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brokeanddesparate

citi bank settlement offer

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Ok, i have only missed 2 payments of my $20,000 past due credit card. Already they have offered me a settlement of $13,000. I was on a program for a year with them after missing payments over a year ago, where i was on zero interest and a reduced payment, but now my unemployment comp has run out, i could no longer pay even the small payment, but it expired and went back to double the payment, i called them, they offered me the zero interest again and small payment, but now with no unemployment check i told them its not possible and i may have to file BK. I can't pay the settlement, but can i expect them to keep lowering offer before charge off? Is 6 months the time frame for charge off? I was kind of surprised by settlement offer, i expected it would be after 5 missed payments. Any thoughts on this?

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Ok, i have only missed 2 payments of my $20,000 past due credit card. Already they have offered me a settlement of $13,000. I was on a program for a year with them after missing payments over a year ago, where i was on zero interest and a reduced payment, but now my unemployment comp has run out, i could no longer pay even the small payment, but it expired and went back to double the payment, i called them, they offered me the zero interest again and small payment, but now with no unemployment check i told them its not possible and i may have to file BK. I can't pay the settlement, but can i expect them to keep lowering offer before charge off? Is 6 months the time frame for charge off? I was kind of surprised by settlement offer, i expected it would be after 5 missed payments. Any thoughts on this?

I would be suprised to see it go much lower than 50% even prior to charge off, but you don't need to rush to BK. Once charge off you will then deal with debt collectors and eventually be sued. So you start to do the timeline, 4 months till charge off, another 3-6 months before you are sued, and then another 6 to 12 months in court. So you have some time, so that your situation may change, new job, inheritance, who knows what your situation will be in 12-18 months. Try to begin to set aside a small amount for future settlement.

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