citibank made an offer to settle..

[floridian]

well, i got my first offer to settle a 10k buck debt... its now about 120 days late and they offered me 45 cents on the dollar....

i couldnt settle with them if i wanted to... if i had 5k bucks in my pocket, i wouldnt be here..

when i told them i had a lawyer, she said that she was sure my lawyer would tell me not to settle..

there you have it, my first offer.. i guess the threats will start, soon without a settlement..

[2Bshinyandnew]

well, i got my first offer to settle a 10k buck debt... its now about 120 days late and they offered me 45 cents on the dollar....

i couldnt settle with them if i wanted to... if i had 5k bucks in my pocket, i wouldnt be here..

when i told them i had a lawyer, she said that she was sure my lawyer would tell me not to settle..

there you have it, my first offer.. i guess the threats will start, soon without a settlement..

Are you still answering the phone, or did this offer come in the mail?

Since November 2008 I get a letter once a week from BOA saying I have 15 days to work with them or they will send the account to collections. That 15 days keeps renewing itself every 7 days

In a few of the letters they say if I call I could settle for "as low as " 15%.

[floridian]

it came in a very polite phone call... i was suprised how nice she was...
well, if i decide not to file, i wonder what comes next?.. im suprised they wanted to settle so soon....

[walkthaplank]

The times I have actually spoken to a Citi representative, they were always very nice and seemed to want to work with me. No threats, no talking down to me. Their collection agencies are another story. *IF* you let this go to a CA be prepared. Drag it out as long as you can and have your C&D's ready.

[floridian]

i was wondering if the fact that im garnish proof had anything to do with it,,,, i guess not...

[catleg]

I'm getting the "final charge off" speech from a BofA business account at 153 days or so, offered a 30% (of balance) settlement and then 25% in the next breath...heck of a poker player right? I said, sorry, you guys are great, it's those bastards at Chase that are driving me into bankruptcy.

Got a 54% offer from Citi after 120+ days, what, are they kidding? :-)

[AboutToBK13]

BofA will settle for 20% of the balance just before CO. I have seen Chase settlments as low as 25% post CO. I know for a fact that they will go as low as 35%, that is what I settled with them for.

Both Chase and BofA will give you between 4 and 6 months to pay the settlment if you press for it.

[Lajazz947]

If you are going to file don't settle. It could be preferential and you'll get a 1099.

Now, if you reconsider hold out for 10 to 15 cents on the dollar. If they don't bite then the CA's will at this level for sure.

BofA was at 11 cents on the dollar but I was going to file anyway.

Just play the game with them. It takes a LONG time to sue and get a judgement.

[AboutToBK13]

If you are going to file don't settle. It could be preferential and you'll get a 1099.

Now, if you reconsider hold out for 10 to 15 cents on the dollar. If they don't bite then the CA's will at this level for sure.

BofA was at 11 cents on the dollar but I was going to file anyway.

Just play the game with them. It takes a LONG time to sue and get a judgement.

1099's can be dealt with. The rules for insolvency are very easy to meet. For some, myself especially, settlement was financially better than filing a BK13.

ETA: 11% is an awsome deal. I have never seen an offer that low for settlement. The best I have seen is 15%.

[albacore44]

If you are going to file don't settle. It could be preferential and you'll get a 1099.

Now, if you reconsider hold out for 10 to 15 cents on the dollar. If they don't bite then the CA's will at this level for sure.

BofA was at 11 cents on the dollar but I was going to file anyway.

Just play the game with them. It takes a LONG time to sue and get a judgement.

interesting you should say that . I spent my lunch studying the april docket for the Riverside court. From what I can tell, they are about a year behind on civil cases. cases filed in april 2008 are just now coming up. lots of capital 1 in the 1k to 2k range in small claimes court. and it looks like they are using law firms who don't even show up on the court date, so there are motions to charge them $150 for a no show . very interesting

[Lajazz947]

interesting you should say that . I spent my lunch studying the april docket for the Riverside court. From what I can tell, they are about a year behind on civil cases. cases filed in april 2008 are just now coming up. lots of capital 1 in the 1k to 2k range in small claimes court. and it looks like they are using law firms who don't even show up on the court date, so there are motions to charge them $150 for a no show . very interesting

You look very different when you shave. LOL

I love Bill O'reiley (spelling?)

[albacore44]

You look very different when you shave. LOL

I love Bill O'reiley (spelling?)

i think I had your attourney's name and misplaced it.he sounds like one with the type of attitude i may need.

[Lajazz947]

i think I had your attourney's name and misplaced it.he sounds like one with the type of attitude i may need.

Send me a private E mail and I'll send you his name.

He's disorganized but he's an SOB so I stay organized and he fights. That's OK.

[spidge]

interesting you should say that . I spent my lunch studying the april docket for the Riverside court. From what I can tell, they are about a year behind on civil cases. cases filed in april 2008 are just now coming up. lots of capital 1 in the 1k to 2k range in small claimes court. and it looks like they are using law firms who don't even show up on the court date, so there are motions to charge them $150 for a no show . very interesting

Would you have the link handy to look at the Riverside docket?

[BKINAZ]

CAT I like the "blame the other guys" line...I think I'll use it.

BTW after 5 months Chase is only down to 65% and she graciously pointed out that Chase only holds it for 7 months then sends it to collections. True???