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My journey is over, Citi Settled

Date: Mon, 08/09/2010 - 09:16

Submitted by maggie22
on Mon, 08/09/2010 - 09:16

Posts: 140 Credits: [Donate]

Total Replies: 8


:DWell it's been a long and somewhat bumpy ride but my personal journey is over and I'm finally cc debt free. I would like to add that had they worked with me from the beginning this would not have happened. I asked for a lower interest rate, lower than 29.99%. I was never late and always for the most part carried a balance. They all said NO the economy was too bad. I decided to pay them all off but the last straw was after receiving large payments of 8-10K plus they stripped my credit lines and claimed via letter that it was in order to maintain profitability....Kinda funny, but months ago while on the phone with Chase, the girl says Sir, not to be funny but I see you made a payment in March of 2009 for $10,500.00, Why didn't you try to settle at that point? I said 2 reasons, 1 I wasn't outta $ and secondly, I never heard of such a thing as settlement...I Went out with a bang and settled my last Citi at 15% 1 payment. Bal was 20K. A big thanks to Mac123 for his informative posts and for sites like this one in general.


Hey congratulations!! Gee I wonder when they will figure out that they are screwing themselves by not lowering people's interest rates! That's what happened to me too, no they said, we won't lower the interest rate so you can pay us in full. How stupid.

Great job and I hope you keep posting to help others with your experience.


lrhall41

Submitted by Debt Free to Be on Mon, 08/09/2010 - 19:52

( Posts: 412 | Credits: )


Just google my old posts from start to finish. The oly other thing I would add is if you defaulted prior to early 2010 and if you're in a jam Arbitration works great to force a decent settlement or if you're very agressive, a walk away by both sides. I used it against Cap1 for a friend and they voluntarily dismissed the lawsuit without my even having to enter an appearance.


lrhall41

Submitted by maggie22 on Tue, 08/10/2010 - 07:59

( Posts: 140 | Credits: )


Quote:

Originally Posted by cookycris
i also have a citi card from home depot...do you mind me asking what your bal was and how late you were? i am at 80 days and all they can do right now is 65% they also told me today that they can only give a settlement amount once a month, anyone else get this?



As I indicated balance was 20K, charged off late March 2010, last payment I think was aug 2009. I had offered them 6k when bal was only 16K. Regardless of the inflated balance it is still a percentage under 20% of original bal...


lrhall41

Submitted by maggie22 on Thu, 08/12/2010 - 07:59

( Posts: 140 | Credits: )


Maggie, that's great! I finally got a settlement with Citi too! You did better then me yet I settle at 25%. It was hard to come up with the cash but I finally did, by selling anything and everything I could!

I stopped paying Sept 2009 with a balance of $21,000. Settle in June after it went to the recovery dept! 9 months, felt like I have gave birth to a debt free life.


lrhall41

Submitted by Kat1975 on Thu, 08/12/2010 - 11:55

( Posts: 26 | Credits: )