I need help. I'm trying to work things out with Citibank and the collector and I have been discussing monthly payment options, but this morning I was still served with a summons to appear in court. I called the collector and he told me that he can still work out monthly payments, but that Citibank requires them to get the judgement anyway just to cover themselves.

He said that as they will get the judgement and put a lien on my home, but that as long as I make my monthly payments to them, which are the total that I owe divided by 24 months with 12% interest added, they will not take things any further. He tells me that there will be no further consequences other than the damage to credit report and that at the end of the 24 months the judgement will be satisfied and they will release the lien. I'm very concerned that I may somehow lose my home or have other negative consequences from having this judgement placed against me.

The collector also advised me to check the box on the summons that indicates that the creditor and I have payment arrangements and I do not request a jury trial and then return that to the court instead of appearing in person.

Does anyone have any experience with a situation like this? I couldn't find anything about someone agreeing to make monthly payments to the creditor and the creditor still seeking a judgement. I just want to be absolutely sure that I don't end up paying them $450 a month to try to get this caught up and somehow end up losing my house, car, etc.

Thanks, Rick.