Citi Letter

Different companies charge off at different times. Sending it to a collection agency doesn't necessarily mean it's "charged off."What they're offering you is a hardship plan.Have you asked them for a settlement offer?

Nope didnt offer a settlement offer I thought they offer that or what they want?

Do you have money to settle? If so, make them an offer.

LOL i have only 1,500 right now but would have enough after next years tax return. Would that be to late or the longer the better?

Maybe accept their hardship plan for a few months until you have enough to settle, then stop paying and try for settlement then.

ok so if i keep up with not paying then wait till tax season is that to long to settle....Or accept the hardship then try and settle...Im confused what if I just keep up with not paying until tax season at this point i am 4 months late on payment.
Whats the difference?

Anyone whats the difference from jumping on a hardship and then pulling the plug or waiting it out until tax season??

You may be sued if you put it off that long. You'd be almost a year behind by then.

If you accept the hardship plan, that won't happen.

When and if I did get sued would they try to settle first? Whats the success rate of the results for them sueing? Do they get the whole thing and what do they try to sue for??

I have no way of answering those questions as I do not work for Citi's legal/collections department.

Plus I cant afford 260 extra a month.

Can you afford having your wages garnished and/or having your bank account drained due to a judgment levy?

Would they sue first or try to settle first? I thought these companies try to bring settlements to the offer first no?

Generally companies will try to settle first.

So What do you think is the max I can wait before they try leagal action does anyone have experience with citi? Or past stories?

Generally 180 days past due.

I work for a CC company (not Citi) and I'm telling you right now, they will sue and they will win. As ohiogal said, they will destroy you in court, garnish your wages, and dismantle any assets you have (yes, that includes your checking account). You should accept the hardship plan. Tell them you will pay whatever amount you can afford per month, and be serious. Don't offer them 25 dollars and expect them to accept it. The better option for your long term financial future is to work it out with the hardship department. I pm'd you an industry phone number you can use to reach a high level resolutions team directly. Good luck.

Quote:

Seems as if that is a little drastic as I have a friend that has not paid citi in two years! Now with that being said what he does means nothing to me thats why im asking for questions here... So at what point would they offer me these so called 50% of my 14k debt? Im 150 days past due and plan on accepting the plan if they give me 150 a month 200 a month max....Then that will buy me the time till tax return. to settle but then do I just ask if i want to settle for 50%. Whats the best tactic????
I also thought this was unsecure debt and for 14k that is not really logical court fees could cost them and paying lawyers close to 8k i thought so why wouldnt they just settle for that in the first place???

The court and legal fees are charged to the debtor when you are sued. So really, it doesnt cost them anything.

Ok so when do i get this 50% offer if I accept the hardship can at tax season out of no where i just offer to settle? How does it work

plus below this is on the website should i type in something?


Your answer to the question below will help us understand how we can best help you in your efforts to bring your account current.
Please enter the information requested and select continue.

How much of your total account balance are you able to pay? $_______

Is that for the hardship plan or for a settlement offer?

I dont know what it is for its on there when i log on....
im 135 offical past due just want to know if I accept the hardship when I call can I just settle in 8 months from now even though im in a hardship program?

Yes. You can enroll in the hardship plan. Call them and tell them you want to do this. Then, a couple months before you have the money for settlement, stop paying on the hardship plan and start negotiating a settlement offer.