Should I accept CitiBank & Chase offer?
Date: Tue, 05/22/2012 - 00:00
Here's a summary of where I'm at:
My husband and I have been with Freedom Financial Debt Settlement for about a year. We had 7 accounts signed up with them. So far, Capital One, Discover & Advanta have been settled with them, and we have gotten 50%-60% on these.
Amex filed a suit against us, FDR was no help. We ended up having to settle directly with Amex for the full amount paid out with no interest over 3 years.
We have 3 cards remaining in the FDR program: another Capital One, Chase & Citibank. I have been getting offers in the mail from United Recovery Systems on behalf of Citibank. Our balance with this card is up to $17,200, but I think it was around 13K when we quit paying. The difference is interest and fees they have tacked on. The latest offer I have received is $6020 in 3 payments. Depending on how you look at it, it's a 30-50% offer.
I logged into my Freedom Financial account this morning and see they have an offer pending from Chase at 50% on a balance of $4000. I don't feel inclined to accept it, as it seems like we should get a better offer from Chase.
I would like to get out of Freedom Financial and settle the 2nd Cap One, Chase & Citibank on my own.
Here are my questions: I need advice on how to proceed given where I'm at right now. What will happen if I just stop paying the monthly draft to Freedom Financial? Should I accept the Citibank offer or call them and try to negotiate something better? Should I contact the Chase creditor directly as well?
Thanks in advance for your advice.
My husband and I have been with Freedom Financial Debt Settlement for about a year. We had 7 accounts signed up with them. So far, Capital One, Discover & Advanta have been settled with them, and we have gotten 50%-60% on these.
Amex filed a suit against us, FDR was no help. We ended up having to settle directly with Amex for the full amount paid out with no interest over 3 years.
We have 3 cards remaining in the FDR program: another Capital One, Chase & Citibank. I have been getting offers in the mail from United Recovery Systems on behalf of Citibank. Our balance with this card is up to $17,200, but I think it was around 13K when we quit paying. The difference is interest and fees they have tacked on. The latest offer I have received is $6020 in 3 payments. Depending on how you look at it, it's a 30-50% offer.
I logged into my Freedom Financial account this morning and see they have an offer pending from Chase at 50% on a balance of $4000. I don't feel inclined to accept it, as it seems like we should get a better offer from Chase.
I would like to get out of Freedom Financial and settle the 2nd Cap One, Chase & Citibank on my own.
Here are my questions: I need advice on how to proceed given where I'm at right now. What will happen if I just stop paying the monthly draft to Freedom Financial? Should I accept the Citibank offer or call them and try to negotiate something better? Should I contact the Chase creditor directly as well?
Thanks in advance for your advice.
Cant tell you anything about getting out of the debt program, re
Cant tell you anything about getting out of the debt program, read the contract.
But I can tell you I did Citi at 35%, 2-Chase at 30% another 2-Chase at 35%, and the all out worst Cap1 at 65%.
I think if you call them you could get lower than they are offering you now, maybe not immediately, but surely in a month or two.
