CITI Settlements?

This is of interest to me too. I'm just starting to work with Citi and I want to know where to shoot for.

The best I could get was 40% and I was pending bankruptcy. If you are close to charge-off you might want to reconsider. If you read through the posts here 40% sounds pretty standard with Citi. You might get 35% if you can pay in a lump sum. Ask them and see what they say.

i know alot are getting around 40% but they wouldnt settle at all with me ended up in court over a very very small balance. but good luck to you

Citi sued me, then settled for 50% of the total judgment. I owed $5200 and they are settling for $2600.

My husband has a citi card that is in collections for $10,500 and they are settling with him for $2300.

I guess it depends on your particular situation. Good luck!

I finally settled the CITI card for 35%.

What was your balance, and if you don't mind my asking, how many days were you behind in payment? They are really giving me a hard time. Tell me they can't accept 30%......

Also curious how many days out were you? I've been offered 45% from Citi under 60 days late. They may go lower but the balance will be higher because of fees so it's a wash I think.

Citi offered me 60% and 65% on 2 cards, and I think I stopped paying them in September. I'm going to wait longer to negotiate with Citi and am hoping for more progress in January & February. I have BOA getting ready to charge off at the end of this month and I'm hoping the holidays & the new year will motivate them for a good settlement number. If you're account is older, this month may be a great time to settle.

i settled Citi for 45% on a low card.But I do ahve a higher card 120 days out, (Approx 10K) I asked for a lump sum of 2800.00 which is 25% so afr they are reveiwing it, so they say when I have called and told me to wait for a manager to call me back. It has been 5 days.totally quiet.. so who knows.. but thats all I ahve and it is my LAST card.I think I will call them today and see waddup...
BTW I got 25% on a 40K card from B of A. 3 payments.I was over 120 days out. so just wait and say the same thing over and over.

My balance was just under $20,000.00 and I was over 150 days past due. I had been talking to them weekly regarding settlement for the past 3 months. I feel the key is to stay in contact & wait till they are ready to settle, but hold your ground on your settlement percentage.

ok, I called, they know I have 2800.00 (roughly 25%)to settle in a lump sum on 10800.00 but they said the best they could do today was 45%.. as I said Im 120 days out. This is frustrating as this is my last card!
they have not called me at all in the last week. I HAD to call them to ask..
So I will wait to hear from them again.Im not changing my story, Im not changing the amount.Thats it and Ive had to barrow it.

I wonder what the best % anyone has got from CITI and on what amount, how late were they?

Bump up

i havent heard of them settling for less than around 35% most people know they are quick to sue and are happy to get atleast some type of settlement out of them. I wish you better luck than i had with them!

so far NADA from Citi, very quiet...

So what phone numbers have you contacted and what division within Citi to get these numbers?

I settled for 35% yesterday in three payments. Phone number I called was 888-579-9239.

Good luck.

Citi referred one of my friends accounts to a Company named United Collection Bureau...They are horribly rude, and will call your family and friends and claim they are trying to get ahold of XXX...When you return their call they are vague about who they are...My friend gotta call from some clown Nicholas and he basically broke all the rules regarding collections, threatened lawsuits, threatened liens etc...A complete jerk...UCB claimed they wanted 14000 on a bal of 20K and would never go any lower...I've made suggestions to my friend and will update later...

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I owe 2 accounts for Citi Cards. One is for $11067.56 and they want a one payment of $4428.00 (40%). They do not want payments, they want an over the phone payment on the spot. I told them that they can charge it off, because I did not have that amount of money. I owe them since July 2009.

Aubrey,
How many days late were you?

Over 90 days; not sure exactly because I was in a debt management program and skipped one or two payments and had to get back into the program. Could be 120. The lady is supposed to contact me after Jan. 1st to set up payment schedule when I will know how I stand financially. Am going to get pension loan; already cashed in my 401k for settlement. Thank goodness I'm over 59-1/2 so I don't have the extra 10% penalty.

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I called Citi , they are looking into 30% for me, that would be 3200.00 BUT she said they wont send a settlement letter til AFter the payment posts.I asked to fax and she said they dont do it that way. So if they agree to the 30% what do I do as for confirmation?

I got the same response. I am going to make a payment of $334 on 1/5 to "hold" the settlement and then 2 payments of $1,900 each - Feb & March. Am waiting for my pension loan funds and told her I didn't have any money right now. I am at 120 days.

Once I make the payment on 1/5 they will send me settlement letter. If they don't, then I simply won't schedule the other payments until I receive it. I'm not worried about them because they really want the money badly.

I hope you are right, mine is a lump sum, but I could stall it to 2 payments, which I might do.But she Did say theyw ont send a letter til all payments were posted and the account was settled.
When I settled my Citi Business, they sent a letter out right away..I wonder why the difference?

A 40% settlement with Citi is good because they are normally 35% and under. If they settle for 45% it is only going to be on a card with a low balance. If you don't hear back from them you should call them back, settle for the 40%, and have a Happy New Year with no more Citi calls!

I dont get this statement "A 40% settlement with Citi is good because they are normally 35% and under."

They are thinking 30% is do-able for me, and 35% for sure.But I dont have the cash for the 35%, and Im barrowing it.

Today I got a credit alert(Im signed up with a company) and Citi Corp did a "Hard Inquiry " to my account.I was just on the phone with them on Monday, asking for a 25 to 35% settlement.So, I geuss they are looking to check up on my other accounts..?All are paid as agreed (paid off) except 4 huge balances I have plus my mortgage(my mother is helping with that for now).Why would they do a Hard Inquiry?

I called Citi, the inquiry is something they do when they are looking to settle with you.So they said, it is management right now looking to see if they will do the 30%.I should know by Tuesday! Im sure hoping as this is the last one!

CITI would not go lower than 40% and I was at 180 days late, right before charge off. The balances were around 18K and 22K. It was a bit more than I had hoped but the peace of mind of being debt free was too good to pass up. My cash reserves are now completely tapped out but I'm glad to be out of debt now.
BofA was easiest to work with while CITI was definitely hardest.

I totally agree with the above Post, B of A was easy after about 120 days..
Citi is hard, they are nice to talk to but stubborn on the percentage.Ims till hoping the 30% on a 11K balance.. one lump sum..
Im still concerned though, that they do NOT send a letter spelling out the terms of the settlement BEFORE you make payment?finish payment.
It just doesnt seem right that they can expect you to agree to a payment plan without it in writing.They sure want your account numbers for withdrawing with no problem though..lol

in all honesty that would make me very nervous scince everyone would tell you here letter first then payment.

Agreed, but what can you do?I was VERY insistant on it.And she just kept saying, it will be fine and they dont do that til final payment.I may call back and ask again and tell her Im recording the conversation... what else can I do?

i havent heard of that happening except for when they go back on thier word or are up to something sneaky. usually it is not a issue to get it in writing but if you want to it, tell her you are recording her because you need some type of proof so that they dont go back on thier word or you cant do it. I can see if she is talking about a reciept marked paid as agreed when your done, but not something that just states your agreement ahead of time. Like i had one from a cell phone carrier i owed them like 800.00 they sent me a letter out of the blue stating that they would wipe away the debt for 250.00 if paid by X date. after that the deal was void. then i recieved another after it was paid. I dont think that its too much to ask for, but i understand your situation and you wanting it done an all. but maybe try that and see what she says

My Citi card charged off about 4 months ago. When I spoke to them on 12/30, they were still stuck at 45%. But I did verify that they still own the debt. I need to settle this at 25-30%, so I continue to wait this out. I'll give it another go in mid to late January.

hang in there, but you will be lucky to get 30% they are hard to deal with an will take you to court pretty quickly like i said they wouldnt work with me at all i got nothing out of them. so i would count yourself lucky to have gotten 45% i even started to bargain the orgional debt, they took a 600 dollar debt to 1300 and wouldnt negotate at all from the 1300, and i ended up in court over 1,300.00 on my smallest debt of 600.00. in the end i begged to just pay the origional 600 and it was a no go. but then again i hear small accounts are hard to negotiate but i wish you luck!

Just settled with Citi for 28% Balance was 21K+ in 4 payments through their CA settlement letter in hand 1st...:D..

congrads! glad it worked out for you!

I agreed to a settlement before the letter. I know, probably not very smart.
In any case I did get the letter after the first payment was made and it says:
Balance: $10.870.66
This letter confirms your agreement to the terms of the settlement arrangement we discussed regarding your Citibank account. You have agreed to pay the following payment amounts on or before the following payment dates:
1/05/2010 - $1449.42
2/04/2010 - $1449.42
3/04/2010 - $1449.42
If all these payments are made as agreed, your account will be settled in full. Previous delinquent history, if any, will remain on record with us.

It goes on to say a few other things, but does this sound okay? My main concern is that it will be considered settle in full.

The only thing that made me a bit nervous was - "If your agreed upon payment is missed or your account charges off due to delinquency, the arrangement will be terminated."

Are they talking about deliquency of the settlement payments? Or, could it still charge off from the previous delinquencies?

Thanks!

I owed Citbank on 3 accounts (about 5k, 15k and 120k HELOC). They sued me on the 15k, which I did not expect, and got a default judgment. Now Hunt & Henriques want 70% claiming that Citibank will accept no less.

I'll wait.

Ive still heard nothing...zero phone calls, nothing.Im 120 days.. They will not accept my offer on 30% and came back at 55%. when a month ago they offered 45%.. jerks

I had to post date electronic checks with Citi before they sent out letters. But they came in time. In fact, I received a transaction letter stating that I indeed set up the electronic transaction AND a settlement letter.
Remember to get verification letters as well once all the payments go out.

maggie22 Do you mean thier internal collection agency?Im at 120 days adn they called me today(finally) and they still wont budge from 45% which I cant do on a 11K balance..

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got it.. How unpleasant was it? I have settled 3 accounts and this is the last one , with no CA.. but it isnt looking good..

Well, they decided to reach out and touch our relatives with those it's urgent messages trying to reach stuff. Then when we contacted them they made all kinds of threats and were apparently looking at our CR's and claiming there was all this money in all kinds of different places and balked at the offer we made and were just rude and vicious overall...It really wasn't that bad as eventually there was a nicer rep that helped seal the deal...Best regards

does citi get attorneys to neg. on there behalf or did they sell the debt to them

does citi sell there debts to attorneys or have attorneys neg. for them

Question to "love my things"...
What do you think it was that you did differently with Citibank that may have caused them to sue you? Did they ever offer you a settlement deal at any point that you didn't take? I owe them $24K but right now my account is in a hardship program for about a year. I am trying to save up at least half of my balance during this time to hopefully make a lump sum settlement, but I am terrified of litigation. Any advice?
Thanks!

Settled with Citi today @ 45% on a small card...Then suddenly I get another call from the same number and I was thinking now what? It was for my other citi card Bal just over 17K and the offer was coincidentially the same @45% split 3 payments...Have to think about that one...