How to Settle Citi?

Hello,

My husband has two cards with Citi at 20,000 total. He stopped paying when he lost his job and he is still unemployed. He has had no phone or mail contact since then. Mainly I would say because we have moved since then. Both accounts are listed as charged off. He did receive a couple of calls from UCB. They just left message that it concern debt collection.

We can obtain close to 45% to do settlement.
The questions we have are:

Should we call Citi and attempt settlement on both cards at once or just one at a time?

If they direct him to UCB should he call them or wait for them to eventually send something in the mail to the new address?

If UCB, same as above, should we try one card at a time or both?

If we get a chance to make offer should we start with a certain percentage like 30%?

Our main goal is to get these two settled as he has a couple others that we need to address as well. Any recent experiences anyone has with Citi/UCB we would love to hear. Trying to see what are the factors that some people get 20-30% and others 50% or above.

Thanks to all of you.

3 Answers

I always vote for starting out low; if they don't accept it, let the negotiations begin! Depending on which collector you end up with at UCB, there is a possibility of getting less than 30%. Again, it depends on the collector. It's rare to get less than 30% on a Citibank account placed with UCB, but it has - on occasion - happened.

Good luck to you!

http://www.debtconsolidationcare.com/companies/donaldson-williams-inc/

Yeah, in all probability you will be required to deal with UCB. But, you can still try to talk to Citi and get everything confirmed. After they direct you to UCB, you can try to settle both of the cards at the same time with UCB. If you can get the settlement for more than 30% then it is better to try that out. Rather than starting from 30%, you can start from a bit higher. However, you will be required to show the copies of your total income and expenditure to get the credit card debts settled.


Citi will not discuss anything with you at all but forward you immedfiately to UCB. UCB will be following Citi's guidelines for collections.  You could trying searchging as to how low citibank will accept.

How to Deal with Illegal Loans..OhioGal's Primer
http://www.debtconsolidationcare.com/paydayloan/dealingwith-illegallenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.

SOL for all states
http://www.debtconsolidationcare.com/statute-of-limitation.html

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