Anyone successfully lower interest or settle with CitiFinancial/OneMain
Date: Mon, 07/01/2013 - 09:41
I tried posting this before - so I apologize if the other one eventually shows up.
I have been slowly paying down all my accounts. I have one Discover card (they lowered the interest and i'm making regular payments) and a personal loan with Citi/OneMain that still has $4028 on it.
I was looking at the terms and it seems like when I went into credit counseling, citi just lengthened the terms of my loan but didn't reduce the interest - so basically all my recent payments have gotten me nowhere.
I called and talked to my local branch and they've said 1) they can't lower the interest rates but they can lengthen my terms 2) they will sue me if I try to get out of it 3) my only option is refinance with a bank and pay it off
My personal income is only $800 a month (PT) and I stay home with my 4 kids the rest of the time. My husband has income, but this loan is only in my name. Based upon this, I do not believe Citi would get anything if they attempted to garnish my wages.
I'm not wanting to get off without paying - I just want to reduce my interest rate or reach an equitable settlement. I have already paid back the full loan plus a few thousand in interest.
So, has anyone successfully negotiated with Citi/OneMain? How long did it take before they would work with you? Did you have to let it go to collections, if so how long did that take? What is a good offer from them?
I'm just wanting to freeze the account so I can pay it off or maybe save up some money and offer them 50% settlement this year.
Any help or suggestions would be appreciated. I don't want my family to be affected, obviously, and that's my biggest concern.
I have been slowly paying down all my accounts. I have one Discover card (they lowered the interest and i'm making regular payments) and a personal loan with Citi/OneMain that still has $4028 on it.
I was looking at the terms and it seems like when I went into credit counseling, citi just lengthened the terms of my loan but didn't reduce the interest - so basically all my recent payments have gotten me nowhere.
I called and talked to my local branch and they've said 1) they can't lower the interest rates but they can lengthen my terms 2) they will sue me if I try to get out of it 3) my only option is refinance with a bank and pay it off
My personal income is only $800 a month (PT) and I stay home with my 4 kids the rest of the time. My husband has income, but this loan is only in my name. Based upon this, I do not believe Citi would get anything if they attempted to garnish my wages.
I'm not wanting to get off without paying - I just want to reduce my interest rate or reach an equitable settlement. I have already paid back the full loan plus a few thousand in interest.
So, has anyone successfully negotiated with Citi/OneMain? How long did it take before they would work with you? Did you have to let it go to collections, if so how long did that take? What is a good offer from them?
I'm just wanting to freeze the account so I can pay it off or maybe save up some money and offer them 50% settlement this year.
Any help or suggestions would be appreciated. I don't want my family to be affected, obviously, and that's my biggest concern.
This is a personal loan which
This is a personal loan which you signed for under a prom note. They will sue you, garnish your wages, freeze your bank account and lein any property you own. They are aggressive. A judgment depending on what state you live in can be renewed and last up to 20 years. I would suggest you talk to your husband.
