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Settle with OC?


vap0rtranz
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I'm on the repair path and unexpectedly found the OC still owning a CC that they charged off ~4yrs ago. Should I try to squeeze a "Paid in full" out of an OC? Alot of the articles and topics here talk about haggling the CAs but it sounds like OC's are a different beast ...

What worries me about negotiating with this OC is that it's Citi. They treated me (and evidently many others) so harshly right before the housing bubble that I had a Cease and Desist communication against them. Since I've lifted that and opened the gates back up to this Beast I'd rather not piss them off.

Anyone heard of Citi or a CO negotiating as low as 50% balance for Paid in Full? That would be ideal. Right now their letter offers Settled status for 70% of the balance...

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Is this a credit card?:confused: Even if you get a "Paid in Full" it still sits on your credit report...just like a "Paid Collection" is just as bad as an unpaid one. For this reason, many just leave it alone if they are not bothering you. If this is a credit card, you should have arbitration rights on your agreement. Many have arbitrated and had it completely removed along with the tradeline. It may take more work and a lot of reading on the forum, but it can be accomplished. :p Provide us with more information on the kind of debt this is.:)++

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I settled with Citi for 50%. I also settled a second account for 30%. I think I caved too early with the first one. So I think you may have a good shot.Good luck.

I was able to arbitrate and pay nothing!:p I didn't mind the 1099 form as I was able to remove the tradeline.:everybodyclap:

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Yes it's a credit card (see "CC" above. I loathe reading a string of acronyms but that seems the nomenclature here so was going with it ;). Just a small credit line.

I searched "arbitration" on here but got a lot of results about suing. I do NOT want to sue something a big as Citi. Do you mean something else?

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No, you should have your credit card agreement which states your rights to arbitration. You won't sue, but believe me, Citi will!:twisted: If you can't find your agreement, if you remember what year you opened your account, there are copies of these agreements available. :-) I'm not sure about how much is a "small amount" but a small amount can be very large when you don't have it! :spank:

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