I've come across situations where the suggestions on this forum can sometimes make it worse for someone trying to rid themselves of debt. One example would be those that say to not make the first payment until you first get a settlement letter. So far, Citibank DOES NOT submit this letter until one makes the first payment.
Secondly, Citibank will not report the settlement to the credit bureaus as "paid in full", rather "settled in full".
Thirdly, Citibank will not accept money orders or cashiers checks for payment, but only a check by phone.
Had I decided to play hardball, I simply would not have settled this debt at 25%. I would have shot my chances down with the hardball tactics some recommend on this forum. Anyone have a different experience? Reason for Editing (Minimum 15 Characters)
Asked on 6:37 pm May 16th 2011
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Everyone sharing their experiences here does not mean that you can expect the same. I think everyone tries to offer what worked/didn't work for them to help other on their journey.
For us we settled with Citi on a little less than $20K in January of this year. We had no problems getting our settlement in writing BEFORE we sent any payment to them or authorized them to take a payment. We actually received the fax from them and then called back with our bank information for them to take an automatic withdrawal. We weren't trying to send them a MO or check so I can't comment on that portion of you statement and we were told it would be reported as "Settled for less than full amount" so we were not surprised by that. So my experience differed from yours but as of January Citi was willing to send a settlement letter before payment. Reason for Editing (Minimum 15 Characters)
Answered on 11:04 am May 17th 2011
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Obviously, they're not consistent with their tactics. Reason for Editing (Minimum 15 Characters)
Answered on 3:21 pm May 25th 2011
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i think you shouldn't take what other people saying about their debt' solution that way. one thing you need to understand is that your debt situation exactly not the same as theirs. if i were you, when i see someone comes out with, said, X way i wouldnt rush myself to get the same way. i will take some time to think and analyze if that will also work good to me. and yes, having contact and discussion with the creditor will help me a lot. hope this can help you. Reason for Editing (Minimum 15 Characters)
Answered on 7:08 pm May 25th 2011
Anonymous
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My experience has been to get a settlement letter before paying when the account was with a collection agency. I settled directly with Discover but will not receive a letter until it is paid off. I did not receive a settlement letter from Citibank (I settled with them direct), but received one after the account was paid off. I trusted the original creditors, but not the collection agencies. Reason for Editing (Minimum 15 Characters)
Answered on 6:44 am May 26th 2011
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Well, this makes it clearer now. I see that one should insist on a settlement letter when dealing with CA's and not creditors. Citibank did send me one in the mail within 2 weeks just as they said. Sometimes people think the same rules apply when dealing with both CA's and creditors, when in fact, they vary. Reason for Editing (Minimum 15 Characters)
Answered on 3:31 pm May 30th 2011
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Each persons experience will be different but I just wanted to clarify that I settled directly with Chase, Citibank (their credit card), Discover and Bank of America not with any collection agencies. I received a settlement letter from all of them before I made any payments. I had no problems getting them beforehand. Reason for Editing (Minimum 15 Characters)
Answered on 6:27 pm May 31st 2011
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