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Citi Settlement Offer

Date: Tue, 03/31/2009 - 15:08

Submitted by ball_mich
on Tue, 03/31/2009 - 15:08

Posts: 360 Credits: [Donate]

Total Replies: 10


I'm excited.  I just received my first settlement offer in the mail.  I wasn't expecting it at all, and in fact I spoke to them the day prior and they made no mention of the offer.  I'm roughly 50-60 days past due and I thought I'd have to wait until at least 90 days.
Now, it' was an offer of 40% less the total due, so it's not acceptable (or affordable) to me.  But it's a starting place to move forward from.
There was a phone number on the letter to call to discuss the settlement offer.  Should I give it a call to try to work the settlement in my favor.  Or should I wait until they call me again (in 2-3 days) and then mention the offer and try to engage the rep in negotiation?  Or I could send it through the mail I suppose.


wow....that's pretty aggressive 2 months past due....be careful how you word your denial....they might send you to outside collectors after 90 days and that offer might disappear....
goodluck though!!!


lrhall41

Submitted by on Tue, 03/31/2009 - 18:41

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I received a letter from Citi for a 55% settlement. That's 45% savings. I called and explained my hardships and was offered a 40% settlement. (60% savings). I told them I absolutely could not afford anything more than 25% and would be meeting with a bankruptcy attorney at the end of the week. They called me back the next day with an offer of 30% (70% savings). Just be persistent. And it helps to do this about a week before they send your account to collections if you know when that is. They are more likely to negotiate at that point. AND GET THE AGREEMENT IN WRITING BEFORE YOU MAKE A SINGLE PAYMENT!!!


lrhall41

Submitted by on Wed, 04/29/2009 - 17:12

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Quote:

Just wondering, what is your financial situation when Citi made you the offer? Do you still have your job? I do and I'm scared to start the settlement process because of it. Any help appreciated.


Yes, I still am employeed, but my compensation is about 50% less than expected. Stay consistant with what you are telling them. It gets boring, like repeating a broken record. I tell every CC rep the same thing every call. I haven't actually settled anything yet, but should hear back from Citi tomorrow regarding my most recent offer of about 21%... I'm hoping to fall out at 25%, made in two installments. We'll see what happens. If I am fortunate enough to settle, I'll post the results.


lrhall41

Submitted by ball_mich on Thu, 04/30/2009 - 13:25

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I've seen citi settle at 35% and 40% -- but I've also seen them send the account to an attorney that was only interested in going to court. Ending up settling that one at like 75% (what a watse of money). There was a couple mortgages on the credit - client has a website and a business -- I think they picked him out because he may have too much to lose in BK.


lrhall41

Submitted by on Wed, 09/30/2009 - 19:35

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