ladygaga Posted March 15, 2011 Report Share Posted March 15, 2011 I got a summons in the mail from Glasser & Glasser representing CitiBank for the amount of $6451. I called Glasser and Glasser and they said they'd settle for 3455 but when I pulled my credit report I showed that it says my pay status was charged off as "Bad Debt" and my credit limit was only $5670 and the past due amount was only $3103 so how can I have a balance of $6451? Do I have to go to court? What will happen if I don't go? Should I just work out something with Glasser and Glasser or should I try to fight it? I'm not sure what amount was really owed. Link to comment Share on other sites More sharing options...
BV80 Posted March 15, 2011 Report Share Posted March 15, 2011 You need to file an Answer to the Complaint within in the time allowed by the court. my credit limit was only $5670 and the past due amount was only $3103 so how can I have a balance of $6451?The past due amount still showing is the total it would have taken to make the account current before it was charged off. The reason the balance is over your credit limit is because you went over your credit limit due to interest and past due charges. What will happen if I don't go? Should I just work out something with Glasser and Glasser or should I try to fight it?When did you default, and what is the SOL in your state? Link to comment Share on other sites More sharing options...
Guest usctrojanalum Posted March 15, 2011 Report Share Posted March 15, 2011 The reason why your balance has ballooned is because they still charge interest, late fees, over limit fees even after you stop paying on the card. So the default rate being 30% interest then keep tacking on that $70 each month for late and overlimit fees the balance can balloon quickly to the number they are suing for now. Link to comment Share on other sites More sharing options...
ladygaga Posted March 15, 2011 Author Report Share Posted March 15, 2011 When I called Glasser and Glasser they said they'd settle for the 3455...if I agree to this over the phone how do I have proof of this when I go to court? Should I make them send me something in writing with their terms? They are saying they won't agree to any terms until a payment is made in good faith.There is no notice that says how many days I have to respond..it says for me to be at my hearing next month. The last payment was made in May of 2009 and I think the SOL is only 3 years so I def have to deal with it (ugh). The paperwork I got is called a Warrent in Debt and has a hearing time and date with my local court. Link to comment Share on other sites More sharing options...
BV80 Posted March 15, 2011 Report Share Posted March 15, 2011 Read your court's Rules of Civil Procedure. See if there's anything about settlement out of court.If you and the Plaintiff agree upon a settlement amount, they should send you a settlement agreement stating that upon $xxxx.xx, the account is settled or paid in full. They should also state that judicial proceedings have been dismissed or dropped.If you want specific advice concerning your state laws, you can contact a consumer attorney. Most attorney give free consultations. Some will even do so over the phone. Just ask what a settlement agreement should contain. Link to comment Share on other sites More sharing options...
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