Citi Cards Wont Offer Settlements

I went about 180 days late on my Citi card months ago. In Feb of 2011 they charged it off to a debt collector. I am in the process of suing the debt collector for committing violations of the FCRA and FCBA though. The whole time I went through my money crisis Citi wouldn't settle ANYTHING good with me. They kept offering me no interest for 3 or 6 months plans BUT I had to pay the whole amount within 3 or 6 months. At the time I told them I couldn't make those arrangements and I could settle at 40%, just give me 2 - 4 weeks to borrow money from a trusty family member. They declined the 40% of course. I also heard Citi only settles 50-55% majority of the time. If you have the cash to settle at 50-55%, well than do it ASAP! If not, keep reading below.

This may sound "dumb" or an aggressive move BUT if your close to 180 days or over 180 days on your account(s) and can't settle with cash, well I would let them charge it off. It will go on your credit reports eventually (Mine did) BUT you can fight off debt collectors like I did.


How much do you owe?

Hi!
Welcome to the Forums!

I agree with BD85. Citi is quite tough to settle with. It will be better to settle the debt before it gets charged-off. Pull your financial resources and try to settle the debt. You may increase the settlement offer and see what happens. If they still rejects the offer, then you may have to settle the debt at 55%.

I owe 29K, Im actually 145 days past due, I thought I was at the 180 day mark. Still have another month before charge off. I will keep trying to get a debt settlement. Did they offer you a settlement right before your Citi acct charged off?

It is good that you have still 1 month time before charge off. It will be better for you if you can settle the debt before that. Charge offs hurt credit score big time. It will also remain on your credit report for 7 years 180 days. I don't think you will like that.

I have settled two accounts with Cit (one in December of last year and one this month . The first was in the sixth month of delinquency, the second during the seventh month. I worked with them the whole time (calling each month, giving a counter-offer and telling them I am trying to work with them).

The first one they settled for 42%. The second was for 30% and they "forgave" the last month (they offered me the 30% and it was valid for 30 days and I had gotten the next bill during that time).

All-in-all, both experiences couldn't have been easier and I'm glad they worked with me. Sorry to hear it seems some of you are having issues.

I was 12+ months overdue for over $62,000. I dealt with one of their attorneys. We settled for 20% paid over 12 months. I have 3 more payments due. We had to prove our hardship. I sent them my last two years tax returns and proof that my rental properties were all under water. It took several calls. I was the one making the calls on their attorney biweekly. I never gave up because we were looking at BK and had already seen an attorney who said we should file BK or try to settle with all of our creditors. I have settled with Bank of America too. My last is to find out where my Advanta debt is.