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Settling with the OC (Citi)


lolah
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I posted this in the Debt Settlement forum, but it's a ghost town. I am hoping someone can help...

I have an account with Dell Financial (Citi) on all 3 reports. The debt is approx 2 years old - the SOL is 3 years in the state the debt was incurred and 6 in the sate I now live. I have searched and found conflicting advice on which SOL to go by.

The Ohio Revised Code states:

2305.03 Lapse of time a bar.

(B) No civil action that is based upon a cause of action that accrued in any other state, territory, district, or foreign jurisdiction may be commenced and maintained in this state if the period of limitation that applies to that action under the laws of that other state, territory, district, or foreign jurisdiction has expired or the period of limitation that applies to that action under the laws of this state has expired.

The listing on my CR says collection/charge off, but there is no CA collecting. I have not heard from one and there is not one on my report. I don't really want to DV them, because I have heard all the horror stories about being sued. I would rather try to settle out of court! Not to mention, I am worried about 2 other accounts...don't really need to add this to that nightmare!

Either way, I am not sure what to do - even after the SOL is up - the OC can still attempt to collect and sue. So, what purpose does the SOL serve?

Any advice on this?

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Hey Lolah,

Do you know for sure that Citi still owns your debt? If its not with a CA you may have some luck settling with them. I worked with them, but this was pre-charge off so I'm not sure if that'll make a difference or not. They wouldn't settle with me (I was late about 4 months) but they lowered my interest rate to 5%, removed the late fees and penalties that had accumulated, and I was able to pay it off within about a year. They even reinstated the card to good standing and didn't cancel it or anything.

However, since your is post charge off it may work differently. Like you said, if they aren't agressively collecting, I'm not sure I would approach them quite yet, depending on how much you are willing to settle. If you are willing to pay a good portion of it, say 80% or more, they'd probably take it would be my thought. However, they may have it assigned to a CA and they haven't located you or just aren't aggressively trying to collect for whatever reason. I've read that Cap One seems to sue right before the SOL and Citi may do the same thing.

You are right about suing, they (and anybody for that matter) can sue you at anytime. However, the SOL is an affirmative defense and as long as you show up and use this defense, it should be thrown out.

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Hey Lolah,

Do you know for sure that Citi still owns your debt? If its not with a CA you may have some luck settling with them. I worked with them, but this was pre-charge off so I'm not sure if that'll make a difference or not. They wouldn't settle with me (I was late about 4 months) but they lowered my interest rate to 5%, removed the late fees and penalties that had accumulated, and I was able to pay it off within about a year. They even reinstated the card to good standing and didn't cancel it or anything.

However, since your is post charge off it may work differently. Like you said, if they aren't agressively collecting, I'm not sure I would approach them quite yet, depending on how much you are willing to settle. If you are willing to pay a good portion of it, say 80% or more, they'd probably take it would be my thought. However, they may have it assigned to a CA and they haven't located you or just aren't aggressively trying to collect for whatever reason. I've read that Cap One seems to sue right before the SOL and Citi may do the same thing.

You are right about suing, they (and anybody for that matter) can sue you at anytime. However, the SOL is an affirmative defense and as long as you show up and use this defense, it should be thrown out.

Thanks for the reply! :) It has been charged off, but no one is collecting. The OC is the only one on my report. I was thinking of settling, but then read that it would show as a "recent default" and would hurt my scores even more.

As the saying goes - "Don't wake a sleeping giant". I think I will let it rest for now.

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