Settled Citicard credit card for 20%!

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!