Settled Citicard credit card for 20%!
I am really happy for you.
Citi is occasionally difficult to deal with. But nice to know that they have agreed to accept as low as 20% as settlement.
Thanks for sharing your success story with us.
Greetings and WOW!
That is a great settlement.
Your patience and perseverance has paid off.
King "Kash' Jabba Labba
kudos to you on your big "win".. after all the reading i have done here, i too am surprised that citi settled for 20%.. i wish i would have that luck with them. we have one card that is just over 15k and another that is about 17k, we are 6-7 months into our hardship plan. hopefully they will extend it another 12 months (come the end of this 12 months). if not, they may not get anymore money until they offer a good settlement.
You know it's a funny thing. This card that I settled was my wife's citicard, just a little less than 15k, settled for 20%, one lump sum, less than 1 week from charge off. My citicard was at about 17k and I settled it for 29% at about 85 days, 3 payments over 90 days. That was my first settlement and I had not heard of this website and didn't know as much about this stuff as I do now, thanks to this website and others like it. They told me mine was going to go to pre-legal at 90 days which scared me, so I tried to settle mine as soon as I could so it wouldn't go to pre-legal, whatever that is, probably BS. Thinking about it now, I could have held out on mine and maybe gotten a lower settlement, but I was happy with what I got (and still am). Of note, they never mentioned anything about pre-legal with my wife's card so I felt like I could drag it out while I piled up cash for one lump sum offer.
So a good strategy might be if you can take the psychological bombardment they'll throw at you, is to drag it out to 5-6 months, shortly before charge-off, try to pile as much cash as you can to make a one time settlement as you near your charge off date.