Question:
I just recieve a letter from a credit card collection agency from
citibank.
I own them around 7000 dollars. I don't really have that kind of
money. What are my options? I know bankruptcy is one.
Can I negotiate a settlement with them or should I contact the
citibank directly for the negotiation?
or payment options.
Which would be better for me?
What can they do to me if I ingore the letter?
Answer:
You can certainly negotiate a settlement with Citibank, if you can agree on
something you can live with. You can go through Genus or Consumer Credit
Counseling--credit card funded groups that will work out the details for
you. If you do nothing, apart from your credit record being trashed, you
will probably be harassed to death through phone calls and letters.
AFA bankruptcy is concerned, I have written a Bankruptcy FAQ which should
answer many of your questions about what is involved--it may be found at
http://users.erols.com/lawyer/FAQ/br_faq.htm.
I strongly recommend speaking with a local bankruptcy attorney to discuss
your options. Most offer free initial consultations and he or she should be
able to review your specific situation and let you know what you can and
can't do. If you're in Maryland, DC or Virginia, please let me know--we may
be able to help.
