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Just made a settlement with Citibank

Submitted by Jill Adams on Tue, 04/06/2010 - 15:33
Posts: 96

I know I like to read when others make settlements so I wanted to share.

I am 105 days late with citibank. They called a lot at the beggining but about after 90 days or so they stopped calling. They sent a letter and said it would be sent to collections in 21 days. I don't know if that is true or not as it would be 120 days. But I called them. They offered me 55%. I told them that was offered to me a long time ago and I couldn't do it. Then she talked briefly about payment options and I told her there was no way which there isn't. Finally I just said, I can do 30%. She asked if it could be in one lump sum and I said yes. Who knows maybe she would have spread it out but it was a low balance and I had saved up the money so I wanted to get it over with. I will be getting the letter in 5-10 business days and I have her direct number etc.

So hopefully I did pretty good. 1 down 3 to go.

Jill, wrote this under my post but thought you may miss it;
Are you dying? Just talk to Citibank again and the guy told me unless your dying Citibank never settles for under 45%. I told him I had heard of 30% settlement and he not unless they are dying so who told you that is lying! Jerks> hate them!!!!

Submitted by on Tue, 04/06/2010 - 16:53

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That's a good offer. I hope that you did not set up the payment yet. Be sure to wait until you receive the settlement letter before you make the payment. I have seen creditors give a verbal offer over the phone and not honor the agreement later. They might take the funds and apply them towards the full balance and pursue you for the remaining 70%.

If you have made the payment call back and ask for the letter to be faxed you or scanned and emailed to you asap.

Submitted by on Wed, 04/07/2010 - 21:41

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@ guest100:

Well the creditors employ collectors that will tell you that the moon is purple to get a payment out of you. These guys make commission and alot of them are only concerned with making as much money as possible. If I may ask, how many days delinquent is your Citi account? The account has to age before a creditor will even consider a settlement. Typically, if the account is less than 120 days they will not discuss a settlement. Good luck :)

Submitted by on Wed, 04/07/2010 - 21:54

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:confused:@JillAdams, I'm curious, what did Citibank tell you about the 70% of the "forgiven" debt? Will they report that as "taxable income" via a 1099? What, if anything, will they be reporting to the credit bureaus?

Submitted by on Tue, 05/31/2011 - 11:21

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