Just found out my debt is charged off after only 100 days from citi. What do i do now?

I thought Id have 180 days or so..instead when I checked my credit report it said charged off - and then called citi and said \"too late\"... what is my next rational step? They said it went to a 3rd party attorney.. will they try and settle with me first before lawsuit? can they tack on charges on top of what I owe? Please help!

4 Answers

how soon would you expect a lawsuit? i contacted citi and they said it's charged off and i can't negotiate with them on this debt...i do have another card with them but it wasn't charged off which is strange, but only 1/3 of the amount of the debt that got charged off

The original creditor probably charged it off after 90 days from from the date of payment delinquency. The CA will ask you to pay the debt in full. You can then negotiate with them and try to reduce the outstanding balance. This may take some tact and effort. The question of a lawsuit will only arise in case you are absolutely unable to pay them in full or a settlement amount.

It depends on your negotiating skills. You may try to convince the collection agency and settle your debts with them. But it depends on their discretion whether or not to accept your proposal.

I don't know if they'll try to settle the debt with you first. But you should take the first initiative to settle the debt, especially before the lawsuit. They can impose some charges. 

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