Just got a letter in the mail from a local firm.

[jwmc1]

Got a letter in the mail from a local firm on a $8,600 credit card with Citi. I am prett concerned now about being sued, obviously. I have accumulated some cash and I would like to settle. What do you think the likelihood is that they would go for 30% or so?

[Amadan]

Just curious, How long have you gone wihtout paying? Were coming up on month three and scared to death this is going to happen to us. Citi actually sent us a letter asking us to settle for 40% after we missed our second payment. Of course if i had 40% of the balance laying around we wouldnt be in this situation.

[jwmc1]

We haven't paid in about 8 months. I can come up with about $3700, I was able to settle my other large card for 30%. I have been dealing with this for about 2 years.

[jennagirl]

I'm sure some people would disagree with what my opinion is on this...but the same thing happened to my husband and I. We kept thinking we could just 'catch up' but we never did, we just fell further and further behind. When we filed bk, he had been served papers from a lawyer too, not just the cc company asking to settle...but from a firm suing him. long story short, we called atty immediately...that was Jan. 27th. We had our bk 341 hearing on Friday and we will get our discharge paperwork in 60 days or so.

My advice is, if you only have that one debt...try to settle and pay it...but if you are like us...that is not the only debt or cc you have. We have spent 3 years trying to make things better but all we have done is make them worse trying to get out of it on our own. I look at it like this...in 10 years we would still be in way too much debt to ever see and our credit would still be bad. This way, within 10 years we at least have a chance to start over and correct the wrongs we've done in the past as far as our finances go.

after our 341 meeting on Friday I felt like 10,000 pounds had been lifted from my shoulders!

[jwmc1]

I'm sure some people would disagree with what my opinion is on this...but the same thing happened to my husband and I. We kept thinking we could just 'catch up' but we never did, we just fell further and further behind. When we filed bk, he had been served papers from a lawyer too, not just the cc company asking to settle...but from a firm suing him. long story short, we called atty immediately...that was Jan. 27th. We had our bk 341 hearing on Friday and we will get our discharge paperwork in 60 days or so.

My advice is, if you only have that one debt...try to settle and pay it...but if you are like us...that is not the only debt or cc you have. We have spent 3 years trying to make things better but all we have done is make them worse trying to get out of it on our own. I look at it like this...in 10 years we would still be in way too much debt to ever see and our credit would still be bad. This way, within 10 years we at least have a chance to start over and correct the wrongs we've done in the past as far as our finances go.

after our 341 meeting on Friday I felt like 10,000 pounds had been lifted from my shoulders!

I don't disagree at all, I think at some point everyone needs to decide if they are better off trying to settle or if they are better off just filing BK. I would imagine atthis point it will be up to my remaining creditors if I file.

[albacore44]

what Law firm was it ?? Are you in california ?? If so i can give you an idea on how long you have. i had a lot of citi cards, They go through a 3 step process. call you and send settlement letters for the first 3 months. Then to a collection agency, usually United or Encore, then the Law firm, and the will go after you. I filed Ch-7 just before i knew the law firm was going to sue me. that was at about 9-10 months from date of last paid. i would say you are about 60 days from being sued,

[jwmc1]

I am in Michigan...Cortez, Jenkins, & Blain

[jwmc1]

what Law firm was it ?? Are you in california ?? If so i can give you an idea on how long you have. i had a lot of citi cards, They go through a 3 step process. call you and send settlement letters for the first 3 months. Then to a collection agency, usually United or Encore, then the Law firm, and the will go after you. I filed Ch-7 just before i knew the law firm was going to sue me. that was at about 9-10 months from date of last paid. i would say you are about 60 days from being sued,

Do you think the law firm settle?

[pcn]

what Law firm was it ?? Are you in california ?? If so i can give you an idea on how long you have. i had a lot of citi cards, They go through a 3 step process. call you and send settlement letters for the first 3 months. Then to a collection agency, usually United or Encore, then the Law firm, and the will go after you. I filed Ch-7 just before i knew the law firm was going to sue me. that was at about 9-10 months from date of last paid. i would say you are about 60 days from being sued,

Our citibank acct was 25k, grew to 30+k with fees. We didnt pay for 13 months, no lawsuits pending when we filed. But, we're in AL - maybe both lawyers were busy...

[jwmc1]

There is no way I have $8,600...I ill fight them tooth and nail and then after that is all said and done I would probably just file anyway. If they are willing to settle for 30% to 40% I would do that.

[ryan]

Haven't paid citi for about 6 months now...

Have gotten calls, then acct was sent to United, then to a local law firm recently. So, based on what I'm hearing, looks like I should expect to get sued in the next 60-90 days??

I do find it interesting that so many websites and 'experts' claim only "'1 Percent get sued", but many seem to be suing debtors right and left (and on a predictable schedule)!

[jwmc1]

Haven't paid citi for about 6 months now...

Have gotten calls, then acct was sent to United, then to a local law firm recently. So, based on what I'm hearing, looks like I should expect to get sued in the next 60-90 days??

I do find it interesting that so many websites and 'experts' claim only "'1 Percent get sued", but many seem to be suing debtors right and left (and on a predictable schedule)!

Yep...not sure what I should do...I would like to settle, but if I call them will it just be worse?

[Rog]

This is what happened to me regarding Citibank. Their collection agency (Commonwealth) sued me by a local attorney. When I received the summons, it looked like they included everything and the kitchen sink. So I didn't respond and waited for the default judgment. It never came. The judge said that they had insufficient proof of debt.

Now mind you, they sued me just before the SOL expired (4 years). How long have you gone without paying?

I will end up filing for bankruptcy anyway. But my case should be dismissed any day now due to lack of prosecution (it's been over a year with no activity). It turns out that the paperwork they sent (that the judge said wasn't enough) is all that they have.

I guess my point is that I put up no fight at all and won (sort of). If you get sued, ANSWER THE SUMMONS.

Good luck!

[jwmc1]

I will answer. It hasn't quite been a year yet.

[jennagirl]

Don't pay anything if you know you are going to probably file anyway---save that money and get an attorney who can help you get a fresh start. I made that mistake. I paid 2,000 dollars (most of my savings) to a company that bought my citi account. My atty said that I shouldn't have done that because i ended up filing anyway.

Just think...if you are going to file anyway---don't pay a settlement. Just file.