Citibank help

[Elisa3928]

What is the name of your state? Florida.

Ok here goes.....Do to my separation and divorce over two years ago I became financial burden....I assume huge amounts of credit card debt. I tried consumer counseling for a little over a year.....but they didnt help...I pretty much just threw my money away. So after I sold my home I decided (I had never had any credit problems previously and the debt was making me sick) to close my account with the cosumer company and deal with my creditors directly or with the collection agencies. I was able to pay off my Sears, Chase, MBNA, my checking plus and a couple of small credit cards.

I was able to explain my situation and they did they're best to come up with a settlement amount. The only company left is Citibank; they have been hesitant to deal with me .... I resently received a summons from an attorney on the behalf of Citibank (South Dokota). I answered and returned my answer the same day( I have no money for a lawyer). I explain pretty much everything I've stated here....I told them that I dispute the amount the state I owe: being Over $27,000.00 due to the fact that I didn't even have that credit limit. I told them that I had $6,000.00 left from my sale of my home and that I would be glad to pay them this money if they closed my account and left me alone. They denied it....I spoke with they're attorney this week and told them I just dont have anything else....I have nothing to my name.....I can try to pay them half of the $12,000.00 in monthly installments of $100.00 but even that is a stretch for me.....they said they were going to send me a financial affidavit....but they didn't think Citibank would accept it.....what do I do.....should I start sending my $100.00 on a monthly basis attached with the letter explaining my payment ...... as a good faith payment......I am just worried sick.....I cant sleep or eat....I just want to finish this....please help me with any advice possible....

 

[Debt Guy]

Citibank is notoriously hard-headed and their scummy lawfirms are even worse.

Here is the decision they have to make -- would they rather have $6000 today or have a judgment and maybe collect a whole lot more money from you some day in the future? In my experience, they tend to go for the big number in the long run.

You might want to consider bankruptcy. If you file before mid-October, you have a very good chance of discharging the debt entirely. You will, however, surrender that $6000 as the Trustee will take it to distribute to your creditors.

Alternatively, if you truly have no assets, then just ignoring the whole thing works too. The problem with this approach is that if you do have assets in the future then you are vulnerable. Also, they will try to take the $6000 away from you anyway.

A judgment on your record will make it difficult to buy a home or a car for the next couple of years at least and perhaps even longer.

I encourage you to consult with a bankruptcy attorney and let them lay out the pros and cons for you.

Here is my suggestion. Get the bankruptcy petition ready to file and then fax to the law firm a copy of the petition and a copy of a $6000 cashier's check payable to Citibank. Tell them to choose one. Maybe you get what you want. At worst, you use the $6000 to pay your attorney, have a big dinner out, use the balance of the cash as your attorney advises and then file the petition. Either way, it is all over with and you get to start fresh.

 

[Elisa3928]

Thank Debt Guy

Citibank is notoriously hard-headed and their scummy lawfirms are even worse.

Here is the decision they have to make -- would they rather have $6000 today or have a judgment and maybe collect a whole lot more money from you some day in the future? In my experience, they tend to go for the big number in the long run.

You might want to consider bankruptcy. If you file before mid-October, you have a very good chance of discharging the debt entirely. You will, however, surrender that $6000 as the Trustee will take it to distribute to your creditors.

Alternatively, if you truly have no assets, then just ignoring the whole thing works too. The problem with this approach is that if you do have assets in the future then you are vulnerable. Also, they will try to take the $6000 away from you anyway.

A judgment on your record will make it difficult to buy a home or a car for the next couple of years at least and perhaps even longer.

I encourage you to consult with a bankruptcy attorney and let them lay out the pros and cons for you.

Here is my suggestion. Get the bankruptcy petition ready to file and then fax to the law firm a copy of the petition and a copy of a $6000 cashier's check payable to Citibank. Tell them to choose one. Maybe you get what you want. At worst, you use the $6000 to pay your attorney, have a big dinner out, use the balance of the cash as your attorney advises and then file the petition. Either way, it is all over with and you get to start fresh.

Thanks for your response......I havent a clue on the Bankruptcy thing....how to get it started....who to call....can I do on my own?........what happens when you file Bankrupcy......I here it horrible; avoid it if at all possible...thats why I paid thousands of dollars to all my other creditors....Citi is the only one left. But maybe it not as bad as I was told.......do you have any insight?

 

[Debt Guy]

Bankruptcy is not a decision to make lightly. But, it is not the end of the world.

Yes, it will be on your credit report for 10 years. But, after 2 years you could probably buy a home or a car. Within 12 months, you will be getting credit card apps again.

Your bankruptcy would not be complicated. So, just pick one out of the phone book. Or, I will help you find one.

You could try to file yourself but it will require some effort and study on your part. Judges do not always like pro se (latin for represent yourself) filers and won't watch out for your interest -- so, if you do something dumb they will sit and watch.

I agree, after paying so many creditors you really hate to throw in the towel. Also, $6000 is not a large amount of debt to file on.

Send me your email address and I will send you some links to pages with forms, etc.

 

[Elisa3928]

Thanks for your help...really

Thanks for your reply.....my email address is [email protected]. Should I try to file Chapter 7 or Chapter 13. The dept amount that Citibank is looking for is $27,500.00....even though that is no where near my credit limit..(maybe it was half of that or max $15,000.00) I just offered them $6,000.00 because its really all I have left.

In chapter 7......do they take your car and furniture....hmmm...that sound scary.....Im not sure which one I should go for...or what best suits me....I know that in Chapter 13 you have a payment plan; I just cant really pay more than $100.00 a month....and I dont know if they would accept that in the Chapter 13 payment plan.

Thanks again for any and all the helpful comments... This really is a scary road.....and you cant help but feel helpless.

 

[Elisa3928]

question??

If I dont have any property under my name ..... can I just ignore this all together; since they will not try to accept any of my offers......not file for bankruptcy?

What can happen if I do ignore them.....can they garnish my salary?