Citibank offer

[fireworks]

Had a gentleman call me on the phone today. He was very polite, explained that he was with a collection agency and was calling about my citibank account, gave the account number and the balance (a bit over $10K). I started into my spiel - we're filing bankruptcy, we've retained an attorney, I already told someone from citibank back in February, do you want the attorney's number. He replies back with "well, if it's been several months and they haven't gotten a case number, then they're going to keep calling you to check up, many people say they're filing but never do."

That was news to me but I suppose not really surprising. It's been about 3 months since I decided to file and quit paying CC bills. I'm well over 60 days past due on that account and it's been over 60 days since Citibank originally called me about the debt.

Anyway, he didn't want to take the lawyer's number. Everything I said he had a reply to. After a couple of minutes I told him that the call was being recorded and that I was aware of my rights under the FDCPA, once more do you want my lawyer's number? At that point he took down the information. The last thing he said was that Citibank was willing to settle for 40% of the debt ($4K+). I tried to tell him to put that in writing but he was already gone off the line.

Anywho...if I had that kind of cash, and Citibank was my only debt, I'd jump at it. Their $10K is only a drop in the bucket of my $130K in CC debt.

Should I be prepared for a second round of phone calls? Looking over my records I see that most of the calls came during February so it's been around 2 months on each of them. I have a system down to deal with them. As soon as you mention that the call is being recorded and that you're aware of the FDCPA they tend to clam up. I just have better things to do than spend time on the phone with debt collectors.

[albacore44]

Hmmm.......my Citi accounts are just now passing 30 days past due. lots of calls coming in, but they are directed right to my voice mail. mostly hang ups, but sometimes you hear "hello.......hello", or someone yawning. someone named Lawanda left a message once. thats about it so far. B of A has my cell #, and I know it's them every 45 minutes. caller ID comes through as "unavailable" so I can't block it.

[fltoo]

They have every right to call you until you actually file for BK. Giving them a lawyer's name does not protect you and they are not violating any rules.

When they call, just continue saying you are filing for BK and politely(or not, depending on your personality LOL) hang up.

[poorold]

do any of you remember a time in our lives when a credit card company offered to settle for 40% of what is owed?

a friend got that call yesterday too.

it's a last ditch effort by credit card companies to get some money in on accounts they KNOW are never going to get paid.

human nature being what it is, many people on the edge (or over it but not realizing it yet) are probably trying to desperately work out their unworkable situations--perhaps by borrowing from a family member because they can get their debt reduced if only they could pay this reduced amount now.


nstead of those "talking heads" on CNBC telling people how bad bankruptcy is on their credit, they ought to be providing more personal service. If they did, they'd probably be telling the majority of those callers to quit paying and save up for an attorney.

[optimistic1]

Settling in the debt in my eyes is very similar to Credit Counseling, in the end, you are not helping yourself, just the creditors. If you have the legal right to file a BK and discharge the debt, then why not do it?

Is it because of the stygma of a BK completely destroys your credit? Cause it really doesnt, you can still very easily obtain new credit after a discharge, from credit cards to car loans to FHA loans for a new house.

I would just file BK and not look back, even for pennies on the dollar.

[fireworks]

They have every right to call you until you actually file for BK. Giving them a lawyer's name does not protect you and they are not violating any rules.

When they call, just continue saying you are filing for BK and politely(or not, depending on your personality LOL) hang up.

According to the FDCPA:

a debt collector may not communicate with a consumer in connection with the collection of any debt...if the debt collector knows the consumer is represented by an attorney with respect to such debt and has knowledge of, or can readily ascertain, such attorney's name and address, unless the attorney fails to respond within a reasonable period of time to a communication from the debt collector or unless the attorney consents to direct communication with the consumer

Of course this doesn't apply to the original creditor, but in this case it was a collection agency calling, not Citibank. That agency shouldn't be calling again. That doesn't stop another agency from buying up the debt and calling me, but it stops that one.

I just got off the phone with a collection agency calling about my Discover card. She already knew that we were filing bankruptcy and had the lawyer's name and number - which means that she shouldn't have been calling in the first place as per the FDCPA. She was calling to see if they might talk me into a deal by "lowering the balance or the interest rate." I told her that the Discover card was a drop in the bucket and wouldn't make any difference (it's around $6K, out of $130K), she thanked me for my time and hung up. I have to say, she was one of the most polite and easy to deal with collectors I've spoken to.

[fireworks]

Well is it with a CA's and you DON'T want to waste your time talking to them on the phone then why have you not sent out a C&D's to end it once and for all?

After I tell a CA over the phone that we're filing for bankruptcy, if they call again, they get a C&D. So far only one has been stupid enough to keep calling me at that point. Otherwise I see no point in spending the money and time to drive to the PO and send certified mail.