02-03-2014 09:24 AM
Anyone here recently or currently had a CO with Citi?
I have a Citi SL that was sold to Discover and then sent back to Citi because "Citibank insured it(according to Discover)", and I haven't heard a peep from anyone(Citi or a CA) about it.
Anyone else? Any thoughts?
02-05-2014 11:21 AM
Honestly, no I don't want to give them a dime. They are the reason I am in this situation to start with. I tried and tried(begged) them to work with me on my private student loans. At the time there was no way I could make the full payment they were wanting. I told them I could make the full payments if they would give me a year, but they wouldn't budge. I actually had a representative tell me they wanted it to write it off that way the could collect on the insurance money.
Now if they don't send this bill to a CA and the SOL expires. It should drop off my CR correct? Technically I know I will still owe the money, but how will it show up on my CR and how will it affect my CS?
Thank you guys/gals so much in advance for the advice.
02-06-2014 08:51 AM
No matter how badly you want the debt to vanish, it won't unless you pay it off or settle for less.
Someone will [most likely] always be after you for the money.
Regardless of the SOL for your state, the CO will/could remain on your CR for 7.5 years after the last baddie (in this case, it could be the first missed payment or the last missed payment or the CO date.) Some banks dropped the whole credit line after the 7.5 from first default and others wait until the 7.5 from the last date of default.
The SOL applies for the OC or the CA filing a lawsuit against you. They would need to file before the last date of the SOL. Keep in mind, the SOL won't prevent anyone from filing a lawsuit once it's ends. It would be a defense for you in court.
Just curious, why don't you want to pay the loan back?
02-11-2014 07:58 AM
Two main reasons I don't want to pay them back: 1) they wouldn't help out at all, and are the reason my credit is in shambles 2) I don't have the 23,000 to pay them back.
So how do I go about contacting them? Do I first try and DV them? If they wouldn't work with me the first time when it wasn't CO why would they work with me now? I don't really want a CA haggling me. Do I wait until the SOL is expired and then try and haggle them or should I go ahead and attack this beast head on?
02-14-2014 10:22 AM
1. You don't want to pay. At this point, it is a choice that you have. Later down the road, you may not have that choice as the insurance company, the bank, or the CA may force payment.
2. You are not likely to get it removed from CR prior to the 7.5 years. I would leave it alone so that it's unlikely to update.
3. If you decide you want to make payments, then push them to the bank.
4. You can DV the CA, but it won't make the debt go away.
02-14-2014 10:39 AM - edited 02-14-2014 10:40 AM
In reference to the Fair Credit Reporting Act USC 15 Sub-Section 605 the reference is to seven years. There are many interesting notes on when the actual seven years begins. As an additional note, my negative reporting was removed right at the seven year mark for all three bureaus.
02-24-2014 03:26 PM
Aren't private student loan debts perpetually collectible the same as government backed Federal financial aid?
I don't think so, I believe they are subject to the same Statute of Limitations as other debts of a similar contract type according to the laws of your state. They are not, however, dischargable in bankruptcy. It seems like private loans were considered pretty unevenly in different aspects of financial law, which makes them all the more confusing to deal with.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.