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Citibank Settlement


J. Berger
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i owe Citibank Credit Card about $18,500. i am delinquent for about 7-8 months. it has been sent to United Collections Bureau. they have been calling my house non-stop. they are willing to settle for the following:

Total amount $9,200.

$6,800 lump sum and 3 payments of $800 for 3 months. Should i take it or wait for it to return to Citibank and possibly get a better deal with them?

Any insight would be appreciated. Thanks in advance.

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Problem with waiting is that your balance will be much larger. I have a citi chargeoff that isn't even 3k yet and they're adding about $90 every month, so I can only imagine how much your balance is going up every month. Secondly, how would you know when the account is back with citi? My account went from united, to academy and now nco, but there would have been no way for me to know when the account was back with citi.

Anyway, I think 50% is probably the best you'll get from citi, but just be aware that a settlement is still bad for your credit. Some people may advise you not to pay at all without some favorable credit reporting, but you and me don't really have that option since we are well within the sol, unless you don't mind risking being sued for the full amount. You'll need to call Citi and find out if the offer is legit, since I would never trust a CA.

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Will they actually delete it from my credit report?

I actually have the money (borrowed it) to pay it off, i was hoping for a better deal.

Is it a mistake to deal with the collection agency? I resolved a few other accounts with collection agencies.

Thanks for all the insight.

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If you do indeed work with a CA - get everything in writing...I CAN NOT STRESS THIS ENOUGH...

Also, if you are ready to settle try for the LOWEST ( 30%) first and work your way up....AND do something that benefits you in the long run...

get them to delete the tradeline altogether or at a MINIMUM mark it as paid as agreed.

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