what to expect from Citi?

[helluvaman]

I've been behind with Citi since August.

Got a letter offering a settlement at 30%, and they want an answer by Jan 1st.

If I say I can't swing the 30%, will they counter, or just go to charge off?

Would I be better to counter offer?

Thanks all.

[BV80]

Try talking to them. It doesn't hurt to make a counteroffer. Or, they might let you pay the 30% in monthly payments if you can.

Since you've been in default since August, they could charge it off within the next couple of months. You'll still get calls from CA, and possibly face a lawsuit.

[kcny]

Call them!

I was behind with Citi since August as well. Basically ignored their calls until the beginning of this month. I called them and right off the bat they offered 70 percent. I countered right then over the phone at 30 percent. They put me on hold and came back to say that was too low, but they would now offer 55 percent OR 0 percent for 5 years and balance is paid off.

I told them I would think it over and call back. A week later I received my new statement and then a separate letter saying they were charging off at the end of the year.

I called back and once again offered 30 percent. They crunched numbers again and came right back with 40 percent over three payments, auto draft and will send me a 1099.