Citi financial personal loan.......help!

Roughly 6 months ago I took out a $7,000 loan with 22% interest for 5 years to make some house repairs...spending money..etc and thought I could afford the $220 per month payment. Well I should have thought about it twice because I can't. Turns out i'm living bare bones! What can I do??

Hi dave79!

Was this a signature loan or attached to collateral of some kind? Have you called Citi to talk about alternative payment terms ( a possibility)?

I'm guessing it was a signature loan.....no collateral. I haven't called them about it. Is it worth it calling them? What would I say?

I would definatly call them and talk because Citibank isn't very nice when accounts become past due for too long of a time.

I would just tell them your circumstances and ask if they can help.

just talk to them and explain your situation.

An interest rate reduction would be a big help to you...a few people have posted here about success with American General (similar to Citi signature loans). I would absolutely call them and explain that the payments are becoming an issue, that you would like to keep the account in good standing and can they help with the interest rate?

Since the loan is just 6 months old, has your situation changed at all to make it so its tough to pay on?

I can tell you my car is financed with some of the biggest a-holes that walk the planet. And this worked for me when I was behind.

The best thing to do is call them and level with them and say THIS is what I can pay to you. THIS is what I can afford. You will have to stand very firm with them. And whatever you tell them you will do..DO IT. Don't overpromise them.

If you can't get a good answer from the first rep, try again.

Follow it up with a letter, outlining the details of your repayment plan. And most important, stick to it.

Citi Financial is known for being hard to deal with. You just have to be harder. Good luck!