. She said she was authorized in house by Citi to settle for 70%, which is up from 45% to which Citi offered me earlier. She said that she could take that 45% back to Citi if I gave her a financial statement and could guaranteed that I could get the 45%, but it wasn't a definite. I told her I wold call her back. My last offer to Citi was 35% and she said no way now that the law firm has it. I have been reading and am really not sure what to do. I am 90% sure I could borrow the 45% now, but Citi sent it to the law firm even before charge-off. Any advice would be much appreciated. Thx
  2. I live in PA and I am not sure how to proceed. It is just a letter and not a summons. I called the Citi Recovery Department and they verified it is with Burton Neil now. How do I proceed from here? Thanks.
  3. Thanks Coltfan, I was really thrown for a loop when the rep said that. I told her I had to do some research and get back to her. From what I read Cap1 it is not easy to get Cap1 to change the verbiage easily. Just going to accept and move on. Appreciate it.
  4. Well, Cap1 threw me a curve ball today. Thought I was going to settle with them until the rep threw out the verbiage, "settled with an outstanding balance" when reporting to the credit report. What exactly does this mean? The rep says that Cap1 will not come after me for the remaining balance, but will they charge off the remaining balance? I am very confused and did not agree to anything yet... She would not change the verbiage... Thx
  5. Also settled with Chase tonight for 25%. Scheduled the payment for the later in the month via checking account and letter will be mailed with the 4 month payment schedule. Should I be nervous about that?
  6. Well, I settled with Capital One at 50% today. After reading some of the posts and other advice I decided to get that one out of the way first. I am just waiting on the faxed letter before I pay anything. Is it OK to do a payment over the phone via a checking account or should I send a cashiers check? I will be getting Settled status per the doc on my credit report. Is that OK? Now to talk with Chase with 15 days left to charge off and see what Citi has in store for me with prelitigation. Thanks
  7. They are high - Citi - 17K Chase - 30K Cap One - 10K
  8. Three accounts coming close to charge off and the following won't budge at all: Citi - 45% - March 22nd CO Chase - 50% - March 29th CO Capital One - 50% - March 29th I will have the funds mid march to settle all of them at about 30% each, but none of them will budge from the above. Citi has said the term pre-litiagtion so many times my head hurts. Chase and Capital One are extremely nice about it, but won't do anything. I have countered at just below 30% for each, but no dice. Any words of wisdom or does it seem that the banks have changed their stance? Should I just let them go to charge off to see if I can settle at a lower cost? Thanks.
  9. All great points and great advice. I don't want to deal with a law firm judging from experiences I read from searching the boards. I have the 30% now so I will have to budget to figure out a scenario. Off to the spreadsheet! I am going to give it a few more days to see if they call back and if not I will call them. Appreciate it!
  10. First, I would like to thank everyone for their feedback and help. It has been extremely helpful. Any advice on what I should do before my account is sent to "prelitigation"? I am at an impass with Citi. I have offered them about 30% and they will not budge from 45%. I am 152 days past due and my account is scheduled to be sent to "prelitigation" about a week before charge off. The balance is just under $18k. Now I have gotten a letter today stating the following: "Unfortunately we have been unable to establish an acceptable arrangement for repayment of the above, blah, blah. Unless such an arrangement is established within 30 calendar days from date of this letter, we will refer your account to an attorney licensed in your state for further collection efforts including a possible lawsuit to obtain a judgement." If the account is sent to to an attorney, what happens next? Will I get sued right away? Does the attorney try and settle also? Does Citi try and settle right before this point? Should I call every couple of days to see if they will budge at all? The CitiCard settlement department would not answer my questions about this and the rep even yawned while talking to me, it was actually hilarious! Thanks!!!!
  11. Gave Citi a call this morning and talked to someone in the Settlement department. Still says she cannot send out copies of the settlement or pre-litigation letters. I offered just under 20% and all of a sudden she could not go below 45%. I told her the rep the other night said 35%, she said no it says in his notes here 45%. I told her that this is all the money I could come up with to settle and I will just talk with the other two creditors and see what they will accept for settlement. I asked to speak with a manager and told her I know that I have to be notified via letter that I am be sent to the pre-litigation department. She said a manager will be calling me back within 24-48 hours, but my account will be going to pre-litigation on March 13th. Not sure if this is all part of the game, but starting to get nervous......
  12. Thanks all! I am going to try and get someone on the phone this weekend and start at 20% and work my way up most likely from there. Hopefully all goes well, I will post any updates. Appreciate it.
  13. Just got a phone call from Citi. Account is 151 days behind and the rep made some claims. He says that: 1. They sent a settlement letter two weeks ago 2. They sent a pre-litigation letter on February 11th He started off by letting me now about the pre-litigation letter followed up by the settlement letter. I open the mail myself religiously at lunch and have never received either. I asked for a copy of both, but he said he could no provide either. I let him know that if I had received either I would most definitely have called Citi to discuss. He offered 35% settlement over the phone and I still asked for a letter but he was concerned it would not get here in time for the account to go to pre-litigation on March 11th. He then put me on hold for 15 minutes to see if he could get a copy of the letters out to me. We then got disconnected because I was on my cell. I have answered all of their calls and so far and no mention of settlement until now. Is this a settlement tactic they are using? Thanks!
  14. I am getting close to 180 days with Chase and Citi and are beginning the settlement negotiations. If the % is agreed upon, what other stipulations should I be requesting in the settlement letter with regards to reporting to the credit bureaus and other things. Your help is much appreciated.
  15. Hello all, First off I would like to say thanks to all who contribute to this forum, it is a wealth of knowledge and has helped us big time so far. OK, well we have really neared the bottom and I am currently 60 days back on: 1. Chase for $28,000 2. CitiCard for $17,000 Fielding calls once a week so far and they have been very nice. Settlement has been mentioned by both, but then said we don't qualify yet. I also have a $500/month (10K balance) personal loan from Capital One that we can no longer afford and am think that I should stop paying that and start negotiating. Anyone have any experience with Capital One and Settlement? If I am finding that I am unable to pay should I include this personal loan for settlement? we will come into around 16K in February and March due to tax refund and (God Willing) a bonus from work so I will have money to settle. Your advice is much appreciated. Thanks.