Citi Bank questions
Date: Fri, 02/25/2011 - 11:15
I've been reading the posts here for a few weeks and I have some questions. To give some background, my wife and I have approximately $100,000 in credit card debt with just about half of it on two citi bank cards, one for each of us. I'm current on all cards at this moment, but that's about to change. I can either continue making payments to the credit cards or pay my mortgage. If I don't pay Citibank, I can pay the mortgage.
I can probably get 20K through various means. My question is will citibank settle with me even if I continue making the minimum payments on the 6 other cards while paying the mortgage and car loans? If so, at what percentage can I expect?
One last question. When does the calculation start for being past due, the date of last payment or the date of the first missed payment.
Thanks in advance.
I can probably get 20K through various means. My question is will citibank settle with me even if I continue making the minimum payments on the 6 other cards while paying the mortgage and car loans? If so, at what percentage can I expect?
One last question. When does the calculation start for being past due, the date of last payment or the date of the first missed payment.
Thanks in advance.
Citibank will settle with you approximately 60-90 days after you
Citibank will settle with you approximately 60-90 days after you are delinquent. It doesn't matter what the status of your other accounts are. Don't expect a good settlement rate around that time period. Honestly speaking, my guess would be 75%+ of the balance. The calculation starts after the due date of the last payment missed.
I know that Citi offered one of my clients (who owed $20k), a $9,000 settlement before it went to collections. Keep fighting ! Best of luck
