AboutCreditwrench Expertise Debt Collections law, Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA), federal law, how to properly answer court summons for collection cases, how to prepare federal cases against debt collectors, how to deal with debt collection phone calls.
Experience I've been an active consumer advocate for more than 40 years and have helped hundreds of people win cases against debt collectors as well as helping them defeat demands for summary judgment lodged against them by banks, debt collectors and defeat mortgage foreclosures and keep their homes.
Education/Credentials Paralegal courses for the most part. I have been teaching people how to deal with judgments, mortgage foreclosures and other such problems both on and off the internet for many, many years. I am a Richard Cornforth information provider ever since 2000 and worked with many other organizations and causes since 1980. I was Oklahoma State Chairman for the nationwide drive to defeat the Constitutional Convention which was proposed by various factions within our federal government such as the Council of State Governments and the National Organization of State Governors who were working hard to organize a Constitutional Convention to be held in 1995 for the purpose of rewriting our American Constitution to be more acceptable to the United Nations. I worked with Senator Charles Duke of Colorado and Senator Don Rogers of California and many others across the nation to keep them from getting the number of delegate states required to lawfully hold a Con-Con and we were successful. I have worked with many other legislative issues in Oklahoma and have always been very successful.
Question I lost my business a year ago because a this bank was being proactive and cut my credit limit that I was using for my business. Since then I have a very low income and can't pay the credit card debt and pay my bills too. I owe $25,600 to Citibank on a credit card. They want to settle the debt for $10,600 but I don't have the cash to do it and the most payments they will allow is 3. They said if my account had been charged off they could let me pay over 12 mos but it's not been charged off. They said I have until july 25th to set up some kind of arrangement or Citi is going to proceed with a lawsuit. My question is if I cannot pay this amount is Citi going to sue me or will they just charge it off on my credit bureau and leave it alone. Why didn't they have my account in "charged off" status?? Please help me understand what is going on here and what the future holds for me since I can't pay right now.
Forget about charge off. That is an internal bookkeeping function and really has little to do with you. They don't charge it off on your credit bureau. They report it to the credit bureaus as a charge off meaning that you defaulted on the debt. That is all. Will they sue you?
I'm sure they will but they will probably turn it over to a debt collector first and the debt collector will end up filing a lawsuit against you in the name of citibank. That's just the way it works. If you can't pay you should not waste money trying to do what is impossible for you to do. Instead you should start learning how to deal with 3rd party debt collectors which includes lawyers.
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