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Settled Citicard credit card for 20%!

Submitted by on Tue, 06/08/2010 - 16:00
Posts: 202330

Firstly, I'd just like to thank everyone on this site that posts great info as well as moral support. It's easy to get down with all this debt hanging over our heads, so it's nice to go to a place where others understand.

The card was a less than a week to charge off. I've been trying to get this card settled for months. They would call every few days, I'd always return their calls, and just let them know I couldn't afford their offers. My balance was right about 15k. The first offers were about 75%, then 55% a month later, 45%, etc. I got an offer in the mail from them a few days ago for 40%.

This morning I offered them 19% one lump sum payment. The gal said they can't even take the offer to their supervisor unless it's 20%. I said OK but 20% was absolute most I could afford. I was kind of resigned to getting ready to fight with a CA once it charged off. She called me back and said it's approved. Settlement letter will be faxed over in 24 hours, payment set to come out of my account on Friday (enough time to stop payment if I don't get settlement letter). She actually apolegized for taking so long to settle. I must say they were pleasant and professional, but they can only do what they're authorized to do. It seemed like each month that went by it went to a different department, and they're authority to offer a lower settlement amount changed each month. She said that her and her supervisor went through the notes and could see for months I have been trying to settle. In speaking to her, it seemed that this helped in the supervisor approving the 20%.

So call them back and just keep letting them know you can't afford their offer and keep reiterating what you can afford. My guess is, if you keep in contact, you're less likely to get it sent to legal, b/c you're trying to settle. I think having the one lump sum and it being a few days from charge off really helped also.

Good luck all. Don't despair, it can be done!

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.

Submitted by generallee on Wed, 06/16/2010 - 06:02


( Posts: 150 | Credits: )

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.

Submitted by on Wed, 06/16/2010 - 16:59

( Posts: 202330 | Credits: )

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