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Settlement with Citibank

Date: Tue, 02/03/2009 - 09:36

Submitted by kmlenck
on Tue, 02/03/2009 - 09:36

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Total Replies: 59


We had over $80,000 in debt and were able to settle with Bank of America and Chase on almost $70k. We have 11,000 left on a Citicard. We are almost 60 days past due and said that they would only settle if we had a terminal illness or permanent disability. Has anyone been able to sucessfully settle with them? I would like to get this resolved so we can move on with our lives, but since my credit is already shot, I have no problem just waiting them out if they will eventually settle. We can settle for 30 to 40 percent of the principal balance. Should we involve a debt settlement company? We did the others on our own, but Citibank is so difficult. The others settled before we were even past due!


Quote:

Originally Posted by Anonymous
on the phone now with citi and after 3-4 months I am settling on 19k for 33% (6500) !!
Just hang in there and keep trying and mention you are getting this money from family members


what number did you call? how many days late was your account?


lrhall41

Submitted by on Thu, 09/16/2010 - 20:16

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Quote:

Originally Posted by Anonymous
Do I need to close all my credit card accounts in order to negotiate settlements with defaulted ones. I have two cards each from citibank and chase with over 5k and 8k balances for both companies that I'm over 120 days past due. I got offers from citi on the account with the 5k balance at 45% settlement but did not have money to accept the offer. Then I got another letter from citi for the same account two months latter with an offer for 60% settlement. I wrote them and referred to their previous offers and offered to pay $2k on the account and now they want to negotiate on the phone. please what do I need to get a deal when calling them? I have four other cards that are still open with balances, will this affect negotiations? My balances on the open accounts are $500.00, $500.00, $300 and $1400.00 from Amex, Amex, HSBC and Discover and they are maxed out, should i close them all? I wanted to settle my accounts with citi and chase before making any decisions on these lower limit accounts? is this a good idea?
Also I received an initial offer from chase about asking for 6k on the 8 k I owed but I declined and offered 3k. They then sent me a letter telling me they have been contacted by a settlement company on my behalf and that they don't settle with any third party companies. A month later they sent me an offer for 5k on the 8k, I'm holding out for something around 3.5k is this a good strategy?


I am in a very simmilar situation, I owe about 24K in between chase and Citi. For most of my cards am over 120 days past due. To make the story short, I owed Chase $2500+$6100, they have offered to settle both accounts for $5200 and I declined the offer, a month later Chase stopped calling me and I got worried and I called them back, so they transfered me to their legal department, and offered the same $5200, and after I explained my situation I told them that the most I could do was to pay $3000 for both accounts over 4 months (they usually only accept 3 month payments), so the rep got authorization, and I settled for $3040 both credit cards and I will make payments over 4 months :) so finally. Now, as for the citibank credit cards, I owed about 14k spread in 3 cc, and the best offer I have received is at 45%, they are not willing to negotiate for less and began threatening with suing. Unfortunately, I do not have the funds, so I will have to keep on waiting for a better offer.


lrhall41

Submitted by on Mon, 09/20/2010 - 18:41

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I just settled 2 of my many cc yesterday. Citibank sent me an offer of for 30% on an $6685.00 balance. I paid $300 and will pay $850 in Oct. and $854 in Nov. Allied Interstate which had my JC Penney acct. settled $2582.00 for $904 over 4 months. So I feel like I'm off to a good start. NCC Business services has my Chevron acct. and they are being really pushy and won't go below 40%. I'm not going to settle with them right now.


lrhall41

Submitted by on Thu, 09/23/2010 - 14:25

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Quote:

Originally Posted by Anonymous
I just settled 2 of my many cc yesterday. Citibank sent me an offer of for 30% on an $6685.00 balance. I paid $300 and will pay $850 in Oct. and $854 in Nov. Allied Interstate which had my JC Penney acct. settled $2582.00 for $904 over 4 months. So I feel like I'm off to a good start. NCC Business services has my Chevron acct. and they are being really pushy and won't go below 40%. I'm not going to settle with them right now.



Hello, can you please tell us how many days were you late with your citicard cc?

thanks, I am at 140 days late and the lowest I have gotten is 45%, dont have the funds anyways.


lrhall41

Submitted by on Sun, 09/26/2010 - 11:33

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Caution, Citibank is changing things right now. At around 40 days I received a 45% settlement offer. I waited and waited I called twice to discuss the offer and said that I needed 5 payments. I asked the agent to speak with his manager, he said that they would get back to me. Two days later with the account at 123 days they CHARGED OFF the account and said Sorry....

Stats, 15,785 balance.. received the 45% settlement offer.. Waited and requested a 5 payment schedule.


lrhall41

Submitted by on Thu, 12/02/2010 - 13:02

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The citibank did not try to settle with us. we have just received the summons from their attorney (sherriff has brought this) and we have 20 days to reply. we owe 9K and I am wondering how far it is going to go? I think court is no doubt... What should I respond in the letter? Whan than? Should I ask to settle this and if, how much? 50%? other banks has settled even up to 25% (we had to pay off only 25% and it was chase-on two cards) in 3 payments.
I will appreciate anyones response.


lrhall41

Submitted by on Sat, 02/12/2011 - 14:31

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