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citi charge off

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ctnbpl
Contributor

Re: citi charge off

Well, yesterday I got offer 39% with is 12 payment of $800 a month ,whipe out $15,283.96 is this a good deal? I got in writing

 

should I reject this offer or take it and pay as agree?

www.bankernews.com
Message 11 of 17
MBOhio2
Established Contributor

Re: citi charge off

Only you can decide on whether or not to accept. As previous members have pointed out, there are some negative - the reporting of "settled for less than full" and the fact that you will likely receive a 1099-C and the amount forgiven will be taxed as income.

 

However, from strict "paying off debt" standpoint, that is a fantastic offer. Not only are they willing to accept a very low settlement amount (39% is very low!), they are allowing you to satisfy it with payments, which is rare. Usually settlements require you to pay the settlement amount in full immediately.

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 12 of 17
mauve
Valued Contributor

Re: citi charge off

Is it a good deal?  You charged 25k worth of whatever and you're getting 61% off.  How is that not a good deal? 

 


ctnbpl wrote:

Well, yesterday I got offer 39% with is 12 payment of $800 a month ,whipe out $15,283.96 is this a good deal? I got in writing

 

should I reject this offer or take it and pay as agree?


 

 


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 13 of 17
ctnbpl
Contributor

Re: citi charge off

Well, on 1099-c I thing about geting Insolvent... so taxes is not imporant aspect as of this time

 

With regards to reporting- the good part it not on my credit report, the full tradeline was removed " accidently" and is not on my credit report

my average fico ( transunion,Equifax) 763 with has improved well.. was working hard to get this taking care,

 

Is that possible that Citi may " reinstate" this account to reflect " paid settlement if it not appear on my credit report any more?

 

Also how can I get Experian Fico Score? anyone?

 

with regards to charge $25k.. not I have not charge those amount.. may be 9K and the rest are penealty, interest, over the limit.. and 29.99 % default rate.. so that why I don't know if I get a good deal beacuse I have to pay full 100% of principal even more 110% of principal for what I have really charge

 

www.bankernews.com
Message 14 of 17
mauve
Valued Contributor

Re: citi charge off

Consider it partial payment for all of the other amounts you've gotten out of that you were also responsible for.


Starting Score: EQ 583 TU04 619 EX 592 (lender pull) 2010
Previous High Score: EQ 700 TU04 712 EX 726
Current Score: EQ 740 TU(Discover) 750 EX(AMEX) 747
Goal Score: 740+ all around


Take the myFICO Fitness Challenge
Message 15 of 17
MarineVietVet
Moderator Emeritus

Re: citi charge off


@ctnbpl wrote:

Well, on 1099-c I thing about geting Insolvent... so taxes is not imporant aspect as of this time

 

With regards to reporting- the good part it not on my credit report, the full tradeline was removed " accidently" and is not on my credit report

my average fico ( transunion,Equifax) 763 with has improved well.. was working hard to get this taking care,

 

Is that possible that Citi may " reinstate" this account to reflect " paid settlement if it not appear on my credit report any more?

 

Also how can I get Experian Fico Score? anyone?

 

with regards to charge $25k.. not I have not charge those amount.. may be 9K and the rest are penealty, interest, over the limit.. and 29.99 % default rate.. so that why I don't know if I get a good deal beacuse I have to pay full 100% of principal even more 110% of principal for what I have really charge

 


No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU (PSECU) in Pennsylvania that supplies that information to it's members only.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 16 of 17
MBOhio2
Established Contributor

Re: citi charge off


@ctnbpl wrote:

Well, on 1099-c I thing about geting Insolvent... so taxes is not imporant aspect as of this time

 

With regards to reporting- the good part it not on my credit report, the full tradeline was removed " accidently" and is not on my credit report

my average fico ( transunion,Equifax) 763 with has improved well.. was working hard to get this taking care,

 

Is that possible that Citi may " reinstate" this account to reflect " paid settlement if it not appear on my credit report any more?

 

Also how can I get Experian Fico Score? anyone?

 

with regards to charge $25k.. not I have not charge those amount.. may be 9K and the rest are penealty, interest, over the limit.. and 29.99 % default rate.. so that why I don't know if I get a good deal beacuse I have to pay full 100% of principal even more 110% of principal for what I have really charge No one is trying to be judgmental here, but I think you're missing the point. While maybe you didn't purchase actual items to create the full $25K, the debt it still your financial responsibility. When you default on a CC, all of the fees, interest, etc becomes you debt because you agreed to the terms of the CC. If you were sued by Citi within the SOL, a judge would likely enter a judgment against you for the full $25K., possibly garnsih your wages, etc So how the 25K came to be isn't terribly relevant because it's still your legit debt. Therefore, financially, you're getting an amazing deal here because you're saving 61% from what you legally owed Citi.

 


 

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
July 2017 Current Scores: Approx 710 (waiting for official updates)
Message 17 of 17
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