Unsolicited Settlement Letter
Date: Thu, 01/14/2010 - 19:35
Submitted by King Jabba Labba
on
Thu, 01/14/2010 - 19:35
Total Replies: 3
First of all...THANK YOU and THANK YOU again!:D:D:D
All of the posts and forums have been extremely helpful.
Got a lot of unsecured debt and I had my day of reckoning about 70 days ago.
So here I am. And the journey begins.
Citibank sent me a settlement letter (unsolicited by the way) for 45% on $14,000 account. From a G.Stevens, Vice President no less! And offered to let me pay it out over 90 days.
After calling the 866 number and listening to the company dude....I couldn't budge him down from 45%.
My questions for all of you experienced folks;
1. Should I push 'em harder for a lower number?
2. Can I get pay for delete on this one?
3. And if I settle with Citi, how does this affect my other accounts? In other words should I try and tie them (creditors) up all at once or drag it out or?
Thanks in advance for any and all advice.
Regards,
King Jabba Labba
If you are planning to do the settlement by yourself then I woul
If you are planning to do the settlement by yourself then I would recommend that you take one creditor at a time. Try to pay off the highest balances first. It'll improve the overall debt to income ratio.
Regarding Citibank settlement, I'd suggest that you read the experiences of other members with them. Citi is not known to be too lenient when it comes to settlement. Anyway, since you're negotiating with the creditor a pay for delete is worth demanding. But it would depend upon the wishes of the creditor. Remember to get all the communication in writing regarding settlement.
I would hold out for a better %age. I've been offered 35% on a
I would hold out for a better %age. I've been offered 35% on a $12,000+ balance. Only thing is they want it in 3 payments. No can do. I settled 2 other credit cards and my bank account is empty. Can't get my pension loan until April, and Citi won't wait.
Same with me Citi not budging on 45%.(owe 11K).. I can only pay
Same with me Citi not budging on 45%.(owe 11K).. I can only pay 35%.They know this.They were nice but said I had too many (3) other accounts that were paid as agreed on my CR.. yea the balance was only 500.00...
Im at 120 days
