Citi Settlement Offer
Date: Tue, 06/08/2010 - 06:09
Thanks to everyone for all the information that is provided on this baord. My wife just received a 60% settlement offer on a 38k balance at 43 days. I am of the opinion to just ignore the letter. It seems like they may send these letters to fish for people who are just trying to settle. If i were to ignore the letter it may send them the message that bankruptcy is really an option and settlement is not my priority. By calling up and acting interested they know you are not really serious about bankruptcy and could just keep incresing your percent...just a thought???
Anyone have any experience they can share with what they do with their initial offer letters? Our goal is to settle in the 20-30 % range with this card and the other cards she has...Should we wait? and if so just not respond to the letter?
Steve
Not a bad offer! Maybe reply with a reiteration of your hardship
Not a bad offer!
Maybe reply with a reiteration of your hardship, and an offer of what you can afford to pay?
~Matt
Sounds like they are already convinced you ae eligible for bk.
Sounds like they are already convinced you ae eligible for bk. So I would call them and tell them you got the letter but can't afford the settlement they offered but could afford x. The sooner you settle the better so if they are offering that at 40 some days I would jump on it. You have to remember that no one actually sits down at the cc comany and really thinks through these things so I wouldn't be too worried about strategy. If your hardship is believable then you are good to go on the settlement.
You can search this forum and see my posts because I am in the e
You can search this forum and see my posts because I am in the exact situation, I got mine at 39 days and countered at 20%.
I am close to 80 days now and still working on it.
Kaylee