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CITI Settlements?

Date: Sun, 11/15/2009 - 08:43

Submitted by John Q
on Sun, 11/15/2009 - 08:43

Posts: 3 Credits: [Donate]

Total Replies: 84


I'd like to hear about recent settlement offers from Citicorp. I just settled 4 cards with Chase for 30%, but the best I can get from CITI is 40%. Haven't accepted 40% yet, I am holding out for 30%.


Hey everyone;
Just settled my first citi card for 29%, bal was just over 17k. Did it over 3 payments, did the electronic check, didn't schedule 1st payment until 5 days later, so I could get the agreement faxed over, and look it over so if something was fishy could close that account before payment taken out. Everything looked fine, they were nice, easy to deal with, negotiated for about 5 minutes, suprising after reading some of these posts. I guess it depends who you get. I was about 80 days past due.


lrhall41

Submitted by on Wed, 02/03/2010 - 10:26

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Quote:

Originally Posted by Anonymous
Hey everyone;
Just settled my first citi card for 29%, bal was just over 17k. Did it over 3 payments, did the electronic check, didn't schedule 1st payment until 5 days later, so I could get the agreement faxed over, and look it over so if something was fishy could close that account before payment taken out. Everything looked fine, they were nice, easy to deal with, negotiated for about 5 minutes, suprising after reading some of these posts. I guess it depends who you get. I was about 80 days past due.



How late were you? and how long have you had the card?


lrhall41

Submitted by kpcutie82 on Wed, 02/03/2010 - 12:04

( Posts: 7 | Credits: )


To KPcutie82 - couldn't respond to your PM for some reason. So here goes:

Citi took over AT&T Universal accounts. I was a customer since 1999. I was in a debt-management plan for 2 years but couldn't keep up the monthly payments. So I defaulted. By the time I defaulted on the DMP, I believe I was 90-120 days. They offered settlement at about 33-35% but payment had to be made within 90days. I tried to get the money together, but couldn't. So I entered into payment agreement for one year - $119 a month with 0% interest. After a year, they told me I could try settlement again. This arrangement will give me breathing room and let me gather the funds, while paying off my lower credit cards.

They called my cell phone several times a day, but I didn't pick up. They didn't even leave messages! Once a week I'd answer the phone and talk to them. Stick to the same story. But you will most likely need to be further along in your default to get a good offer.

The problem with Citibank and Bank of America is that they want it paid in 3 payments. HSBC gave me 6 months, and I'm paying the last installment this month. So I've been working on several. But I needed more time and they wouldn't budge on the time frame.

Hope this helps.


lrhall41

Submitted by aubrey on Wed, 02/03/2010 - 12:40

( Posts: 1203 | Credits: )


On jan 11 you wrote:
Quote:

Originally Posted by maggie22
Just settled with Citi for 28% Balance was 21K+ in 4 payments through their CA settlement letter in hand 1st...:D..

then on jan 15 you wrote on the same thread:
Quote:
Originally Posted by maggie22
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...

Did you have 3 different Citi cards and was able to settle one at 28% and one at 45% and deciding on the third one. Any idea why Citi wouldn't settle all for the 28%.


lrhall41

Submitted by on Wed, 02/03/2010 - 12:54

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[COLOR=black]AUBREY-[/COLOR]
[COLOR=black]Thanks for your time and help! One thing led to another and I ended up where I am.[/COLOR]
[COLOR=black]Both of my parents lost job last year, so I was helping them a lot. [/COLOR]
[COLOR=black]Then my partner lost his job, so we relied heavily on credit to get by.[/COLOR]
[COLOR=black]Some of the cards that I had were zero percent, so I was able to somehow get by. [/COLOR]
[COLOR=black]Then all of the interest rate reset and the payments kept growing bigger and bigger.[/COLOR]
[COLOR=black]I’m maxed now, so can’t even use cards to make payments now.[/COLOR]
[COLOR=black]I don’t know what to do, feel so hopeless and ashamed. Thanks guys for listening!![/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]23k-Citi[/COLOR]
[COLOR=black]8k-Capitol One[/COLOR]
[COLOR=black]3k- Amex[/COLOR]
[COLOR=black]2K- Chase[/COLOR]


lrhall41

Submitted by kpcutie82 on Wed, 02/03/2010 - 13:33

( Posts: 7 | Credits: )


You may be able to negotiate 0% interest rate once your accounts are past 90 days. Do you have a tax refund coming? If so, put it aside for possible settlement funds. Ask the credit card companies to work with you.

You took care of your pdls. There's light at the end of the tunnel.


lrhall41

Submitted by aubrey on Thu, 02/04/2010 - 06:21

( Posts: 1203 | Credits: )


Quote:

Originally Posted by Anonymous
On jan 11 you wrote:

then on jan 15 you wrote on the same thread:

Did you have 3 different Citi cards and was able to settle one at 28% and one at 45% and deciding on the third one. Any idea why Citi wouldn't settle all for the 28%.



Yup 3 citicards to settle. The 28% was after that account was assigned to a collection agency (CA) named United Collection Bureau (ucb)...The 45% I only did because it was a small account to begin with.. The third card I haven't heard from them in awhile, they offered I think 7600 on a bal of 17K, I countered with 4500...They declined and have been silent Since Jan 15th...


lrhall41

Submitted by maggie22 on Thu, 02/04/2010 - 07:44

( Posts: 140 | Credits: )


hi,
i've missed payments on my citicard since June 09. I never spoke to them when they called my cellphone. the only communication i've had with them was when i logged online to my account about 3 months later and answered a questionnaire - brief questions about current situation. I changed my phone number to my home number. Since then, they have not called my cell but called home maybe twice a day.
I received a letter in the mail today from citi, offering to settle for 20%. (o/s balance is 6K.) The deadline is 2/25. I am calling them tomorrow to get more details.

I do have two other cards, 1 chase, 1 BOA. I've spoken to both but have not received any offers, just numbers to debt mgt programs.

Also, I have 4 store cards with balances below 1K that I am currently paying. And have 1 Amex (bal:3K) that I am currently paying.


lrhall41

Submitted by on Thu, 02/04/2010 - 19:08

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Quote:

Originally Posted by Dana De
If you are late enough, you can log into your account and see if they are offering"payment" options.. I got a email telling me to log in and check it out so I did.There was 4 options.. I took the 45% one in 3 payments.they knocked off all late fees ect.


Got 45% at 61 days.

I ran with it.


lrhall41

Submitted by King Jabba Labba on Mon, 02/08/2010 - 18:30

( Posts: 507 | Credits: )


Wow offers so quick?
Citibank customer for 20+ yr, NEVER late/NEVER miss payments.
I did tranfer $10,000. from chase last yr due to a better % rate offer.
Will this effect a settlement?
Now my debt is $23,000., will never be able to return to work.
Want to settle with a lump sum, I have 35% since I got a insurance settlement.
But so far no offers???
Just check the web site (haven't been there since I became ill) and they want personal info like my phone number.
Had no phone calls because I have my land-line turn off (couldn't afford it).
Only have a cell with 250 minutes a month. Not sure what to do?
I wrote them a letter and ask for a settlement after 120 days and they reply they want to to speak with me?????
Would like to it done all by mail since I'm up not up to being harass since still ill.


lrhall41

Submitted by on Sun, 02/21/2010 - 17:25

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Quote:

Originally Posted by Dana De
If you are late enough, you can log into your account and see if they are offering"payment" options.. I got a email telling me to log in and check it out so I did.There was 4 options.. I took the 45% one in 3 payments.they knocked off all late fees ect.


Hi Dana, I see you settled with Citibusiness, was wondering if you could enlighten me how you started. I am in a similiar situation as you, have about 4 other accounts (3 amex, 1 citi), plus the citibusiness account (16K). I am current on all my accounts and have excellent credit. The citibusiness account does not report to my personal credit report, so I figure I will just stop paying it for a month or 2 and would be happy to settle it for 45%. I can pay it one lump sum, (and then pay off the other citicard, and get a 2 for one with my 16K tax return :D) without even hurting my credit.

I almost feel bad, except when I think about how much interest they have earned from me, I think we are about even. Anyway, appreciate any help you or anyone else can give on how to settle quickly with Citi Business. Thanks so much!


lrhall41

Submitted by captmarc on Tue, 02/23/2010 - 21:19

( Posts: 5 | Credits: )


[COLOR=black]Hi there,[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]I am ready to settle with Citi and wanted to ask you few questions as you already have settled.[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]-How long were you with Citi?[/COLOR]
[COLOR=black]-How many days were you late before they offered to settle?[/COLOR]
[COLOR=black]-What has the experience been like?[/COLOR]
[COLOR=black] [/COLOR]
[COLOR=black]I really appreciate your time and help.[/COLOR]


lrhall41

Submitted by kpcutie82 on Tue, 03/09/2010 - 11:06

( Posts: 7 | Credits: )


Quote:

Originally Posted by Anonymous
Wow offers so quick?


This is not typical. It seems to me that a lot of settlements happen around the time that they charge off the debt.

But in extreme cases, like mine, they just hold your debt forever and don't try to really work with you to settle it. Craziness. I think my debt charged off in Sept/Oct of last year. They still won't offer less than 50%... spoke with them again this morning, they are stuck there for some reason.

Quote:
Originally Posted by Anonymous
Citibank customer for 20+ yr, NEVER late/NEVER miss payments. I did tranfer $10,000. from chase last yr due to a better % rate offer. Will this effect a settlement?


My personal opinion is that the length of your relationship with Citi is a non-factor. I too was with Citi for over 15 years. The balance transfer is probably a factor, however, and not in a good way. Particularly if you are looking for a settlement prior to charge-off. Again, just my opinion. I also think the "age" of the debt is a signifcant factor. If the balance transfer is less than a year old... it's not going to help. In my case, my entire balance was run up over about a 7 month period... and I think they have taken issue with that.

Quote:
Originally Posted by Anonymous
Now my debt is $23,000., will never be able to return to work. Want to settle with a lump sum, I have 35% since I got a insurance settlement. But so far no offers???


Have you stated in your letter to the Citi that you are unable to work (disabled?) and only have access to limited funds from an insurance settlement? I've heard that a lot of lenders will be more lenient upon those that have experienced medical issues. However, my wife also had some medical problems, and Citi hasn't budged one bit for me.

Quote:
Originally Posted by Anonymous
I wrote them a letter and ask for a settlement after 120 days and they reply they want to to speak with me????? Would like to it done all by mail since I'm up not up to being harass since still ill.


Make sure you tell them in your written settlement offer that you have no home phone number because you can no longer afford it. Otherwise you are going to continue to see them send requests to speak to you. This is their playbook. They can't bully and guilt you unless they have you on the phone. Nor can they "harrass" you with calls and embarrass you (i.e. when you have visitors over and they ask why people are calling and you won't answer the phone), unless they can call you. So tell them, you don't have a phone, they can only communicate through mail (maybe offer them an email address, if that works for you).


lrhall41

Submitted by ball_mich on Tue, 03/09/2010 - 16:37

( Posts: 360 | Credits: )


Quote:

Originally Posted by Dana De
If you are late enough, you can log into your account and see if they are offering"payment" options.. I got a email telling me to log in and check it out so I did.There was 4 options.. I took the 45% one in 3 payments.they knocked off all late fees ect.


That must be semi-new. I didn't get that at all from Citi prior to charge-off (Sept/Oct of last year). And I logged on to their website until the bitter end, when they deactivated my account access.

However, Discover definately had a similar feature. I personally didn't get anywhere with this, but I remember reading a few posts where some people received some decent settlement offers via the website. My offers were mostly just payment plans that I couldn't afford.


lrhall41

Submitted by ball_mich on Tue, 03/09/2010 - 16:41

( Posts: 360 | Credits: )


Quote:

Originally Posted by Anonymous
i've missed payments on my citicard since June 09. I never spoke to them when they called my cellphone. the only communication i've had with them was when i logged online to my account about 3 months later and answered a questionnaire - brief questions about current situation. I changed my phone number to my home number. Since then, they have not called my cell but called home maybe twice a day. I received a letter in the mail today from citi, offering to settle for 20%. (o/s balance is 6K.) The deadline is 2/25. I am calling them tomorrow to get more details.


Congratulations on your 20% offer, I hope you were able to act on it.

This is the frustrating thing in dealing with the creditors, such inequity in offering settlements. I charged off 5-6 months ago, yet I can't get an offer less than 50%, despite calling them every 2-3 weeks. Yet others avoid their calls for three months, go on line and fill out a questionnaire, then get a 20% settlement offer in their mail box... Wow. If only we could all be so lucky.

Oh well, maybe my turn for a nice settlement is next.


lrhall41

Submitted by ball_mich on Tue, 03/09/2010 - 16:47

( Posts: 360 | Credits: )


Quote:

Originally Posted by Dana De
If you are late enough, you can log into your account and see if they are offering"payment" options.. I got a email telling me to log in and check it out so I did.There was 4 options.. I took the 45% one in 3 payments.they knocked off all late fees ect.


Dana just log in, options 1; I want to pay my Minimum Payment Due or Current Balance with an online payment.
Option 2; Paying your Minimum Payment Due or Current Balance:

Nothing else, late 138 days now.


lrhall41

Submitted by on Thu, 03/11/2010 - 15:08

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Quote:

Originally Posted by love_my_things
well all i can say is be glad for what you did get. they would not work at all with me, i ended up in court at the 1 year mark! i would have loved a 40% settlement with them


Wow! I read all these posts and it seems like it varies so much as to really not be able to predict anything.
I am 60 days late on 2 citi accounts right now and they call me 12 times a day from 3 different numbers. I call back once a week but no settlement has been mentioned, they want me in program where I will pay forever.
Should I mention settlement or wait til they do it or is 60 days too soon?
Here is where I think I am messing up: I also have Chase and B of A and I have paid those. I have $1500 a month to devote to CC bills and that has been on those two...I stopped Citi first since I have 2 and wanted to try to settle those then planned to stop the others...I think maybe I should stop them all because they can check this??
thanks


lrhall41

Submitted by on Sat, 04/24/2010 - 09:51

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I think 60 days is to early to ask but who knows with citi, Think they set around smoking crack and flip a coin who's going to get a settlement!!!!
I was offer 45% at 120 days and then they up it to 55% at 160? I have 30% PERIOD! Funny you wrote you received 12 calls a day, I'm lucky if they called once a week. I had to initiate calls 95% of the time! Figure I'm on their turd list!!!! Why they would sued me I have no clue after a major illness I can no longer work :( Now my husband has lost his job! Can't get blood from a turnip!


lrhall41

Submitted by on Sat, 04/24/2010 - 15:33

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I was only 30 days late on Citi @ $10K (ATT Universal) and they already offered me 65% in a professionally designed offer letter. Not a fax or some direct offer letter, more like a blanket offer they send out to everyone... I countered (by letter) for 20% - I figured if they were already talking settlement??? Also, in the letter it specifically says if I don't settle the account, it may be written off as bad debt - no mention of law suit!


lrhall41

Submitted by on Wed, 04/28/2010 - 13:19

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Quote:

Originally Posted by anc526
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!

Hi, anc526.
Just curious, but did you settle this in the court room? in writing? via phone? If you wouldn't mind sharing the step-by-step details from the moment you were served, that would be helpful.
Thanks in advance,
Mr. Unregistered


lrhall41

Submitted by on Wed, 04/28/2010 - 21:30

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143 days late with Citi... I offered 5k on a 16+k balance. The rep had to check with managers. The rep called me back the next day (yesterday) with a counter of 5.7k... Exactly 35% I think my offer was around 30%. I have 3 other creditors to try and settle with... only a limited # of funds to go around. I explained I can only do 5k... I may call back to see if they'll meet me in the middle.


lrhall41

Submitted by bmungo7 on Thu, 04/29/2010 - 08:27

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