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Citi Payment Plan Offer

Date: Tue, 03/24/2009 - 15:07

Submitted by ball_mich
on Tue, 03/24/2009 - 15:07

Posts: 360 Credits: [Donate]

Total Replies: 4


I'm something like 45-60 days behind with Citi (two payments missed). Today their representative offered to decrease my minimum payment to 1% of my balance per month, so my payment would decrease to roughly $120/month ($12,000 balance). He also said that no finance charges would accrue and that the entire payment would go towards my principal. And that the offer would last 12 months.

I can't afford that, but wanted to post it to share with others what I'm being offered and what they might be able to expect.

Anyway, this is by far the best offer I've gotten from my creditors. No one has offered a settlement yet, but my debt hasn't aged that much either.


I'm don't claim to be an expert in any way because I'm going through the same thing with Citi. I owed about $11000 and was 90-120 days behind. They offered me a settlement but never heard from them after they said they'd be in touch and next thing you know I was in collection. I've been fighting with two agencies since then. One offered a $5000 settlement but couldn't validate the debt so it went on to a second CA. I just sent them a DVR letter as well.

I think they will offer a settlement within the next 30-60 days so you may want to wait it out.


lrhall41

Submitted by on Tue, 03/24/2009 - 16:21

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they offered me 0% interest for 60 months to pay off 18k...happened right at 60 days


lrhall41

Submitted by on Tue, 03/24/2009 - 17:15

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Quote:

I think they will offer a settlement within the next 30-60 days so you may want to wait it out.


I will definately wait it out. I can't afford the $120/month right now anyways.

They are calling every four days though. So if this has to go another 60 days to get a settlement offer, that's another 10-15 times I have to talk to them. Very depressing.


lrhall41

Submitted by ball_mich on Wed, 03/25/2009 - 08:38

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Quote:

they offered me 0% interest for 60 months to pay off 18k...happened right at 60 days


Wow, that's not a bad offer. I don't have the income to make it work, but 5 years at 0% is enticing I would think. Wells Fargo offered me a 5 year deal at 7.3%, but that's the only offer I've gotten in excess of one year.


lrhall41

Submitted by ball_mich on Wed, 03/25/2009 - 08:40

( Posts: 360 | Credits: )