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Citi Settlement at 180 days

Date: Wed, 05/19/2010 - 08:10

Submitted by anonymous
on Wed, 05/19/2010 - 08:10

Posts: 202330 Credits: [Donate]

Total Replies: 3


I am currently at 180 days late with Citi Cards as of 5/16/10. I have been speaking with representatives over the last 6 months regarding my financial hardships and about the possibilty of settling the debt for less than full. I spoke with a representative on 5/19/10 and was told that I would be receiving a settlement letter in the mail with the very best offer they could make. No numbers were discussed on the call and I was told if I did not receive the letter within the next week to contact that specific representation to discuss settlement options. I was further told had this month (5/16/10-6/16/10) to settle the account for a mutuallu agreeable amount. My question is whether the offer will remain the same as previous offers (54% & 40% roughly) or go lower? Or will it be higher because it was trasferred to another department within Citit Cards after the 180 day mark? I have read that a lot of of other cards charge-off at this mark. Any feedback is appreciated!

Thank you,
TT


Usually the offers go lower as the debt proceeds through the different departments. At 180 days, your account goes to their charge off department. This is usually the last stop before they refer your account to an outside collection agency (nasty people!). Offers in this department are often in the 30% range, sometimes better.

I just finished settling my unsecured debt with Wells Fargo - $130,000 of unsecured debt for $40,000. I did it with the help of a great Do-It-Yourself program which included CDs, workbook and phone coaching with an expert. Total cost for the help was $1150, very cheap compared to most full-service programs - which are robbery IMHO.

My best settlements came around the 180 day mark and were for between 22%-28% of amount owed. Be patient and firm, but not contentious. They are more likely to work with you if you are genuine.

Kudos to you for doing it yourself. If you do get in a pickle, I highly recommend calling the company I used. They are incredibly informed and true consumer advocates. The service I got from them was worth 5 times what I paid!

I am blogging about my experience and my latest post talks about how a small fee for coaching benefited me. deleted..pm

Please keep in touch and let us all know how your settlement process unfolds.

Jonathan Grossman
deleted...pm you will not post your site per TOS rules...pm


lrhall41

Submitted by jonathan1270225430 on Wed, 05/19/2010 - 10:42

( Posts: 20 | Credits: )