10K in fees and interest...

[lovemybugs10]

from citi card. Went from 21k to 31k.

Is this normal, or even legal?

BOA and Discover added a couple thousand. No where near 10k.

[jacko]

Collection and default costs as they say. But they will probably now offer you a settlement offer at 50% of the 31k balance.

from citi card. Went from 21k to 31k.

Is this normal, or even legal?

BOA and Discover added a couple thousand. No where near 10k.

[lovemybugs10]

Jacko- I'm going to start treating you like a collector.

I'm made my choice, stop stomping on it.

[runnersdelig]

Yes, unfortunately it is. They served us papers and we're now planning our BK as a result.

[jacko]

Jacko- I'm going to start treating you like a collector.

I'm made my choice, stop stomping on it.

What choice did you make?

The fees they added is a collection tactic to inflate the balance so they can offer you a swell settlement deal.

[flyinbroke]

Jacko is right...if they cut 50 percent off their inflated rate, they are still getting 70-75 percent of what you owed. So it is not such a great deal, unless you count owing less than 100 percent a good deal.

[lovemybugs10]

I count owing less than 100% a good deal.

I am refusing to work with them based off of anything but my original balance. So far- it's working. Citi is last on my list- we'll see how it goes.

I will pay more money by filing bankruptcy, but I am not opposed to doing so if need be.

[tay666]

from citi card. Went from 21k to 31k.

Is this normal, or even legal?

BOA and Discover added a couple thousand. No where near 10k.

How about from $20,000 to $48,000.
Also a Citi account.

[lovemybugs10]

Citi sucks.

If they play hard when it comes time for them, I will file. None of this other debt will be there, it will just be them though. So I'm not worried about wasting my money.

[jacko]

You should only do this when you can settle with all creditors at the same time. Citi most likely knows you are settling with Discover and know you have dough. Of course they are going to play hardball with ya.

Once you settle with them all, will do nothing to improve your credit report in the near term plus the taxes you will end up owing. The damage is already done. Why not save the money like contributing to a Roth IRA?

Citi sucks.

If they play hard when it comes time for them, I will file. None of this other debt will be there, it will just be them though. So I'm not worried about wasting my money.

[lovemybugs10]

Because my husbands check was about to be garnished. We are paying less a month than what they would have been allowed to take out per paycheck. (every two weeks) We are paying less than what we would pay into bk, including what we will owe the irs (we have adjusted accordingly so that we do not owe)

We do not want to file bk before march if we have to file at all. We are expecting a large bonus (20+) that we would like to use to pay off our car as well as offer citi 50% of the original balance in one lump sum.

[lovemybugs10]

and we aren't worried about our credit at this point. It only comes down to the fact that we'll end up paying more over a longer period of time in bk than if we settle with them individually.

[josephga]

I find my charges odd I'm surprised its not more. I defaulted in january owed 22,995,00
its now almost august and the charges are 23,443,00

[brokejoker]

We had a card with a $7,000 balance on it when we quit paying. When they sued us 15 months later they sued us for $18,000. Same story for pretty much every card we had. The 2nd lawsuit came from a card with a $5000 balance that had morphed into $12,000 in 15 months.

I loved them when we had them but credit card companies are just loan sharks in nice suits!

[catleg]

I loved them when we had them but credit card companies are just loan sharks in nice suits!

Amen to that.

Free market capitalism at its best :-)