citi charge off

[ctnbpl]

I don't understand Citi Bank ... to make this story short.. I will go straight to a point.. I have financial problem ( Lost jobs, due to economy woes) , I can't pay citi what they want with is a balance of $25,048 on my credit card and citi have decide to charge off account. Last time I left behind was May 2008 with a payment of $1500, the highest payment I could ever afford to make, in January 2009 CITI has charge off those debt with 292 days since last payment, CITI recovery department now hold this account and has not sold to 3rd party agency

Question1 : Can I negotiate with CITI to settle this account for 40 to 60% of the original balance even when account is charge off??

Question 2: If this account is charge off (I know that I still own those debt , and they will pursue to collect) but who really own those account ? if CITI has already wipe out those bad debt?

Question 3: if CITI sell those debt to 3rd party collectors ( collection agency) is those collection agency " a debtor" whome I own those money now? or a CITI is still original creditors? and I have to pay Citi those money? will citi accept money from me?

Sorry for those long post.. I mean I should be short.. but really want to know answears, plese help me I beging please

[Anonymous]

#1 -- If Citi still owns the account, yes you can negotiate with them. Just know that you are likely within SOL and they can file suit anytime and likely gain a judgment. Can you PIF or make a lump sum payment for the amount you want to negotiate?

#2 -- Citi owns it if they haven't sold it. Charge off is just an accounting term they use for their accounting. Really nothing to do with who owns the debt or what is owed.

#3 -- Citi will still be the OC if they sell to a collection agency. However, you will no longer owe Citi anything, you will owe whomever purchased your debt. You won't pay Citi anything and if they sold they can't accept payment.

[ctnbpl]

In April 2009 I wrote about my debt with Citi bank it was 292 days since I pay them back then, now its 960 days since I made a last payment to them, currently Solomon Solomon own/assign this account

( if citi sell those account then is cit  require to tell consumer that his/her debt has been sold )?

Solomon Solomon Offer 50% and I still don't have those money available ( situation getting worse that expected)

(what percentage to do a Counter-Offer)?

[llecs]

---

@ctnbpl wrote:

In April 2009 I wrote about my debt with Citi bank it was 292 days since I pay them back then, now its 960 days since I made a last payment to them, currently Solomon Solomon own/assign this account

( if citi sell those account then is cit  require to tell consumer that his/her debt has been sold )?

Solomon Solomon Offer 50% and I still don't have those money available ( situation getting worse that expected)

(what percentage to do a Counter-Offer)?

---

Unfortuantely, Sidewinder hasn't been on in nearly a year. But throwing in my two cents and to expand on what he said before, a CA will eventually purchase the debt and you'd owe Citi nothing. If you look at your CRs, if Citi is reporting $0, then they no longer own it. The CA does. If Citi is reporting a balance and there is no CA reporting on this debt, then Citi would still own it.

If Citi sells the debt, they do not have to inform you that they sold it. However, info on your report would be a good indicator as to who owns it.

Very likely you are still within your state's SOL. If you didn't initial contact with them, contacting them will increase your odds of getting sued. If they offered 50%, I would scrounge up everything you have to take it, or at least consider that. If you come back at 30%, for example, they could end up rejecting it and sue for the full $25,000++.

Again, check your state's SOL on CC debts (usually marked as "open" accounts in the legalese). If you are close to SOL expiring, then I would wait to do anything.

[RobertEG]

Bottom line is simple.  You have a substantial debt, and debt, regardless of anything to do with credit reporting, .lives forever until paid. Someone,be they a credior or debt collector, will hound you until paid

Here is my summary of your post.

You had an OC account with Citi that first went delinquent with them at some unspecfied date.  That date is important, so can you provide it? That may be your legal DOFD.

Then Citi charged off the unpaid debt at some time, also not provided.They then apparrently reported the charge off to your CR.

Then Citi had options.  It could have included options to:

1. simply continue its own and atttempt collecdtion of the debt, or

2  assign to a debt collector the right to collect the debt on their behalf, while still retaining legal ownershio of the debt,  or

3. just bail out, and sell the debt to a debt collector, and leave collection of the debt to the debt collector.

Citi probably still owns the debt unless their OC account now shows a $0 balance owed to them.

A debf collector is never a legal creditor of yours.  You simply have no account with them.  So no, no debt collector can ever become an OC.

Can you provide more into?

[ctnbpl]

I am currently on Unemployment check that will ending soon, so there is no home, car, stock, bonds or any collateral or any asset in my name whatsover ( judgement proff) and hope that it will not be in the next 2 years.. I am still in college 2 more year to graduation day

My SOL in Connecticut  is 6 years, 3 more years to come

There is NOTTHING display on my credit bureau as this tradeline has been " accidentally" removed by a credit bureau all 3

Citi still own the debt and don't want to recall back to citi internal recovery I have already asked( it more easy to deal with OC than CA)

I use to have a much much more debt with this particular creditor but I did settle

Citi Dinner Club 28% (5,753 write off)

Citi MasterCard 32%) ( 6,448 write off)

Citi Personal loan 22% (5,543 write off)

BOA-21% (7,543 write off)

PayPal 34% (1,340 write off)

Amex 40%( 7.649 write off)

Student loan ( unsecured chase) $55,326 write off settle at 16%

Only debt that has left is Citi MasterCard First deliquency May 2008, what is your advise to do ?

And bankrupcy is not a option , reason for that is my FICO current as of Today 1/3/2011 Trans 754, Equi 763 Experian .. don't know

I was pretty working to increase my score and pay off not it only a option to pay off " somehow"  citi card and wait until all disapear from a credit report 3 years from now.. any suggestion

[llecs]

If you have the $$$ to PIF, then send a PFD to whomever owns the debt. If Citi reports an active balance, then they own it. Make sure you have the $$$ to PIF set aside or wait out the 3 remaining yrs. You can certainly try to offer less now, but they can reject any offer and come back and sue. You don't have any assets they can take but they can sue and get a judgment and garnish at a later date. Be very careful whenever inside SOL.

If DOFD is 5/2008, then it should be removed around 5/2015 based on the 7 yr CRTP.

I wouldn't BK either. In the long run, it'll cost you more to BK than what the debt is worth.

I must say, though, your scores are impressive. Congrats!

[guydiver]

---

@llecs wrote:

If you have the $$$ to PIF, then send a PFD to whomever owns the debt. If Citi reports an active balance, then they own it. Make sure you have the $$$ to PIF set aside or wait out the 3 remaining yrs. You can certainly try to offer less now, but they can reject any offer and come back and sue. You don't have any assets they can take but they can sue and get a judgment and garnish at a later date. Be very careful whenever inside SOL.

If DOFD is 5/2008, then it should be removed around 5/2015 based on the 7 yr CRTP.

I wouldn't BK either. In the long run, it'll cost you more to BK than what the debt is worth.

I must say, though, your scores are impressive. Congrats!

 I can't believe those scores.....that must be old stuff and not on any CR. Even "settled" accounts are derog, and there are a lot of them. Plus a large charge-off like that is a major derog, puts it in a bad bucket for sure.  Never, ever seen scores like that with a major derog.

---

[ctnbpl]

well, a little time has fly..

citi mastercard is still $25k balance.. but I have recieved a letter from solomon Solomon

dear.....

I am in receipt of your correspondence requesting a settlement for the above matter. Unfortunately as explained several times, Citi bank

cannot accept any settelement lower than 50% of the balance due, in this case your balance is $25k  thus the best

settlement available is $12 k . Given your circumstances, Citi bank allow repayment of the settlement

over twelve months with not interest, in the alternative, you can enter into a payment arrangement

on the full balacne and have the option of settleing for 50% of the remaining balance at any time.

Please contact me to discuss further. I look forward to duming and extracting money from you ...from.. you again

Very truly,

Attorney...

Well, I don't know what to think?

is really Citi bank offer ONLY 50%? of the total balance? or is this a game Solomon Solomon playing around me?

Have you guys hearing something like " payment arrangement for a full balance" and have a option to settle at 50% any time is this scam or that

" regular course of doing business"?

What should I do.. I get 7K now.. still collecting..

please advise...

btw..notthing has been paid since 5/2008 on 5/2014 I am free under Statue of Limitation... for Connecticut right?

[IOBA]

You can accept their settlement offer for 12k.   Get the offer in writing and have the letter say something to the effect of the debt will be considered paid in full and no other money will be due.

Pay them the 7k and set up the 12 month payment plan for the other 5k.   It's interest free and a VERY good deal!

Be aware that you may receive a 1099-C in the mail sometime next year for the remaining 13k that was not collected and written off.