anyone settle with citicard?

If you are current on the account, then it's highly unlikely that the creditor (Citibank) will agree to settle for less than the balance owed. Of course, I am not going to advise that you quit paying, because that may result in a lawsuit and judgement.

However, I can tell you that from my experience--and this was with a much larger debt than yours--that Citibank was willing to settle for 40% of the balance, however that was after months of not paying, and right before the account charged off. I was never sued, but that is because I was unemployed and did not have any real estate or vehicles titled in my name.

In fact, about a year after charge-off, Citibank sold the debt to a junk debt buyer, and from what I can tell it has been sold 2 more times. The most recent company has offered a settlement of 50%, although I am sure that if I was serious they'd take MUCH less.

 

I've successfully settled with Citibank in the past. I actually had a very positive experience. Friendly employees, no harassing phone calls, a payment plan reworks once or twice to accommodate me. And they report it on my reports as "Paid as required." Not bad! Now, Paypal, on the other hand...

 

I received the following question today from the OP, via email:

hi sir, thank you for answering my question, i asked about citicard: http://consumers.creditnet.com/Disc...-anyone-settle-citicard-71944.html#post497113

when you said charge off, what does that mean? and did you end up paying it, or was it basically forfeited to the debt companies so you just ignore them?i dont have any vehicles in my name either and no real estate in my name either.i do receive a paycheck as well as social security. thank you so much for replying i really appreciate it.


Hi, Britney. Charge-off is an accounting term, and simply means that the debt has been unpaid for 6 months or more. After 6 months of default, the creditor (Citibank, in this case) writes off the debt on its books, and puts a R9 derogatory mark on the customer's (me in this case) credit report. The debt is still technically owed, however depending on if the person owns any lienable assets, the creditor may choose to sue, do nothing, or sell the debt. In my case, Citibank sold the debt to a junk debt buyer (JDB), who then sold it to another JDB, who then sold it to yet another JDB.

I have NEVER paid a penny since my final default in 2009, and I do not have any intention of paying anything ever again. In the unlikely event that I get sued (which is pretty unlikely since I don't have any assets to take), I will attempt to fight the suit, and if the creditor gets a judgement, then I'd file for bankruptcy.

Every few months, I receive a letter from some collection agency mentioning the debt and requesting payment in full. I ignore the letters, and the collection agency typically gives up and never contacts me again.

 

I have also had a good experience with Citi. They were flexible on the payments and they didn't call me a million times. Overall they were easier to work with then 1st Premier. Thanks! Heather with BoostMyScore.NET

 

Britney:

I just wanted to welcome you.

I can understand what you are feeling! *hugs*

First, I wanted to give you one piece of helpful information, Social Security is not garnishable, except for FEDERAL debts. If a creditor tries to garnish income that can be identified as coming from Social Security, they are in violation of federal law, which in turn if it would be done by a Collection Agency would be a violation of the FDCPA, for doing or threatening to do something that can not be legally done.

SSI benefits can not be garnished at all.

Garnishing Social Security benefits due to a debt

The Federal Government can offset SSDI payments for the following:

Child Support
Restitution
Taxes (past or current)
Any other FEDERAL debt

Garnishing Social Security benefits