Is it unusual to receive a low settlement offer from Citibank and BoA?

This is the second time asking this question. Hopefully, it'll get posted this time. I recently received within the last 2 weeks, a settlement offer from BofA to settle my debt at 50% and one from Citibank to settle for 25%. Is it unusual to receive a settlement offer so low from Citibank? I've never even fought or negotiated with them. Should I hold out on the BofA offer in order to settle for less than 50%?

6 Answers

Rozo,

the Citibank offer seems great to me. I would jump on it and move on. Bank of America I think you can definitely get down lower than where they are at now. I would call them back and try to get someone on the phone who will work with you. I don't know how late you are on these but we settled BofA for 25% close to 180 days.

Good luck.


Thanks guys. I may just accept Citibank's offer. Hopefully, they can work with me on installments so I'll have enough money to pay my other creditors. I'm going to send BofA one of the suggested "counter offer" letters for a lower sum and hope that they cooperate.


Don't know who that person is who supposedly "settles" with Citibank at .70 on the dollar BUT I would jump on your offer. Citibank is very hard-nosed and will quickly initiate litigation. You can do better with Bank of America, especially closer to chargeoff. I settled for around 30%.


boa we have settled 2 at 25% (first offer they gave us) and they have offered 25% on the final account as well..


I must say that it's a pretty good offer, but in my practice I've seen citi go down to as low as 70 cents on the dollar.


Greetings Rozo,

The citi offer is a good one......if it were me, jump on it!

The boa-the snake offer is still high.
You should be able to settle with them for 30%.

Please keep us posted.
King "Kash" Jabba Labba

I really hate debt.:evil:.....let's destroy it together!:p

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