Citi using Phillips and Cohen to collect
Date: Thu, 09/29/2011 - 16:28
Hello,
Hoping to get some help form the experts. My Citibank business card has been delinquent for close to 160 days now. I have spoken with them several times trying to work out a settlement. Best I could get was 70% or a 0% payment plan. The balance was $26,000 when delinquency began in March, and the balance is now close to $31,000. I couldn't afford the $500/mth payment so I refused that offer. Talked to Citi last Friday and they said that someone else would be handling the account and contacting me in a week. Well that happened yesterday, Phillips and Cohen. Spoke with them and they accepted a settlement of $13,000 that I do have access to. They sent a letter via email accepting the offer. I called Citi and spoke with their Internal Recovery Dept. They said that Phillips and Cohen is the company that the have trying to collect the account. Citi will not deal with me anymore. Citi said that they still own the account however and that it has not been charged off, but is close. My questions are:
1) Is this a real offer?
2) If I give them the payment, how am I assured that Citi or Phillips & Cohen will not attempt to collect on the remaining balance?
Any additional information or comments would be greatly appreciated. Thanks.
Hoping to get some help form the experts. My Citibank business card has been delinquent for close to 160 days now. I have spoken with them several times trying to work out a settlement. Best I could get was 70% or a 0% payment plan. The balance was $26,000 when delinquency began in March, and the balance is now close to $31,000. I couldn't afford the $500/mth payment so I refused that offer. Talked to Citi last Friday and they said that someone else would be handling the account and contacting me in a week. Well that happened yesterday, Phillips and Cohen. Spoke with them and they accepted a settlement of $13,000 that I do have access to. They sent a letter via email accepting the offer. I called Citi and spoke with their Internal Recovery Dept. They said that Phillips and Cohen is the company that the have trying to collect the account. Citi will not deal with me anymore. Citi said that they still own the account however and that it has not been charged off, but is close. My questions are:
1) Is this a real offer?
2) If I give them the payment, how am I assured that Citi or Phillips & Cohen will not attempt to collect on the remaining balance?
Any additional information or comments would be greatly appreciated. Thanks.
Get the settlement offer in writing before paying a dime.
Get the settlement offer in writing before paying a dime.
Phillips & Cohen
Phillips & Cohen is great to work with. If the email you received contains an attachment of a settlement letter, and all of the terms are clearly outlined, you should be fine. Keep this letter and proof of payment for your records in case anything pops up in the future (and it rarely does).
