DVM04 Posted February 18, 2003 Report Share Posted February 18, 2003 I am currently 5-6 months late on payments to two separate CC companies, Citibank and Discover. I currently owe each of them 9k. I have been contacted by NFS, a collection agency that Citibank hired and nothing from Discover for months. NFS offered a 7100 dollar settlement, but I told them I havent gotten the money. I am currently a student who hasnt had earned income for over two years and wont for another two. How do I go about settling these debts? I have read 30 posts on this site but nothing says how to get started. Should I just pick up the phone and call Citi and Discover or should I send them certified letters saying I can afford to pay you 2k instead of my 9k? Or should I do nothing and let them contact me? Thanks for the start up advice. Link to comment Share on other sites More sharing options...
LadynRed Posted February 19, 2003 Report Share Posted February 19, 2003 I wouldn't mess around with either of these creditors. Discover will sue you at or just after charge-off and for ANY amount owed. Citi is almost as bad.If you want to offer a settlment and you're not to the charge-off point yet, you'll never get them to accept 2K. Once its very close to charge-off you *may* have a chance. Send your offers certified mail and don't send them ANY money unless you get a signed agreement to your terms. Link to comment Share on other sites More sharing options...
DVM04 Posted February 19, 2003 Author Report Share Posted February 19, 2003 Thanks for the reply. How will I know when the acct is charged off or close to it like you suggested? Should I be calling this collection agency back or just ignore them? I have sent my validation letters to them but only a few days ago.... a Since this Citi is using this ca now does that mean the acct is charged off, and I can contact them? Thanks again Link to comment Share on other sites More sharing options...
LadynRed Posted February 19, 2003 Report Share Posted February 19, 2003 Charge-off happens after 180 days of non-payment. You can alwasy pull your credit report. Some creditors will even send you a letter telling you when they will charge it off. Just because Citi is using a CA doesn't mean its charged-off. They send stuff to CA's well before charge-off. [Edit by LadynRed on Wednesday, February 19, 2003 @ 01:35 PM] Link to comment Share on other sites More sharing options...
DVM04 Posted February 19, 2003 Author Report Share Posted February 19, 2003 Thanks I have contacted Citibank and they have told me that I am 45 days from being charged off. I will send the settlement letter to them certified a week prior. Is it strange I have not heard anything from Discover? I should be somewhere about 140 days late to them also. Thanks again for the replies, it helps put stuff in order. Link to comment Share on other sites More sharing options...
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