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The CA is trying to settle with me, what do I do?


Romeol99
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Hello,

Yesturday I got a letter from a CA that Citibank hired to take care of my debt. The original amount is $2792.50 and they are trying to settle for $1675.50. I told them that I decline the offer. That I used far less then they say I owe. I also told them that I can only settle for $600 as full payment due to unstable economy.

Did I do good or should have I done more?

All is in writing...

I still haven't heard word from them. I sent the letter yesterday-Certified mail.

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Yes, you did fine. I would expect them to counter at @1200, ie, splitting teh difference with you. Take it if you can. Offer to pay in three installments. Just remember that any portion of teh debt forgiven >$600 is reportable by Citibank to the IRS.

And you will want to check your CR to see if they have reported it. If so, ask they delete the account or show it as "paid as agreed." A paid collection notation doesn't help.

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