Settling Citibank Debt "Paid in Full"?

Citibank will not change how it reports.....if you settled and they report differently, their reporting would be considered inaccurate. They are covering their butts. The CA wont be able to do it either as Citi would still be the reporting party.

Personally I would grab this settlement....Citibank is very agressive and when this gets to collections you will have to start the negotiations all over again...you risk being sued.

I agree and would take the settlement if the number sounds right. I haven't seen many people here with luck getting a "paid in full"

You will never get them to agree to a "paid in full," but you may be able to dispute it off your credit report a while after the settlement payment is complete. Most banks, however, don't charge off at the 180th day, but rather at the end of the calendar month on which the 180th day falls.

I would take that offer before they change their mind. They are very aggressive and I was fortunate to get the settlement I did before it went to collection agency.

Thanks for all your advice! I am taking the settlement as suggested.

Can you please post a bit about the settlement process? Did you have to email/fax/send in a hardship letter, bank statement, paystubs etc.? Also, if you did send a hardship letter can you summarize what was in it and the fax number you used? Thanks in advance for helping out someone in your same situation!

I handled my settlements personally over the telephone. I told them my circumstances. The creditors asked for my financial info (never had to send them forms, etc.) and we negotiated from there. Bank of America was fairly easy; Citibank and Capital One were a b*itch. Chase, Discover, HSBC were okay - Discover a little harder than the other two.

I kept in touch with them and called asking for better settlement percentages. All my accounts are settled except Capital One, and that account is up to date.

You can refer to the DIY portion of this website for further information. For the sake of time I preferred to talk with them over the phone.

Thanks so much I will check out the DIY section today!

No problem - that's what we're here for. If you need help, just holler. You can also do a search on your creditor to read how others have handled their settlements.

Good luck.

If you are agreeing to a settlement there is no way to have that account report as 'paid in full'. It will report as 'settled in full'. A 32% settlement isnt bad...