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Nervous about Citibank....please help!





Sub: Nervous about Citibank....please help!
Mon, 26/01/2009 17:55

Hi everyone! Thanks for taking the time to read this post.
I am so nervous about a $25,000 debt that I owe to Citibank. Currently it is almost 90 days past due. If I can avoid being sued, I should have enough for a 50% settlement by September. Obviously this is 7 months away! Has anyone out there been able to avoid being sued by Citibank for that long of a time period? I am especially worried because my balance is so big.
I have been staying in contact almost weekly with Citibank and explaining to them that I am having a really hard time financially. I am so stressed out about this it is effecting my sleep and overall health. Can anyone please offer advice or let me know of any experiences you have had with Citibank?
Thank you so much!!!



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tip.billy
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Sub: #1 For the most part, Citi will extend 4 months out only now. The 1Mon, 01/26/2009 - 17:55



For the most part, Citi will extend 4 months out only now. The 12 month thing got yanked a few weeks ago.

Citi has been adamant about not working with 3rd parties and some offices still are.

I disagree on the rhyme/reason thing. The computer, the screen the recovery rep is looking at, tells them what they can do. Go outside that and it will take approval and maybe some hoop jumping to establish legitimate hardship.
Verbal explanation can be sufficient in some cases while other cases, medical being a good one, may require documentation to support an exception from the almighty computer screen.

Do not use this information while standing next to pooled water or while operating heavy machinery.


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Sub: #2 You need to be at least 4-5 months behind before they even consiMon, 01/26/2009 - 10:59



You need to be at least 4-5 months behind before they even consider a settlement. They won't tell you this, they will just keep saying no until that time frame happens. The type of settlement you get depends (I think) on how much they believe your situation. When starting to negotiate offer a low settlement of around 30%...they start high you start low and hopefully end up around the 50%. Always talk in sums of money not percentages. ie. "I have x amount of dollars to give you this month and can give you X amount within the next 3 months". if it gets nasty end the call politely. At some point in time, closer to charge off "I am able to borrow a little more from family and come up with x dollars but I will need 6 payments" to do it. Good things tend to happend near the end of the month also. Then get it writting before you send any money. (fax machine access helps) Its also best to set up a special separate checking account for the purpose of electronic withdrawls.


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Sub: #3 Thanks everyone this site is so great, I appreciate all of the iSat, 01/24/2009 - 16:57



Thanks everyone this site is so great, I appreciate all of the input. I will keep my fingers crossed that come April they will allow me to settle for a decent %, and stretch it out for 6 months which will put me into September.
Do you think the decision of who gets what offer is based on the size of the balance or the credit card rep that you happen to have on the phone? There really seems to be no rhyme or reason as to how they work!


love_my_things
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Sub: #4 in my case i did try to work with my creditors before i went to Sat, 01/24/2009 - 13:18



in my case i did try to work with my creditors before i went to debt settlement program and got absolutely no were. Can you reduce my % NO can you stop the account and maybe lower my monthly payments to help? NO can we settle on a amount NO i got no were with them when i asked what I could do or what they could help me with all they would do was cancel my account.

my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family


Unregistered

Sub: #5 I agree, creditors are more willing to work with you if you do iFri, 01/23/2009 - 17:41



I agree, creditors are more willing to work with you if you do it on your own. You can do this on your own. It helps if you have defaulted on all of your credit cards around the same time because they do pull your credit report to see if you are current on other cards. The best time to settle is right before charge off which is 180 days past due. For you this would be in April. I know you say you won't have enough until Sept but, you can negotiate your settlement in payments. Once the the debt gets charged off you will only be able to do a lump sum. At the beginning of April start negotiating tell them what you can afford and ask for payments, with a large sum they will usually do 3-4 payments, try for 6 that will bring you to Sept. I got a 50% settlement of 26,000.00 in 12 payments. Someone on this forum told me I would never get 12 but I held out because thats all I could afford and they called me one day saying it was approved. They were nasty too the whole time but, stay calm, don't yell back (it doesn't help) just keep stating its all you have. Hardly anyone sues during this 6 month time. Good Luck


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Sub: #6 btw, an addition to my last post regarding settling at 20%, i diFri, 01/23/2009 - 12:31



btw, an addition to my last post regarding settling at 20%, i did that on my own, i think most creditors work with you more when you do it on your own


Unregistered

Sub: #7 My experience with Citigroup was that I owed $35k on one card, IFri, 01/23/2009 - 12:29



My experience with Citigroup was that I owed $35k on one card, I was 6 months behind when they settled at 20% late in 2008. Obtaining good settlements depends on how dire your situation meaning can they can anything from you by suing...if you have no assets, your wages can't be garnished and there is no way for them to get $$ they will settle low to get anything they can. Check the info on garnishment laws and homestead to see if they can sue you for anything you may have.


Unregistered

Sub: #8 Foolish- I was in a debt settlement program with Century NegoFri, 01/23/2009 - 11:48



Foolish-

I was in a debt settlement program with Century Negotiations. My last payment on the CC was in April 08. Received a letter Sept 8th from a collection law firm in my area. Then mid November was served with a summons. Payment was worked out Dec 9th for paying the full principle over 24 months. They got the default judgement on Jan 5th.

Good luck!


love_my_things
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Sub: #9 This is the deal i had with citibank. They absolutely would notFri, 01/23/2009 - 11:06



This is the deal i had with citibank. They absolutely would not settle my account whatsoever and i was with a settlement company. My settlement company said they are the worst for them to deal with. till the end of my settlement plan i did recieve a summons after 2 years balance 1,300.00 scince they were my last account I told provanta to just pay them I didnt want to deal with it any longer. They said they would still fight for a better settlement, but my 2 year program was over and i didnt want to deal with it anylonger. Provanta didnt think that they would ever come to a agreement. The origional debt was 430.00 and they didnt stop the fees like they were suppost to do every single month they kept adding and Provanta offered them the full debt owed of 430.00 but they wanted 1,300 all late fees, over the limit fees, whatever. They are the absolute worst to deal with in my experience and Provantas too so they say

my blog about saving money during a recession, And my personal story about Provanta's debt settlement program and how it worked for my family


Foolish
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Sub: #10 Arb - I have a Home Depot Card as well that is in default witFri, 01/23/2009 - 09:52



Arb -

I have a Home Depot Card as well that is in default with a balance of about $12,500 on it. How long was it til they sued you. Were you in a debt settlement program or making payments of any type? Just trying to figure out my odds of getting sued as well.

Thanks.


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