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Was this a good deal????

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I had my pre-trial conference yesterday at my local courthouse. I was asked by the judge why I was there and showed hime my letter to appear. He said they were expecting the plaintiff to arrive shortly. I was being sued by CitiBank for a credit card debt of $10,100. Of course I was hoping they didn't show as that would mead a case dismissal. But shortly after 11am the representative showed up and asked me to talk in another room.


He stated that Citi would take $5,000 cash now and would settle the case. Sounded great except I was short about $4,999. The next option was to pay $7,600 at $200/month until paid. There would be no interest or court/attorny fees. I agreed and the Judge so ordered. On the 28th of every month I make out a check to Citi but mail to the lawfirm. In the memo of the check I write the balance remaining after the current payment is applied.


Do you think this was good? Should I have gone to trial?

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Guest usctrojanalum

yeah got the agreement so ordered by the judge, so it's as official as it can get. $7,600 might have been a bit high I think they could've come down a little bit but if you're happy with it that's all that matters.

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Look at it this way.  If you had refused the offer and continued fighting the lawsuit, you might have won, BUT you could also have lost.  OCs are not easy to defeat.  They usually have the documentation needed to satisfy the court.  $7600 is much better than a judgment that would have been more than $10,100 because attorney's fees would have been added.  At that point, Citi may not have settled for $7600.


Like usctrojanalum said, if you're happy, then it's good.

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I guess so....It was hard to decide because of all the info you can get from people on different forums. It is written that if I am more than 10 days late with a payment then a default judgement could be issued against me. But as mentioned no more interest or other fees so thats good. Also no worries about wage garnishment. I do wonder how it would show on a credit report since it's not a judgement against me.

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