How to Settle Citi?
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.