Just received a Citicard settlement offer through UPS
Date: Wed, 01/27/2010 - 09:51
I'm almost 60 days behind on my citicard platinum mastercard. Yesterday evening, UPS comes to my door with an envelop. I open it and it's an offer to settle my $2355.10 balance for $1530.82, an $824.28 savings, so I guess that's settling at 65%. I was quite shocked, as I've only talked to them once, letting them know my current financial situation and that I could not make a payment at this time. I have until 2/15/10 to accept via one time payment or a payment schedule, if not, my account may eventually be written off or sent to a collection agency. They also said that if the settlement does not meet my needs, then to call them to discuss alternatives, such as matching my payment dollar for dollar up to $599.
What do you all think I should do? Should I call and try to negotiate now? I was going to wait negotiations until the 90day mark, but figured since they've made the first attempt, maybe this is time to start. I only have $900 to offer them, so I'm wondering if they would take it.
Any advice is greatly appreciated. Thanks!
I would just file it away. You need to be much later than 60 da
I would just file it away. You need to be much later than 60 days to get good settlement. I would not call on it at all. They are just hoping you will accept but will get much better as time passes.
Quote:Originally Posted by OZZIE69I would just file it away. Yo
Quote:
Originally Posted by OZZIE69 I would just file it away. You need to be much later than 60 days to get good settlement. I would not call on it at all. They are just hoping you will accept but will get much better as time passes. |
Thanks, Ozzie69, for the advice. This is my first time attempting settlement, so I've used this site for a lot of advice. Yeah, I think I will hold out. Thanks again!
It's a small amount. What about accepting the "match"? Send th
It's a small amount. What about accepting the "match"? Send them $500 and they'll match $500. Then your account will be $1,000 less. If you send them $100 a month (provided you can do that), you would have it paid off in no time without any consequences.
Wish my BofA and Citibank were that low.
Quote:Originally Posted by aubreyIt's a small amount. What abou
Quote:
Originally Posted by aubrey It's a small amount. What about accepting the "match"? Send them $500 and they'll match $500. Then your account will be $1,000 less. If you send them $100 a month (provided you can do that), you would have it paid off in no time without any consequences. Wish my BofA and Citibank were that low. |
Yeah, my card is a small amount, yet I have 6other cards that I'm trying to settle. Amex, Target Visa, Discover, Sear, Best Buy, Macys. this is just the beginning.
I hear ya. I'm in the same boat basically, but have been paying
I hear ya. I'm in the same boat basically, but have been paying minimum on the "small" accounts. Got one down to $503....
I found the $500 match "enticing". Do what you have to do to survive.
Good to hear that Citi is settling now. All I been reading is h
Good to hear that Citi is settling now.
All I been reading is how quick they are to sue and difficult to work with.
I have Citi card with 23k that I started defaulting on.