Just made a settlement with Citibank
Jill, wrote this under my post but thought you may miss it;
Are you dying? Just talk to Citibank again and the guy told me unless your dying Citibank never settles for under 45%. I told him I had heard of 30% settlement and he not unless they are dying so who told you that is lying! Jerks> hate them!!!!
Liked it Jill. :) Thanks for sharing. Do stay in our forums and help others do the same.
That's a good offer. I hope that you did not set up the payment yet. Be sure to wait until you receive the settlement letter before you make the payment. I have seen creditors give a verbal offer over the phone and not honor the agreement later. They might take the funds and apply them towards the full balance and pursue you for the remaining 70%.
If you have made the payment call back and ask for the letter to be faxed you or scanned and emailed to you asap.
Well the creditors employ collectors that will tell you that the moon is purple to get a payment out of you. These guys make commission and alot of them are only concerned with making as much money as possible. If I may ask, how many days delinquent is your Citi account? The account has to age before a creditor will even consider a settlement. Typically, if the account is less than 120 days they will not discuss a settlement. Good luck :)
Very well done!
Citi was one of my tougher accounts to settle!
:confused:@JillAdams, I'm curious, what did Citibank tell you about the 70% of the "forgiven" debt? Will they report that as "taxable income" via a 1099? What, if anything, will they be reporting to the credit bureaus?