We are being sued by a debt collector for a debt acquired from CitiBank dating back to 2007. What are our legal options?

Will the recent lawsuit against Bank of America effect how other banking institutions can handle debt collection, and selling off debts?

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Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
The best legal answer that any registered Investment Advisor can offer you is to discuss this with your Attorney.

If you wish to discuss your financial situation in greater detail, feel free to contact me directly. For legal advice please consult the legal counsel of your choice.

It's not what you make, It's what you keep that determines your lifestyle. | 03.29.16 @ 17:58
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 08:34
Answered by David Skow, Mortgage BrokerPRO+ in Seattle , WA
If you owe the money - contact debt collection agency and ask if you can settle for an amount less than present balance. | 03.31.16 @ 03:58
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 08:34
You may want to check the statute of limitations in your state on credit card debt as well. Most companies will work with you or a third party on your behalf to settle for a lesser amount. If they haven't made any effort to contact you before this on the debt chances are a third company has purchased that debt and will try to collect from you. Usually they buy these debts for pennies on the dollar so perhaps they will be open to a settlement. | 03.31.16 @ 13:49
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 08:34
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