brokeanddesparate

citi charge off looms

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ok, i have found citi the hardest one to settle, one account 20k. charges off in 7 days, final offer they gave me is 40percent (can't do) or 5 year payments of 350 mo, or 1 payment of 350 to delay charge off by 30 days. If i make the 350 payment should not that set the charge off clock back to 6 months? Rep said it would just delay by 30 days. Please give your thoughts.

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Charge off means nothing to you. Its an accounting process where they move your account from one place on their P&L to another. It is NOT a deadline for you to take action.

If you can't pay, you can't pay.

(and, don't talk "settlement" with anybody but Citi directly).

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Charge off means nothing to you. Its an accounting process where they move your account from one place on their P&L to another. It is NOT a deadline for you to take action.

If you can't pay, you can't pay.

(and, don't talk "settlement" with anybody but Citi directly).

i also owed a large sum to chase, 32k, right before charge off i got a letter from them telling me their in house attorneys would be taking action up to and including a lawsuit, i offered to settle at 15percent, they told me 55percent was it, i talked bankruptcy possibility and unemployment, and told them between a relative and some exempt funds i could do 20percent, they got approval to go as low as 30 or wait for legal options, i decided to settle at 30, which for chase seems to be good, they are not as lenient as last year, and there was just an article in paper about chase keeping in house and suing at charge off, but citi has not sent any letters like that, and their charge off is a month before chase was scheduled to charge off. Citi lost their chance when i gave all my resources to chase, citi debt is smaller but settlement amount was same, better to use those funds to get rid of bigger debt, maybe citi does not offer a better settlement till after charge off, or maybe i won't get sued, i would really rather beg relatives again if it would come down to 20percent, wish me luck.

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Citi will go after you. I have two summons from them already. I'm just waiting for them to make the next move...I did get Chase to settle a 9000.00 debt for 3000.00. They actually settled pretty quickly. Should have held out for lower...anyway, citi is pretty agressive. I plan on wating for there next move, knowing I'll probably lose in court I plan on excercising the arbritation clause if they won't at the mandatorycasr management meeting.

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