[deleon]

My husband will likely be sued by Citibank. I've been readin these posts and had question about 'asset verification" not sure if it is called that.

The credit card is in my husbands name only. He charged everything on there. We've been trying to settle this account. But Citibank says they won't because we went to a debt settlement company. I think he owes about $5300+ on the account. Mind you he's been at 28% finance/interest, $70/month late fee and over limit fee every month since May 2005.

We've offered them $3200 but they turned it down. If he is sued by Citibank, wil they do a asset verifcation? Will they loook at my individual accounts as well or just our joint accounts. The reason I ask is that I have some money from my student loans that I was trying to accrue interest before I made them off. This money is from my education/living allowance money. I need to start making payments on my studnet loans. Not sur eif I shoudl pay all the money towards my student debt (40,000) or if it is okay to leave it in my individual account until my student loans come due.

Can Citibank look at my individual account as well during this asset verifcation thing?

Has anyone ever dealt with Citibank to settle an account. The debt settlement company doesnt have much experience with Citibank, they said they are the hardest to deal with.

[aaron]

If your account is separate, and you're not using it to try to hide your husband's money or income (e.g., by having his paychecks deposited into your account instead of his or a joint account), they would not ordinarily be able to reach your money. I'm assuming, of course, that this credit card is exclusively your husband's, and you are not a joint account holder.

[deleon]

Oh no... not at all. When I was a student I took out the maximum soley for the purpose of 1) keeping it in case I needed it. My job is temporary. I was pregnant and whenI don't work I don't get paid. 2) since the interest rates were so low I figured I could save it and then hopefully accrue higher interest to pay towards the loans later. If that makes sense.

Our joint account has our paychecks etc. He was $25,000 in debt and is making monthly payments on the 1st credit card, we settled the 2nd credit card which then took all of the money we had. And now we're trying to settle the 3rd credit card.

Quite frankly our marriage isn't good right now. Though part of me feels like I should use that money to help him, I am ultimately the one responsible for my student debt not him. If we separated I woudl be the sole person paying back the 40,000 not hiim. Even though I borrowed some of that money to help with household expenses while I was off work because of maternity leave etc.

no no no.. I am not trying to hide money etc. My husband doesn't necessarily know how much student loans I have left. In part if he did he woudl probably try and spend it. He is HORRIBLE with Money. Shoot he only makes 25,000 and spent 25,000 in 6 months SOLELY ON HIMSELF. Hence the problem that we are in. In part I want him to learn his lesson. I always seem to bail him out and figure things out for him financially.

I did contact a lawyer and they said if citi does sue and they are awarded the money, which they deserve since he did charge it, they would put a lien on our house, which my name is on. THe lawyer said that it would likely affect my credit as well. Which I don't want to happen. It's bad enough my husband put our familiy in this mess.

Again, i'm not trying to hide money, i just don't want my student loan money to be used to pay his debt, when I am responsible for the student loan and my husband isn't. If our marriage fails, 1) i would need this money to help with finances, 2) or I could use it as a cushion to pay off my student loans.

[PacificConsumer]

Let me know who the debt settlement company is. I am a former officer of one here in San Diego.

Citibank will send out to an Atty, however you will not have to worry about a debtor's exam for a few months after that fact. In the meantime, cancel your contract with the debt settlement company. Tell them you will file a complaint with your State's Atty General for specific non-performance unless you get at least 50% of your $$ back.

You are really just tossing good money away that could be used for other purposes.