Citibank refused debt settlement: What to do?

You need to provide a bit more information. Are you current or is your debt in collections?

How many days are you default? I would wait from 90-180 days before negotiating. Check my thread for more information.
http://www.debtconsolidationcare.com/settlement/citibusiness-amex.html

I am late 2 months.

It is too early for them to be negotiating a settlement for you.

It's been nine months for me, and we are still working on it. Two months is way too soon, they are still hoping to intimidate you into paying the late fees, catching up, and continuing to pay your regular monthly payments.

SusieQ, how much do you have balance with them? Did you settle debts with any one else like USbank or Amex ? can you please share experiences

I actually have two Citi accounts, one is around 9,000 and the other around 11,000. I started a settlement program in February, and my two Bank of America accounts offered good settlements at 30% after only a few months. I settled my Advanta account of 22,600 for 10% on my own just a few weeks ago. Citi has not been real aggressive; they are in negotiations with my settlement company and have not bothered me too much. At least not yet, *crossing my fingers*.

SusieQ,
How did the first offer come through? Did you talk them into or they made an offer on their own. The reason I am asking is I am over 90 days due on some cards and I have no offers yet or even a mention of it. Specifically Amex and USbank. They arestill pushing me to make a payment to get my account current or the debt management program. I have kept saying I dont have any money but would they quesiton me and say that since you dont have money how do you have money to settle? I have a few suggestions by other members here that "tell them you are getting some $ from relative" but I was curious if anyone asked you and what was your conversations.


here's my saga http://www.debtconsolidationcare.com/settlement/citibusiness-amex.html
Thanks

When I started the citibank debt settlement program, I did a change of address on the BofA website, giving them the address and phone number of my settlement company. I tried this with all my creditors, but only BofA abided by it. I had no contact with them whatsoever. They contacted my settlement company after about four months and negotiated the settlement. I did not speak to them at all. My company called and emailed me, with the particulars, and I signed the agreement that I was settling for the 30% and faxed it back to them. What I had paid in at that point, and my payments for the next few months, went to paying the BofA accounts. When other creditors ask me about "if you don't have any money, how can you settle," I tell them that I have nine accounts I defaulted on, not just theirs. I can pay one payment a month, and that goes to the settlement account. That money then goes to settle the accounts on which I receive reasonable settlement offers, first-come, first-serve. To be honest, I don't even talk to that many. I have caller ID, and simply do not pick up the phone unless it is someone I want to talk to (at this point, I only get 2 or 3 calls a week). ALL of my creditors, and at this point, collection agencies, know I am in a settlement program with a company that has my power of attorney to negotiate the accounts, and they have to go through them. Collectors will occasionally mail me something, and I just forward it on.

They can't do anything if you lost your employment. Simply don't pay or talked to them when they call.If you don't have the money to eat and pay other bills.They took the chance on you and they lost!Seven years bad credit? Yes You and millions of others. Join the fun!

citibank (grrr) my worst creditor, and frankly they sued me. They were my smallest account and the worst amount of trouble.?? Just hang in there i hear they are bending more these days.

Do you mind me asking what is your settlement company? These days you cannot trust anyone, so I am debating to try to settle with them myself but not sure if I will get far.

I just wrote the question above regarding the settlement company. Sorry I didn't see your blog first, it was such a great story. I just emailed Provanta so I can get further info, it sounds like a good company. Also as a A- on the BBB website, which is not bad. Thanks!

Im trying to settle my debt which has gone in collections for about a year. i dont care about it having a mark on my credit bc i cant get money for grad school. but i have no clue who the creditor is to work the issue out. do u know who i can call

You can pull your credit report, and find the last notation. It should tell you the name of the CA that has the debt now. Do you know if the oribinal creditor has sold the account. I have several accounts that have been in default for a year while I make payments to my bankruptcy attorney, and none of them have been sold yer.

i just put the last guest question up there. i did a credit report and trans union comes up and ive called them and got nothing. i ran my credit through equifax and got only citibank, who i called and they say they no longer have the account. so i have no clue how to find the collector

Ask Citibank who they sold the account to. They should be able to provide that information, if they want to. I would still dispute the account with Equifax. They will have to verify the debt with whoever is holding it now, or remove it.

i absolutely disputed it already. and waiting for the response to that. ive called citibank for that and they dont know

Does anyone know if you can afford to pay about $45k but will take you about 3 years to do so...do you think it would be best to pay it off or just not pay at???

Does anyone know if you can afford to pay about $45k but will take you about 3 years to do so...do you think it would be best to pay it off or just not pay at???

who was your settlement company

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