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Sending DV's and CD's to Citi....


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I also have a Citi account at CA right now and I am trying to hold them off. I only owe them $1800 and due to circumstances I am dealing with right now (having a baby) I have no money to start giving them. So you also know, I am going through a DS company right now, Lawgistix L.L.C., have you heard of them? Anyways, obviously I am stuck dealing with Citi on my own and am trying to take my time knowing that the account will charge off in 5 mos, that is what the CA confirmed anyways. Should I keep holding them off until the last minute and then make a deal?? Any advice would be appreciated. Also, pardon how much of a novice I am here but you keep saying to DV, DV, DV!!!! What is that exactly in English and where can I learn about it??? :) I know I do not DV Citi, but being that I am on my own with them any help would be good!!

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DV is debt validation. You can learn about it right here on this site. Read, read, read.

This is an old thread. Sifexpert no longer posts on this site.

There is some debate about waiting to settle until just before charge off. And some folks will tell you that not sending a DV to Citi is ill advised as the DV process exists to protect the consumer. You need to come up with a plan that is best for your particular situation. If your goal is to settle and you are able to come up with the money to settle before charge off, then maybe waiting until just before charge off will work for you. And keep in mind that Citi will take payments over time, so it's likely that you won't need the settlement amount in one lump sum. You'll likely be able to negotiate a payment plan with Citi lasting from 3-12 months.

And please be aware of the tax implications. Expect to pay income tax on the portion of the debt not collected if it is $600 or more.

A side note: it's a good idea to keep your posts about a particular situation limited to one thread. It can get confusing to the people replying if you are posting in multiple threads about the same situation.

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I've been given a lot of negative feedback in regards to my posts warning members not to DV or CD any Citi accounts. So, I will explain...

In January 2004 Citi began sueing any client who sent a CD to Citi. In May 2004, Citi began sueing any client who also sent a CD or DV to a CA representing one of their accounts.

I have relationships with every CA who handles Citi accounts and they have all told me the same thing. Once the CA receives a CD or DV the account is automatically recalled and sent to a local attorney to file suit.

Citi is not bending on settlements. Its quite obvious that Citi has been giving a very difficult time to everyone trying to settle.

When Citi changed their policy they flagged every uncollected account that has a CD or DV noted and filed suit. I had accounts that we sent a DV or CD to over a year before they changed their policy and yes, they were sued.

Our legal fees increased by 20k per month and so did many other companies like my own for defending their clients. Some companies spend well over 6 figures per month on Citi alone.

Although, this may not be the same for everyone but speaking for myself and everyone else I know in this industry we are all experiencing the same results.

I strongly urge any member dealing with Citi to not send a CD or DV. If you are looking for positive results it would be best to try to settle for 50% when it has gone to a CA. When the account is with the CA wait 60 days and call and offer 50%. I settle Citi accounts with the CA's for 50-55%. No more.

I do not work for Citi and most who know me on this forum know that I do not work for any OC or CA. I simply see what Citi has done to so many of my clients and after reading this forum enough I think it is an absolute shame.

If you doubt any of what I have listed here please call a CA or Citi themselves and ask them before you post any more negative remarks.

Newbie here-

I understand about not sending letters to Citi. But what about Home Depot and Sears? Thanx

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A warning to all members who would take the advice of sifxpert.

Sifxpert is a PAID, professional debt settlement consultant. He makes money off commissions by getting people to settle debts with certain creditors, Citi being among them. It is a conflict of interest, IMO, for him to offer the financial advice of paying Citi when he stands to gain financially from that advice.

Furthermore, IMO, a person who makes money off of getting people to pay a portion of their debt is a collection agent. The only difference between sifxpert and a CA is that he gets you to contact him, and then makes you HAPPY that you just paid him.

Keep that in mind when reading his threads. Since his services are no longer available on this site, I am locking the thread. If you need specific advice for your own situation, please feel free to start a thread of your own, we will be happy to help.

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