If I negotiate a debt with a large credit card company (citibank) can they deny me.?

Question

I owe citibank 13k, i just received another letter that they are going to take action, a judgement was already made. I have a debt collector involved, but i want to go straight to the lawyers who are assisting with the debt. I can give them a couple of thousand for a downpayment and then make monthly payments. I am afraid of having my bank accounts garnished or paycheck. I live pay c heck to paycheck. The debt company has done very little to help me and I know they want a commission.

Answer 1

I had to file bankruptcy five years ago on $40K in credit card debt that accumulated over 10 years due to constant low pay and job instability. I talked to an attorney and got all my debt eliminated. In three years, I got my first credit card again to re-establish my debt. It was from Capital One. I think I have more job stability now as I am getting older. I would TALK TO
A BANKRUPTCY ATTORNEY. Your first visit is free I promise you it will be the best advice you ever get. It helped me sleep better. Your financial life is too important to leave to people on Yahoo. Go see an attorney. Bring a friend or family member with you to make sure you understand and help any fear you may feel. Good luck.

Answer 2

I was on the same situation and this site helped me MYLOANSRATES.NET-

RE If I negotiate a debt with a large credit card company (citibank) can they deny me.?

I owe citibank 13k, i just received another letter that they are going to take action, a judgement was already made. I have a debt collector involved, but i want to go straight to the lawyers who are assisting with the debt. I can give them a couple of thousand for a downpayment and then make monthly payments. I am afraid of having my bank accounts garnished or paycheck. I live pay c heck to paycheck. The debt company has done very little to help me and I know they want a commission.

Answer 3

If they already have a judgement from a court of law then that is pretty much the end of the road. They have gone to court and the court has said you owe the money. There is really no incentive for them to negociate with you anymore, because the judgement says they get $13,000. Now, there is nothing to say you can't try to negociate with the company. The worst they will say is no, the best is that they might accept some settlement. The leverage has shifted to them because of the judgement, so if you do get them to accept a settlement, don't expect very long terms to pay it off. They may give you 1 or 2 months at most.

It depends on what state you live as to if they can garnish your wages. If they can garnish your wages it can be up to 25% of your check. If they can't garnish your wages they will attempt to attach your bank account, or place a lien on any real property.

Answer 4

That's a rough situation, and you will not like the answer I have for you. The bottom line is that they have already proved to a court that you owe the money to them, that's how they got the judgment. They don't need to do anything further to get your accounts garnished or to attach your wages.

That being said, you're doing the right thing by trying to negotiate with the company. Keep it up, but they do not have to take your lower than full balance deal/offer. Many times credit cards take the offer of guaranteed payment, even if it is less than what is owed to save the headache and cost of the legal process. That being said, Citi may have already spent those costs in gettng the judgment.

The long and the short is that they do not have to negotiate with you. You borrowed money and they can require that you pay it all back.

Keep trying. Good luck.

Answer 5

They CAN refuse to negotiate. If you make a sincere effort to pay, they will probably work with you. You should get any agreement in WRITING up front. If you are actually dealing with lawyers, that won't be a problem. Just don't agree to anything your can't live up to. If you negotiate with a lawyer and default on that agreement, your assets WILL be garnished before you can blink.