Got my First Settlement Call

[PoGirl]

Wow! That was fast! I only stopped paying in August, so this particular card was not even 90 days past due. Offered $.50 on the $1.00.

I will say the gentlemen was nice. I'm sure that the "ugly" will start soon.

[GoingDown]

Offer them what "junk debt buyers" pay them for our debts-- about 3 cents per dollar of debt.

In this economy they might go for it.

[treehugger1]

You need to be careful about a 1099 and taxes, but if you are insolvent under the IRS definition for a 1099 debt forgiveness, then you might be fine. My retirement accounts are considered part of my "assets," so my colleague who is a CPA told me I would probably not qualify for insolvency. Do your due diligence and see if you might qualify for "insolvency" before you agree to debt forgiveness that increases your taxes owed.

As mentioned, 50% is nothing.

[ready2puke]

I just got an email from Citi wanting their money..this is what was at the end of the email.


Your account is issued by Citibank (South Dakota), N.A.,
and is serviced by Citicorp Credit Services, Inc. (USA),
also known as Citi Cards.

The purpose of this communication is to collect a debt
and all information obtained will be used for that purpose.

Information for Massachusetts Residents:
NOTICE OF IMPORTANT RIGHTS
YOU HAVE THE RIGHT TO MAKE A WRITTEN OR ORAL REQUEST THAT
TELEPHONE CALLS REGARDING YOUR DEBT NOT BE MADE TO YOU AT
YOUR PLACE OF EMPLOYMENT. ANY SUCH ORAL REQUEST WILL
BE VALID FOR ONLY TEN DAYS UNLESS YOU PROVIDE WRITTEN
CONFIRMATION OF THE REQUEST POSTMARKED OR DELIVERED
WITHIN SEVEN DAYS OF SUCH REQUEST. YOU MAY TERMINATE THIS
REQUEST BY WRITING TO THE CREDITOR.

Information for California Residents:
The State Rosenthal Fair Debt Collection Practices Act
and the federal Fair Debt Collection Practices Act require
that, except under unusual circumstances, collectors may
not contact you before 8:00 a.m. or after 9:00 p.m. They
may not harass you by using threats of violence or arrest
or by using obscene language. Collectors may not use
false or misleading statements or call you at work if
they know or have reason to know that you may not receive
personal calls at work. For the most part, collectors
may not tell another person, other than your attorney or
spouse, about your debt. Collectors may contact another
person to confirm your location or enforce a judgment.
For more information about debt collection activities,
you may contact the Federal Trade Commission at
1-877-FTC-HELP (1-877-382-4357) or www.ftc.gov.