citibank

[planetwalters]

What is the name of your state? texas
I have about $8,ooo in debt to citibank credit card. due to payment increases and monthly finance charges, i got in over my head. i can pay only about $100 permonth. i've tried their payment plan, but couldn't afford it. they seem unwilling to accept only $100. what should i do? i've avoided their electronic calls for a couple of months. now, a real person from their legal department is calling?
thanks for your help.

[debtcollector`]

You should do everything you can up to and including selling your furniture to pay your bill. If you don't they will sue and take everything anyway.

DC

[planetwalters]

i guess i was hoping for more constructive advice. i've got four kids....i can't sell everything. i don't understand how they "can take everything". do i have any options?
i wonder why they won't take $100 per month. do you think it is worth my time to offer a settlement of $2,000?

[JETX]

Originally Posted by planetwalters

i guess i was hoping for more constructive advice. i've got four kids....i can't sell everything.

Okay, lets be a little more candid in our response.
You used THEIR money to buy whatever you bought. You promised to pay them back in a specific 'repayment plan'.... including interests and costs. You broke your promise. They expect to be repaid for THEIR money that YOU used. Pretty simple so far...

Now, you seem to use the excuse that you have four kids. How is that the credit card company's fault?? Of course, it isn't. YOU made the decision to have four kids... and presumably to support them. And the fact that you have four kids doesn't mean you can't have a garage sale or sell things that you no longer need... or use. Heck, you can even sell things you do need or use.... to repay them for allowing YOU to use THEIR money to buy YOU things. Getting the 'drift' now.....

i don't understand how they "can take everything". do i have any options?

They really can't take EVERYTHING... but they can certainly get a judgment against you for the full amount you owe, plus interest, plus costs, plus legal fees. Then, using that judgment seize any NON-EXEMPT assets you might have. Granted, Texas is a debtor-friendly state... but that judgment also can last forever (10 years, renewable)... and it continues to accrue interest and costs.

i wonder why they won't take $100 per month.

Let me explain why.... you admit to owing $8000 in debt. Since this is a credit card, it very likely continues to accrue interest at probably in excess of 20% per year (due to your default and breach).
20% of $8000 is $1600 per year. You are offering to pay them $1200 per year. At that rate, your entire annual payments are not even covering the interest!!!

do you think it is worth my time to offer a settlement of $2,000?

Hmmm.... so you admit to having $2000 to pay them!!!
Why not just pay them the $2000 you already admit to having... then you will only owe them $6000, plus interest.
Personally, I doubt that they will accept that... but they might accept $4000 or $6000. I suggest you try to borrow the difference... or put your kids to work.

[planetwalters]

i'm just trying to understand this. i don't really think the hostility and sarcasm are necessary.
i'm not trying to weasle out of anything. i would like to pay the debt, i'm just not sure how i will do it. i don't have $2000, but thought maybe i could get it.
of course, having four children was my choice.....my gosh! and, i think it would be a bit harmful to their development, as well as illeagal, to send my children to work (ages 2-10)! give me a break! i was looking for some real help and certainly didn't find it here!

[JETX]

Originally Posted by planetwalters

i'm just trying to understand this. i don't really think the hostility and sarcasm are necessary.
i'm not trying to weasle out of anything. i would like to pay the debt, i'm just not sure how i will do it. i don't have $2000, but thought maybe i could get it.
of course, having four children was my choice.....my gosh! and, i think it would be a bit harmful to their development, as well as illeagal, to send my children to work (ages 2-10)! give me a break! i was looking for some real help and certainly didn't find it here!

Gee... sorry!! I thought you wanted a LEGALLY ACCURATE response!!
What the hell kind of response did you expect from a LEGAL advice forum??

Since you don't seem to take honesty and candor very well, here is an answer you will surely like:
Go ahead and continue living beyond your means. Expect someone else to take care of you. Go out and get all the credit you can... then just tell that big-bad creditor "Gee, I have four kids and can't pay you... surely you understand the stress I have, huh??". Maybe they will just let you skate on with your carefree, no-hassle life. Or maybe they won't. Feel better??

[seniorjudge]

Originally Posted by JETX

Gee... sorry!! I thought you wanted a LEGALLY ACCURATE response!!
What the hell kind of response did you expect from a LEGAL advice forum??

Since you don't seem to take honesty and candor very well, here is an answer you will surely like:
Go ahead and continue living beyond your means. Expect someone else to take care of you. Go out and get all the credit you can... then just tell that big-bad creditor "Gee, I have four kids and can't pay you... surely you understand the stress I have, huh??". Maybe they will just let you skate on with your carefree, no-hassle life. Or maybe they won't. Feel better??

Good one**************...

[bdancer]

Originally Posted by planetwalters

i'm just trying to understand this. i don't really think the hostility and sarcasm are necessary.
i'm not trying to weasle out of anything. i would like to pay the debt, i'm just not sure how i will do it. i don't have $2000, but thought maybe i could get it.
of course, having four children was my choice.....my gosh! and, i think it would be a bit harmful to their development, as well as illeagal, to send my children to work (ages 2-10)! give me a break! i was looking for some real help and certainly didn't find it here!

Okay, here's some real help. You have been living beyond your means and it has caught up to you. Your only way out now is to completely re-evaluate your spending habits, including not using credit cards, and set up a budget.

Cut back on all unnecessary spending (premium cable channels, high speed internet, newspapers, fast food, name brands, etc.) and find ways to increase your income (second job, baby sit, collect aluminum cans). Put all the extra money on one credit card till it's paid off. Then go to the next.

If you have a lot of debt and are not able to do this, then you should consult an attorney about bankruptcy.

[Carrie&Brian]

I would suggest that you continue to send whatever it is that you can afford to pay.

[boonehead]

Keep sending them 100.00 a month as long as they cash the check it is accepting payment and keeps them from sueing you, then talk to Citibank and see what you can work out,they don't want to go after you in court they just want thier money,plus their interest thats what they do,See if you can get a lower rate,close the account and no more penalty fees.Then pay on time whatever you agree to and only agree to what you can realistically do otherwise you will be posting again.Try to keep your credit up, hopefully its not in terrible shape, eventually (depends on credit,maybe years) you will get offers for transfer balances from credit card companies at a locked low rate, transfer the balance and destroy the new card as soon as you get it. Anything you charge on the new card will fall behind the locked rate and by the time you get to paying it, the cost of the item you charged has now qaudrupled. If you can't afford it now what makes you think tou can later?Use credit wisely,it can make your life easy used wisely,but impulse buying and spending on what you can't afford now hopeing you can afford later can destroy your life.

[JETX]

Originally Posted by boonehead

Keep sending them 100.00 a month as long as they cash the check it is accepting payment and keeps them from sueing you

ROTFLMAO!!!
Of course, that is NOT correct. Making a payment has NO effect on an overdue debt. It does NOTHING to restrict the creditors actions, including the ability to file a lawsuit.

[boonehead]

It does NOTHING to restrict the creditors actions, including the ability to file a lawsuit.
Didn't state it restricts them or they can no longer sue you, it will be less likely they will. Banks are not in the collection terrorist business,they are out to make money as a last resort they go to the legal system to try to at least break even after they pay legal fees and pay the low lifes at the collection agency.

[JETX]

Originally Posted by boonehead

Didn't state it restricts them or they can no longer sue you

Then whatever planet you are from has a DIFFERENT meaning to your statement that "as long as they cash the check it is accepting payment and keeps them from sueing you".
Making a payment doesn't KEEP any creditor from filing a lawsuit!!

it will be less likely they will

And of course, that is NOT true. You certainly can't GUESS (because that is what your post is doing) what a creditor might or might not do.

Banks are not in the collection terrorist business,they are out to make money as a last resort they go to the legal system to try to at least break even after they pay legal fees and pay the low lifes at the collection agency.

You're batting 1000 on this one.... WRONG again. Creditors can, and will, take whatever action they deem best to protect their chance to recover the funds that they LOANED to the debtor. And if they don't feel that $100 per month is enough, they WILL sue. Read this forum.... you will see LOTS of cases where creditors have sued for less.

[BelizeBreeze]

Originally Posted by boonehead

Keep sending them 100.00 a month as long as they cash the check it is accepting payment and keeps them from sueing you,.

The gene pool is quickly turning into a cesspool.

[boonehead]

Originally Posted by boonehead
Didn't state it restricts them or they can no longer sue you

Then whatever planet you are from has a DIFFERENT meaning to your statement that "as long as they cash the check it is accepting payment and keeps them from sueing you".
Making a payment doesn't KEEP any creditor from filing a lawsuit!!


Quote:
it will be less likely they will

And of course, that is NOT true. You certainly can't GUESS (because that is what your post is doing) what a creditor might or might not do.

AND NEITHER CAN YOU SO IT GOES ETHIER WAY


Quote:
Banks are not in the collection terrorist business,they are out to make money as a last resort they go to the legal system to try to at least break even after they pay legal fees and pay the low lifes at the collection agency.

You're batting 1000 on this one.... WRONG again. Creditors can, and will, take whatever action they deem best to protect their chance to recover the funds that they LOANED to the debtor. And if they don't feel that $100 per month is enough, they WILL sue. Read this forum.... you will see LOTS of cases where creditors have sued for less.

Because they believe the odds of getting more money from you is better in court, leaving the debtor no choice but to file bankruptcy, where they will get a judgement for? Because certianly this is the persons only creditor so they will get everything and not lose a penny but most likely they will end up with the 100.00 a month ordered by the court because they can't pay anything else upon what the other creditors are due.Or the judge can order them to sell the house that they have 2% equity in, the car that is worth 2,000 leaving no way to get to work( oh never mind that won't happen).They will probably have to give up thier yacht,10,000 shares of microsoft and the 1.2 million these people have in their offshore bank account, Get off your high horses, know it alls, get into the real world. What will Citibank gain, if they file bankruptcy? Nothing and they know it.But I'm sure you doomsday sayers know better.Insulting people makes you feel superior? Grow up.

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