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Randall of Unionville IN (02/07/09) We relunctantly agreed to a refinance that increased our rate by 2% and our payment by 850 a month. The new situation required us to use our existing credit lines more often to assure that we could still make our house payment on a now 360K home loan. We were sort of hoodwinked into the higher rate at closing than we expected, but we still felt that was the only decision that was feasible. Unfortunately, my spouse and I have credit cards with Citi, Chase and Bank of America as well as some retail cards. We have entered repayment arrangements with most of them and are still hoping to get a rate reduction on our home to avoid foreclosure. Citimortgage also holds our homeloan which is now also behind. We used all of our available 401k to pay off or settle with as many cards as possible. Some of them agreed to settle for less than the whole balance. Citibank card has not only refused to settle for 5297 but has not offered any payment arrangements outside of once asking for payments starting at 1500 each. This created a situation we could in no way remedy or justify remeding. They have a lawyer who has threatened for them to garnish my wages and now they are threatening to sue us and hold us responsible for court costs. Unfortunately we have no means to justify payment to them in full since we do not have the money and have other cards with balances.
It should be noted that for quite some time my card was charged with some fraudulent charges (although these are over 60 days and amount to less than 200) Citi for some reason unknown to me feels I've done something intentional. This is not true as Citi also sent me cards I never even used. But like many small business owners once the credit markets went south all my credit lines were taken away. With some of the cards jumping up and adding on interest rates and all kinds of fees. If we file bankruptcy we would no longer be eligible for the program to help us lower the interest rate (whom we also paid an escrow payment and are waiting for Citimortage to accept) The results look dismal because we have been in our home for 15 years and have children in HS and College. I'm really uncertain what to do but I am certain that Citibank is acting with malicious intent by not making any payment arrangements or concessions and demanding payment in full. Lynda of Byron, MN February 7, 2009 Lynda of Byron MN (02/07/09) Kristin of Washington, DC February 6, 2009 Kristin of Washington DC (02/06/09) Igdalia of Kendall Park, NJ February 6, 2009 Igdalia of Kendall Park NJ (02/06/09) Walt of Leominster, MA February 5, 2009 Walt of Leominster MA (02/05/09) Robert of Kendall Park, NJ February 4, 2009 Report Your Experience
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