CItibank Settlement?

I late for two month they gave me 80% settlement offer

Do you mean that you had to pay 80% of your debt? or they forgave 80% of your debt?

forgave 20%

You can get the best settlements from the debt collectors who are calling and "harassing" you. Don't believe the BS you hear about us... All we do is give you options that benefit you as a debtor, and we don't charge a thing

Collectors are definitely the best place to get a settlement. I actually work for a debt settlement company and we work almost entirely with collection agencies. In my experience depending on were it goes you can typically get a Citi account to 50-65% of the debt owed.

I have 2 cc from citi bank and they agreed to give me an interest rate of 0% for 12 months on each card as long as i set up automatic monthly payments. i owe about 4000 between the two and i pay 40 per month and more if i can and its really helping bring my balance way down. You should call and see if they have any options to help you and if not i woulkd use i settlement agency.

Amy-12 months 0% interest is very good. I am glad to see they are working more with people now rather than giving them no options like they use to.

Citibank does settle BUT everyone's situation is unique. For instance, my husband and I both stopped paying them around the same time. While one of us got settlement offers-the other got threats. I am not sure what their formula is for calculating who gets what or if they even have one but I just wanted to give you an example.

I got settlement offer of 55% at four month . I decline the offer and only want to pay 20%

Is 20% realistic? Given a recent NY Times article said the CC companies are only getting 5c on the dollar these days at chargeoff, why not? Although they seem to not like to set a precedent and I've heard 40-50% as being more reasonable but I guess it all depends on your situation

Good Luck anyway

Debt Settlement Negotiation will yield higher savings with any creditor, wether you do it yourself or hire a company to do it for you. Citibank in the past was very reluctant to give out great settlements, but things are changing and they are becoming more amicable. The thing is to wait them out and work them until about 5 months delinquency and then settle with them, a good settlement with them is 50% off, anything below consider yourself very lucky. Good luck.

Isn't it typical that the worst bank in the world in terms of bailouts and abuse of the derivatives market, a bank that is owned 40-50% by the taxpayer, is hard to deal with, especially when they jacked up their rates to 20% or so for people paying on time.
So we the taxpayers fund them, keep them afloat, and they reward us by screwing us.

Citibank is not that hard to deal with. I settled with them 50% at 100 days. The reason I accepted this high is I have a small banlance and just want to get over with. Nice thing is after I completed payment, they sent a letter to confirm that my account is 0 balance due and reported paid in full to credit bureau with delinquency remains on Citi's own record only.

I counteroffer at 20% after fourth month pass due .citicard representive was very nice to me during the conversation and passed the offer to her supervisor.My counteroffer had been declined three times . the settlement offers were 85% after first month , 80% after second the third month, 55% after fourth month pass due.

I was getting 70% , 55%, 50% and today I called and they told me they could settle at 45%. I told them I could only do 35% max. and... they laidy said: "At 129 days past due we can only settle at 45%. " I asked then how long the account needs to be past due to get 35%, She said " I can't give you that information"

Well she did :) I'll calll them in 2 weeks.

Per my experience citi does not go below 35% , but there are others who had better experiences than mine. If you do get 35% and have the money then I think they will let you split the payment in to 3 or 4 payments within the next 90 days.
Good luck!

When you do agree on what percentage IE 50% 20% etc. is it a monthly payment thing or whole lump sum at once?

So are these percentages of the original debt or the current debt with all the hiked interest rates and so on?

40% of an original debt of $10,000 is $4,000
33% of a current inflated debt of $12,000 is also $4,000

What was the amount owing when you stopped paying?

Its a good point...you may not want to go by % everytime. As long as its less than 40% of the original debt, try to stretch them as much as possible, but keep yur limits in ming in terms of a $ amount.

We have two accounts w/Citi. The one in my wife's name I enrolled in the 0% interest program to preserve her credit. They will renew @ 12 months if you pay on time and the plan's amortization calls for the debt to be paid off in 5 years overall. Nice deal. (Got it after I mentioned BofA had me on 4% & 2.75% payoff plans)

My credit's thrashed and I couldn't afford the payment even @ 0% so I let it roll... I think @ 6 months they assigned (or sold) the debt to a local lawyer (just one day before I decided to settle all deliquent accounts and called them - too late!)

The law firm (Hunt & Henriquez) said Citi would only accept 70% of current balance (way more than the 40-60% of principle balance I was willing to go). 6 weeks later, they started their lawsuit (after ignoring my 40% settlement offer) and now here we are 6 weeks later and I just got served. Sucks.

Will likely call them and see if they'd settle @ 60% but figure they'd rather just collect their fees from Citi for the law services.

From my understanding, creditors can still sue even though you're enrolled in some debt settlement service.

Answer the claim to deny the debt. Let them prove your ligitimate debr (card agreement, etc.)It's likely that they have no evidence to prove the case. Ask the court for judgment with prejudice.

I have seen both sides of Citi -- settled one card for 35% let me make payments ---- had another citi card that after 4 months went to an attorney who sent me to court -- not sure what that one hit the fast track, I'm thinking they looked at credit and saw a few mortgages, thinking I have assets to protect -- I don't know -- ended up settling before we went to court for about 75% -- which still makes me mad because people like Chase settle for 35% on about the fourth month, are polite and nice --- these guys were rude and they got paid more

There is rhyme and reason to some of the recovery decisions made by the national issuers, like citi, or Chase early out referral to legal, even BofA has some nice new nasties.

The banks, according to a reliable source, are reportedly seeing a 5/1 ratio of (1) DMP plan submission to (5) settlement company related POA. They no likey.

Moral:
Dont send letters. DIY or company sponsored.

Headache; not saying you sent letters, just a general comment.

Mileage may vary

I am about 55 days late. Owe $13400 and just received a written offer for a 40% settlement. Since they call all of the time, I told them that a settlement would be the only way I could pay them back. And, here I am with a pretty decent settlement. Way better than the debt settlement companies offer without the fees. They gave me 90 days or 3 billing cycles to pay back $5300.00. I tried to get them lower to 33% but they wouldn't budge. Good luck to the rest of you.

gc services is trying to collect my $19k citi balance. i signed up with a debt settlement program 6 months ago and habe not paid my cc balances since. i have settled 1 card with chase, but citi has yet to settle. gc services tells me they they and citi does not work with debt settlement programs as of 8/1/09 and that i will be sued. i don't know what to beleive...

i had the worst luck with citi. had a 700.00 card it was my smallest account and they would not budge. till latefees were charged i owed 1200.00 and in the end all i asked was to pay the origional balance of 700.00 and they wanted the full 1200.00 and they were the only card to sue me for that full amount of 1200.00 glad to hear some are getting settlements out of them but i had no luck whatsoever with them. they were horrible

Quote:

Citibank settled with me at 30% with me before chargeoff; everyone circumstance is different;

Are you kidding me that debt collectors are there to help. Have you heard of Hunt and Henrique. Google them...because they certainly are giving you a bad name. They bought out all the Citibank charge-offs.

Try doing a Google search on Hunt and Henrique. Bottom suckers. Won't work with you AT ALL and are out for blood. They don't care what your situation is. By the way, they aren't working for Citibank, they just bought all their charged-off debt for pennies on the dollar and hope to become very wealthy since Citibank wrote off so much. Just before the government buy-out, Citibank settled with me. I owed $22,000. They allowed me to pay $6,000. Unfortunately, the last $2,000 payment Citibank somehow messed up taking it from my account. A year later, now Hunt and Henrique are circling. Even though Citi sent me a Thank You letter and 1099-C, H and H don't care.

Greetings O'Wise Ones!

Thanks for all of the great info.

Got 45% from Citi on 82 days past due.

That's on a balance of $13,900.

Next onwards to BOA.:twisted:

Regards,
King Jabba Labba

Dont make any settlements with citibank unless you get it writing!!! I did 3 of them around the same time and guess what... after paying them what they say was the settlement amount.. I kept getting bills with a balance (although reduced). They said over the phone that the account will be fully paid off after I settled with them (one was 69$ a month for a year and another was a one time payment of 75% of the balace). They dont want to lose these accounts because they know they make so much money off people who are having bad credit problems. GET IT IN WRITING!

I settle with citi at 8 months for 25%, by then it had went to their recovery dept. who are insane to talk to, but I held to my guns (all I had). I kept offering 25% and finally one day out the blue they called me and said we except your 25%.

Oh yes get it in writing! my credit report now state settle for less but my credit score is still 689.

My citi bank was charged off in July, now Global has it. I am not quite sure if Global is a part of Citibank or not, but when I made an offer they said they had to propose it to Citibank, which I see that Citibank did make an inquiry into my credit report. They came back saying that Citibank would only accept an offer of 32%, which I don't have, and they need to know by tomorrow or it is being called back to Citibank??? My interest and late charges are still accruing, which I thought would stop once it was charged off. My credit report says that it was charged off. It has been almost a year since my last payment. The 32%, after all the penalties and interest charges that have racked up is probably more like 40% of the original balance. Any suggestions. I offered $6550, they are asking for $8600. I don't have it and cannot borrow any more. At what point do they sue? Thanks so much. I had previously had a great credit history, but do to wage loss, am barely making, getting pretty used to Cherrios for dinner.

i hv 216000 k debt frm last 5 mnths wht shud i do

I just settled with citibank for 25% of the balance. Basically, I stopped paying and didn't take a single phone call from them (and they called a lot, believe me!) for 5 months. Finally, they sent me a letter in the mail, offering a settlement for 25% of the balance. Figuring this was probably as good as it was going to get, I accepted. My advice is to ignore them. Don't respond to their letters, don't answer any of their phone calls. It worked for me.

Citibank jacked my interest rate up to 29.99% a few months ago and would do NOTHING about it when I called. My payments were always on time and more than the minimum payment. I didn't realize that the best thing to do would be to stop paying them.

After 4 months of not paying the bill, Citi sent me a settlement offer of $2900 on a $12k balanace - I didn't even ask for one - payable over 3 months. I accepted the offer because I didn't think I was going to get a better deal.

Wow, it seems like a lot of you got decent to amazing pay off deals. Citi wouldn't work with me at all. Hell I work for a company that is affiliated with them crooks too. They never sent me letters to settle. They would call the hell out of me but I knew not to pick up. I did talk to them through email and sending them forms when I could make payments but after 6 months+ of not paying my min balance on my card they sold my account to a JBD/Collection agency. I found that out yesterday when a odd number called and someone picked it up for me. I declined the call of course. I looked in the mail today and saw the letter they sent but I am going to send a VD letter out to them (Certified Mail of course) and call their bluff. My intent is to communicate only through Certified Mail and throw curve balls at them, and if that doesn't work...well ask for a settlement and if that doesn't work than I guess I'll be going to court.

My account was 5 months behind and Citi sent me a settlement for 30%, I have to come out with the money ($4K) within 2 weeks. I call them and told them I'll need 4 weeks to get the money; they told me to call in when i'm ready. 15 days latter I started receiving collection calls. I told them that I'm still talking with citi. The said my account was sold to them.They sent me a collection letter.I respond with a cease communication letter.
Citi still don't wanna deal with me, what to do?

If Citi really sold your account and not just assigned it, then you have no more business with them. They can't settle a debt they don't own, and you you would still owe it to the junk debt buyer.

I have an ATT/Citibank card. The current balance due is $13452.00. I did not pay my April and now May payment. I have spoken with the reps (that call) a few times. I have told them my situation and they really haven't been rude or anything. Last night the woman I spoke with kept trying to get a payment agreement. I told her that I could barely pay for my rent, power, etc. She then said "Do we need to go ahead and turn it over to an attorney?" I just told her that was her decision based on their policy. She then told me that at 62 days late they send it to a collection/attorney. Is that normal? That doesn't even seem that late to me. I have had this card since 1999 and I have never been late until now. I am willing to settle for 60% or less. I just want to be done. If anyone can answer the questions I asked, I would really appreciate it.

Citi will not even consider forwarding a $13K collection case to an attorney before chargeoff. The rep just needs to meet a collection quota each month and would tell you whatever BS they need to make it happen. What they may do is forward your case to a collection agency at the 90-day mark. That's a lot more likely to happen.

Citibank did not really work with me at all. They gave me 15% settlement which means I still owed them 85% and they wanted me to pay it off in 6 months which I couldn't do. They then filed a lawsuit against me as well. I will never do business with citibank again.

Well, I am approaching 6 months past due. I have been in touch with Citibank the entire time. On a 24K balance, they offered me 65% settlement just before the end of month 5. Now, just before the end of month six, they offered me 50%. I am ready to settle, but the only way they will activate the "offer" is for me to allow them access to my checking account. I told them that I am not comfortable with that and that I want the terms in writing first. They said what I received is the letter, but it looks more like an ad to me. I have heard horror stories. So, I opened a separate checking account. Arranging payment over 3 months, first payment being only $400 (owe them 12k). After the first payment from my new checking account, they will send me a letter confirming the details. If they play with me on that, I am done dealing with Citibank. I will wait until I hear from a 3rd party collection agency. I must have called 8 times asking about the ONLY form of payment being a withdrawal by them from my checking account. That is what all of them said... Does anyone know if I HAVE to do it this way? Thanks.

Sounds like they are screwing with you ... don't give them ANYTHING until you get the deal in writing. Also, 50% is not a good deal ... I just settled $22k with them @ 30%.

Thanks for the input... Were you in month 6? I have until May 27 until it goes to a 3rd party collection agency or attorney.

Citi will send settlement solicitations sometimes, but if it's you submitting the settlement offer, they will not confirm its acceptable in writing before you schedule your first payment. They will send written confirmation after it's scheduled. So if you schedule your payment for 3 weeks from now, you should definitely get your written confirmation by then.

I had an offer of 50% from Citi, which I would have taken if I had the money (they wanted approx 5800). Now they've sent my account to an attorney who says he will have it for 30 days before Citi tells him what to do regarding filing suit. He said Citi has already written it off, and that the best offer he can do is 70% lump sum or 100% on a 24 month payment plan.
I really don't want a wage garnishment. What are my options?

The attorney has given you your options. Citibank is very agressive and they do sue.