Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Settling Private Student Loan with Citi.

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Settling Private Student Loan with Citi.

    I've been in default on this puppy for three years. It was originally only 14k IIRC and they say I owe nearly 19k now. I paid on it for about two and a half years.


    They sent me an offer of 35 percent, which is around 6.5k.

    Anybody have any experience with them? I'm still hurting and really don't have the cash, but.... it's close to SOL and I know they would rather settle now than go to court.

    Any advice on countering for 25%? My parents have offered to lend me the money, but I hate getting so much from them.


    Also, I know Citi loans were purchased by Discover. I have even got letters from Discover saying my loan is now serviced from them. Oddly, the collections attempts still say on behalf of Citi. Discover has never sent a statement, account number, bill, made any attempts whatsoever to get me to pay. Is this odd?

    --------------


    Edit: I actually just called back and countered with 22 % and they accepted. I was a little cautious as they wanted the money first and then would send me the letter. Um, no.

    Anyhow, they are now sending me a letter with the agreed amount and letting me know the account will be shown as paid in full. Is there anything else I should be looking out for? I've never settled anything such as this other than a credit card balance.
    Last edited by flickflock; 06-13-2012, 09:36 PM.

  • #2
    Sounds good. As long as you have it in writing that the debt will be considered "paid in full" and that the remaining balance will be forgiven and never sold, you're good to go.

    Comment


    • #3
      Thank you! That is exactly what I thought. Much appreciated.

      Comment


      • #4
        Nice result.

        You will get a 1099-C in the mail at some point (probably next January). You didn't mention if you filed BK (but then why would you be at a BK Forum...), you will need to complete IRS Form 982, but because the debt is a non-dischargeable student loan, you will not be able to use the BK exception to paying tax on the unpaid portion, you will need to qualify as insolvent. You should go download the IRS insolvency worksheet and compete it now, because the insolvency issue is based on the "time the debt is settled". If you are not insolvent, then the unpaid portion will be counted as income for tax purposes (sorry).

        Comment


        • #5
          This is great news. And it shows that private student loans CAN be settled for a fraction of the defaulted balance. So many people claim that this is not possible, but clearly it is. Looks like we're finally starting to see lenders of student loans come back into the real world of creditor-debtor negotiations, instead of hiding behind the claim that a student loan should somehow be a sacred form of debt that should be exempt from all consumer protections simply because it's a student loan.

          Comment


          • #6
            Originally posted by HHM View Post
            Nice result.

            You will get a 1099-C in the mail at some point (probably next January). You didn't mention if you filed BK (but then why would you be at a BK Forum...), you will need to complete IRS Form 982, but because the debt is a non-dischargeable student loan, you will not be able to use the BK exception to paying tax on the unpaid portion, you will need to qualify as insolvent. You should go download the IRS insolvency worksheet and compete it now, because the insolvency issue is based on the "time the debt is settled". If you are not insolvent, then the unpaid portion will be counted as income for tax purposes (sorry).

            Thanks for the info. I am a little familiar with the 1099, as I settled a credit card a few years ago and got one as well. I haven't even filed my bankruptcy yet. Still sitting here on my lawyers advice not to file until I get a job offer for permanent employment. Considering we are already half way through 2012, I'm thinking that unless I get a kick ass job, my total wages for the year won't be anything to put it up there too far. Last year I had un employment for four months (Didn't bother having taxes taken out) and a temp job for two months and it was the first time in a million years I actually got money back from the fed. If I happen to stumble into a good paying job, I'll be sure to stick some cash away for tax season and get a head start on my taxes in January in case I owe.

            Comment

            Unconfigured Ad Widget

            Collapse
            Working...
            X