interesting conversation with CITI - any thoughts?

Date: Mon, 08/09/2010 - 17:31

Submitted by tryinhard
on Mon, 08/09/2010 - 17:31

Posts: 27 Credits: [Donate]

Total Replies: 7

i have an account with CITI that i tried for months to get on a hardship program with but because a portion of the balance was at a very low interest they either couldn't or wouldn't do anything. so i called a couple times a month, got same answer each time, and just couldn't afford what they wanted each month. so back in june i started getting messages from UCB (and the woman did NOT sound pleasant at all). I sent a debt validation letter to UCB, certified/return receipt, so i know they received it, and never heard anything back from them. about 3 weeks later i got an envelope from CITI with copies of about the last 10 account statements. wasn't sure WHAT to think about that..... since then no contact from either UCB or CITI. saw a "special" number for CITI on one of the threads about a week ago and tried that - the person i spoke to said the account was with their recovery department and gave me that number. i tried that number, but it was a saturday and they were closed on weekends. this past week was crazy not to mention my husband having exploratory surgery, so finally had a minute to call the recovery department today. the person i spoke to today said that the account is noted as having a "cease and desist" on it and asked if i was working with a debt settlement company. I explained, no, and that i did send a validation letter when i started getting these calls from UCB, as i didn't know who they were and wanted to make sure they were authorized. so this person tells me that i have to fax in a letter requesting removal of the cease and desist (which i never requested in the first place!) so that after 72 hours i can call back and be advised what my options are. he was able to tell me that at this point the low interest rate would no longer prevent me from having settlement or payment plan options (if that was still the case, i'd leave the cease and desist that i never asked for, but has been a nice perk! in place until that %age was off).....

wondering if anyone else has had any similar experience after sending a d.v. letter....... and also if anyone has any advise before i request its removal! the man today did say that it is still in CITI's hands and not with a collection agency, so i'm thinking i'd rather see what my options are with them..... which means that i have to fax this letter.

any input/thoughts???

Fax the letter and then ask for 25% settlement. I would think at

Fax the letter and then ask for 25% settlement. I would think at this stage they might take it.
Good luck and keep us posed.
Kaylee

lrhall41

Submitted by kaylee on Tue, 08/10/2010 - 09:06

( Posts: 176 | Credits: )

I think kaylee means 25 percent of the original debt and not 25

I think kaylee means 25 percent of the original debt and not 25 percent off the original debt! See what they come back with! It sounds like you may have stumbled into a solution! Just do not wait as it could be transferred again or charged off and sold!

lrhall41

Submitted by Frogpatch on Tue, 08/10/2010 - 09:11

( Posts: 5381 | Credits: )

when i call them, should i ask what my options are first or begi

when i call them, should i ask what my options are first or begin by offering a %age or what?

thanks

lrhall41

Submitted by tryinhard on Tue, 08/10/2010 - 14:33

( Posts: 27 | Credits: )

Did you send the letter? I am in the exact same situation with

Did you send the letter? I am in the exact same situation with another bank. Let us know how it goes.

As for your settlement, I would tell them that you would like to settle but can only come up with XXXX. Discuss dollar amounts, not percentages. I would make the first offer at 20% and see what they say.

lrhall41

Submitted by on Tue, 08/10/2010 - 16:34

( Posts: | Credits: )

Well the way I did it was my debt was 18k and I said I have 10k

Well the way I did it was my debt was 18k and I said I have 10k available--before they salivated too much I jump in with 'but I have 4 cards to settle and 3 of them are 18k balance so I figure 5k each is about the lowest I can settle but it is a lump sum, I can't give you more than 5k due to trying settle the others'. When they came back with how about 5k now and payments I said 'no, I will move on to one of the others that is willing to take the 5k because I really need to get this behind me'.
I did also tell them that I thought this was about 25% of the balance. People are of different opinions on this, --for me I felt it was better to be honest and show them that I am very aware of my debt and have sat down with pen and paper to try to find a solution.
I have heard other people say they cry and act dumb and that may work for them but just not my style.
Kaylee

lrhall41

Submitted by kaylee on Wed, 08/11/2010 - 10:38

( Posts: 176 | Credits: )

p.s. don't mean to minimize the crying, I have done plenty of th

p.s. don't mean to minimize the crying, I have done plenty of that plus the lying awake at night, I just don't feel the need to tell them about it...
I think that from my experience (have settled 3, 1 to go) they are for the most part nice people who are also just doing a job and surely they must realize from the change in their jobs in the past couple of years = tanking economy that this country has a problem and a lot of people besides the debtors have some responsibility and they must also know that no onw just decides not to pay their bills, I mean if we could we all would I think.

lrhall41

Submitted by kaylee on Wed, 08/11/2010 - 10:42

( Posts: 176 | Credits: )

Don't ever tell them you have more money than the settlement you

Don't ever tell them you have more money than the settlement you are offering. They couldn't care less if you settle the next account. They will see dollar signs and may pursue a lawsuit to get that money before you can give it to other creditors.

But it sounds like this is your last one. Is that right? I'm confused

lrhall41

Submitted by Debt Free to Be on Wed, 08/11/2010 - 18:25

( Posts: 412 | Credits: )