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Settlement offer from Citi


sammmy
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I am around 60 days past due with a balance of $11,200.00 and citi sent me a settlement offer of around $4700.00 with an option of paying installments. Should I take it, counter offer, how to proceed, and how to make sure they will NOT come back for the differences? Please help.

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I am around 60 days past due with a balance of $11,200.00 and citi sent me a settlement offer of around $4700.00 with an option of paying installments. Should I take it, counter offer, how to proceed, and how to make sure they will NOT come back for the differences? Please help.

That's less than half, so it's a pretty good offer. But you could also see if you can get it a little lower.

Just draft up a letter thanking them for their generous offer. However, with your current financial situation, you would only be able to agree to xxx amount. Then state that you could pay this off in xx number of monthly payments. Include that upon completion of the payment schedule, the debt would be considered paid in full and that the balance is considered forgiven and will not be sold to a collection agency. Also include how you wish the debt to show on your CR (full deletion, paid.never late, etc.

Send your letter CMRR to the same address as on the settlement letter they sent you. If they agree, then you would want to send the first payment via check/money order with a letter reiterating the terms of the settlment agreement.

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Thanks both swirlgirl and Amerikaner83.

I talked to them and they don't want to reduce the amount and/or report as delete rather settled. But they gave me an option to pay in equal 3 installemnts.

Anyway, I am sending a letter today and let's see how it goes.

Thanks.

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