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Pre-emptive Settlement with Citi? Were moving to S. America


piionline
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My wife and I are looking to move out of the country and currently we owe CITI credit cards around 50,000 locked in at very low interest rates until paid off.

I have no desire to screw citi bank as they have honestly been very good to us. But we have an opprotunity to move to South America and aquire an existing business that is doing OK, and get a house for about 1/3 of market value. The problem is I feel guilty on bailing on this debt. We have paid down around 30k of it over the last 2-3 years and havn't added any in the same time frame.

I have around 25k in cash plus acess to another 6k or so in 401k that we can use to pay down this debt.

We have great credit now and I know that this will screw it up, but its not going to matter as where we are looking at moving to they don't pull US credit reports.

Do you think they take a pre-emptive offer of 60% of the debt to Pay In Full without going late?

Or what is the best tract for us to go down?

Thanks,

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Congrats on the upcoming move. I know this is an exciting time for you.

Do you feel that you have the resources to pay this off? I understand where you're coming from but this is something that you really need to think about. This could affect your financial future. Hopefully, they are willing to settle. Good luck and I hope you get something settled.

I don't have much advice on settlements. However, I don't think touching the 401k is a good idea. Do not, repeat with me, do not touch the 401k.

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Guest SettlementSaint

You have a couple of options it looks like. You can continue paying monthly until it is paid off.

If you want to just bail on the debt and you never plan to come back to the US then that is another option.

Or you can wait 150 days without paying and look to settle for 50% or less. This would give you time to to save money and get your life together in a new country. Also you would have CITI off your back in case you do have to come back to the US.

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