Letter Received From Burton Neil

Citibank is very tough to deal with. However, I was able to get a 25%-30% settlement from them by negotiating directly with them. My balance was approx. $12,000. I also settled 2 accounts with Bank of America totaling $15,000 without using a settlement company.

How much are you giving your settlement company to settle your other cards? Have any of them been settled? How long have you been giving them money?

You may have to switch from paying the settlement company to working out something on the Citibank account.

I've only been paying Oak View for 3 months. $1500/month.
Entered into one agreement so far with Bank Of America at 35%.

How much of that $4,500 went to actually settle? You can handle your settlements yourself if you have that much money to put toward your creditors. I settled my credit cards in installments - 3 months and 4 months. Discover I'm settling over 12 months.

It's possible you could work out a settlement with the collection agency for CitiBank for 25% ($6,750) and pay them in installments.

First I would call Citibank and verify that this collection agency has your account. Usually you would send them a DV letter, but you state you owe them, and if you get verification from Citibank then I wouldn't bother. Then I would call the collection agency and see what they can offer. Tell them you are interested in settling but you have limited funds. Let them know you've just settled other accounts.

See what they can offer. You also might want to see what they can offer toward the end of the month when they push to bring in money.

So far, 4250 has gone to settlement. Oak View is taking $50/month, then 10% at the end of each settlement. I know i could do it on my own....I just don't think i'd have the backbone to stand up to some of the practices these companies use. That's why I don't mind paying someone to help me. Plus, I'm in the finance industry and I'm worried about being sued, etc.....worried about losing my job. We have huge medical expenses because my wife has MS. We ran up cards, now can't pay them and just at my wits end. DOn't know what it worse...worrying about the high balances and barely being able to pay or worrying about getting sued now. :(

I didn't think I could do it either. I am a very non-confrontational person. However, I decided I couldn't afford the fees.

Each person is different and circumstances are different. If you feel this is the way for you to go, then maybe you can call the settlement company and see if they can start negotiating with Citibank and divert some funds to them to avoid being sued.

Good luck and keep us posted.