Citi card settlement - claim they can't negoiate
Date: Fri, 07/22/2011 - 18:48
I have a balance of 23K and have received a written settlement offer from citi card for 13K. I am 160 days past due and have 8 more days to accept offer. My other credit cards are in a debt consolidation plan - this card had been in that plan for 2 years but was kicked out due to missed payments (original balance was 33K). Did debt consolidation in an attempt to salvage credit score which is now pretty bad so not a too worried about that at this point.
I plan to take 401k loan to settle this account. I called and offered 8K and then 10K (in seperate calls) to settle this account. Rep. at citi card told me their settlement dept had been consolidated recently and no one in their dept. had any power to negoiate the written settlement. Has any one else heard this? What advice to you have for me concerning this account - this will be the first account I have settled . They seem unwilling to budge. I have read numerous accounts on this board of people getting 30-40% settlements after negoiating with citi card so I don't know what I should do. I can might be able to come up with the 13K within 90 days but it will be very difficult.
Thanks in advance for any guidance.
I would wait until their current offer expires and check back wi
I would wait until their current offer expires and check back with them the day after.
Citi
They're not lying to you, other than by stating that anyone in this department ever had any authority to do anything. If you don't want to pay the $13,000 to settle the account, you have no other choice than to be patient.
Believe me, I've been negotiating Citi accounts for years, and patience is key. This doesn't mean you'll get another offer. You may have to try and read between the lines to determine when you should move forward with offering a settlement.
Good luck!
Marie Megge
Donaldson Williams, Inc.
Hi there, You actually have a number of options from where you
Hi there,
You actually have a number of options from where you are standing.
Firstly you can wait till the present offer expires and then see what new offer they have in store for you.
Secondly you can seek the help of any professional services to settle your debts with Citi. they at times can go up to reducing your debt till 60%.
The third option, which I would suggest strongly is to pay them 13K which you are saying you can pay even though it would be very difficult for you. However you should request them to update your account status as "Paid in full", only then will you give a payment of 13k. This may even help you to improve your credit scores a bit.
Thanks :)
Quote:However you should request them to update your account sta
Quote:
However you should request them to update your account status as "Paid in full", only then will you give a payment of 13k. This may even help you to improve your credit scores a bit. |
Wont happen. Citibank will only report settled. And paying a collection account is not going to improve your score.
you should be patient yes, but they do ck your credit also -- i
you should be patient yes, but they do ck your credit also -- if you are behind with everything else you may be able to negotiate a better deal -- I just did 30 percent on 6k -- my balance was lower so not sure if that matters -- but if you are nice to the people on the phone that helps a lot -- and I was able to do 3 payments over 3 months --
might have been able to go lower but was glad with that overall --
good luck to you :)
:D
