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SIFexpert... I did a boo boo need some advice


reddhead
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My husband is in collections with several CC's. One is with Citi Cards, he received a letter from a CA called "Client Services", it says, " the above acct. has been placed with our firm for payment in full". The amount is $5700. I dv'd the CA, and from reading your posts ( a little too late ) I see you suggest not to do that. I want to settle this acct. with Citi Card, I don't want a law suit against my husband. Is there anything I can do about this? I wish I had seen your post before I sent out the DV letter, which was today. This is the first letter he got from the CA, and if I'm correct...I think Citi Card still own's the acct. I'm not too sure. My husband hasn't made a payment on this acct for at least 5-7 mos. if that helps. I hope you can help. Thank you.

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I would call client services immediately and tell them you made a mistake and recognize that this is your account and no longer wish to dispute. Each month, Citi recalls accounts that have been disputed and forward to Attorneys for suit.

Client services will settle for 50%.

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I called "Client Services" and told them I knew it was my husbands account, I was just disputing the amount he owed. I know there's no such "apple in the tree" but I happen to get a very nice man, who was willing to work with me. The best he can do is 60%...which I think is okay. I would have liked it at 50%....but I don't want to rock the boat here, so to speak. My husband told me to settle...and get it done with.

Client Services wants to send me an agreement letter, and take the money out of my checking account. I don't like that idea, but I did open a new account just for situations like this...what do you think? I told the man that I would prefer to send him a settlement letter instead, and if he agreed to what was written, just sign it and send it back.

But doesn't someone with authority from that CA have to sign the letter?

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Yes, this is why i said to request the settlement letter from the CA. You want something with their letterhead and sig. from their higher ups. Your letter first of all may not cover all bases. I don't mean to doubt but its simply foolish to do your own. Its always best to have their letter. The letter must say "released from further obligation" settled in full and something along the lines of reporting this account settled to all 3 credit reporting agencies.

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I totally understand what you're saying. I am going to put the letter I want to send them here, I really think I covered all the bases lol. I just don't trust CA's...and they will say and do anything to close an account. I don't think they will cover my husband's butt in their letter...so here's the letter I wrote:

REF: Agreed settlement of outstanding balance, account #XXXXX...CitiCards-classic mastercard.

To Whom It May Concern;

As we have previously discussed, this letter outlines and confirms the terms of our Agreement to settle the outstanding balance on the account referenced above. By signing this settlement agreement below, you agree on behalf of [CitiCards] to the following terms and conditions:

You agree to accept ($XXXX) as a full and final settlement of all outstanding charges, fees, late fees, over-limit or late payment fees on the account referenced above.

The entire amount of ( $XXXX ) will be immediately forwarded to you upon receipt of an executed original of this settlement agreement.

You agree to immediately Cease & Desist all collection activities relating to this account, either directly or through any third-party debt collection agent or attorney.

You agree not to sell this debt to any third party since you now recognize this account as either SETTLED AS AGREED, or SATISFACTORILY SETTLED, or simply SETTLED IN FULL.

You agree that, upon execution of this Agreement and receipt of the amounts referenced in paragraphs 1 and 2, you will not place any negotive or derrogatory remarks, information or statements reported to any and all credit reporting bureaus in the United States of America placed by any third-party debt collection agencies or attorneys.

By affixing your signature and title below, you're certifying your full and binding authority to conduct this level of business and commit to this Agreement on behalf of ( CitiCards ). You also recognize that making false statements to induce execution of this Agreement and subsequent transmittal of funds constitutes mail and wire fraud and will be prosecuted in all appropriate civil and criminal courts, both corporately and personally.

Sincerely,

ACCEPTED AND AGREED:

_________________________

__________________________

Authorized Signature

__________________________

Title and Date

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