J. Berger Posted September 10, 2007 Report Share Posted September 10, 2007 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. Link to comment Share on other sites More sharing options...
whocares Posted September 10, 2007 Report Share Posted September 10, 2007 Do you have the money? and will they delete if you pay it or at least mark paid as agreed?and if you pay less they will send you a 1099 for the amount they wrote off it will be considered income Link to comment Share on other sites More sharing options...
ghost722 Posted September 11, 2007 Report Share Posted September 11, 2007 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. Link to comment Share on other sites More sharing options...
astiman Posted September 11, 2007 Report Share Posted September 11, 2007 Are you SURE Citi still owns the account? This is key.....Deal with them if they do, do NOT deal with the CA....Write to the Citi CEO if necessary.Get everything in writing prior to doing anything..... Link to comment Share on other sites More sharing options...
J. Berger Posted September 11, 2007 Author Report Share Posted September 11, 2007 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. Link to comment Share on other sites More sharing options...
torikid Posted September 12, 2007 Report Share Posted September 12, 2007 I have read not to hope for much less than 50% from an OC. CA will deal more, but that is a lot more headache on the credit report. With that in mind, it sounds like a decent deal to me since it is affordable to you. Link to comment Share on other sites More sharing options...
NYSWEETY01 Posted September 12, 2007 Report Share Posted September 12, 2007 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. Link to comment Share on other sites More sharing options...
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