Consumer complaint received 2024-09-15
Product: Debt collection — Credit card debt
Issue: Took or threatened to take negative or legal action — Threatened or suggested your credit would be damaged
Company: CITIBANK, N.A. (MA)

XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXX XXXXXXXX Re : Response to Lawsuit and Complaint Submission Hello, I am writing in response to the lawsuit filed against me concerning the alleged debt identified as XXXX and XXXX. I dispute the validity of this debt and seek clarification regarding the debt collector 's claim. 

In particular, I request detailed documentation proving the legitimacy of the debt and the debt collectors right to collect it. Specifically, I am concerned about the following : Proof of Debt Ownership : Please provide complete documentation showing the transfer of the debt from the original creditor to your agency. This should include the sale agreement or assignment records from the original creditor to the current creditor and evidence of the debts original terms and balance.

Purchase Price Disclosure : I request disclosure of the amount your agency paid to acquire this debt. Understanding the acquisition cost is crucial for assessing the fairness and legitimacy of your collection efforts, i.e., the lawsuit. If the amount paid was significantly lower than the debt amount being pursued, this information is relevant to my defense, as it exemplifies the lack of credibility emanating from the plaintiff. 

Additionally, if it is determined that I am the debt holder, I would argue that my payment obligation should be limited to the acquisition cost paid by your agency. This is particularly pertinent if it can be proven that your agency has been financing or leveraging additional liabilities to maintain its business operations. The plaintiff should disclose if they have borrowed against the future payment of a debt in which they can not yet prove they own. Such information would be relevant to the lawsuit, as it pertains to the fairness of the debt collection process and the legitimacy of the claim being made. 

I also request disclosure of the total amount your agency paid to acquire the debt if the debt was purchased in lots. If so, please provide the purchase price for the entire lot of nonperforming assets, as well as the average cost per unit within the lot. This information is crucial for assessing the fairness and legitimacy of your collection efforts. 
Understanding the acquisition cost helps determine if the debt being pursued is proportionate to the amount the agency invested. If the amount paid was significantly lower than the debt amount being pursued, it could impact the terms of any negotiation or claim. 

It is important to clarify that the court 's responsibility is to enforce the creditor 's claim based on the acquisition price of the debt, not the assigned value. The acquisition price represents the actual amount paid for the debt, which is distinct from the assigned value or any inflated amounts. Understanding this acquisition price is essential for assessing the fairness of the debt collection and ensuring that any obligations are based on the actual amount invested by the collector. 

Fair Debt Collection Practices : I am concerned that the aggressive collection efforts might not align with industry standards. Please provide any documentation or policies that demonstrate adherence to fair debt collection practices. 

If these issues are not addressed satisfactorily, I will consider filing a complaint with the State Attorney General for potential violations of fair debt collection practices. 

Thank you for your prompt attention to this request. Please respond within 5 business days from the date of this letter to avoid further action. 

Sincerely, XXXX XXXX