I know that ccollector recently quit citi collections so he may have the answer to this. Or, if someone else does, I would appreciate your comments. I am 5+ months behind on a very large Citi account. Since getting in this position about five months ago (since I first went five months late), I have been able to send them some money each month (a resonable amount). Each time they told me this amount was the absolute least amount they could accept to avoid chargeoff. Basically, I have been avoiding chargeoff by sending in this amount each month. Just heard from them today. They want twice as much this month, or it is charged off and goes to collections or an attorney. That is way more than I can afford. Right now they will not deal. I very much want to keep this out of collections because I feel they will sue because of the amount involved. Is there any way around this? How can I get them to accept the amount I have been paying the last five months? And, why all of a sudden did they double the amount they need each month? Thanks
Just a guess, but they probably got more aggressive because you're about to get to the 6 month point on being behind. They may have some accounting or business guideline that limits "being nice" to the first 6 months.
Just to clarify. Five or six months ago, I got to almost six months behind. It was just a few days short of being written off then. For the past five months, I have bought myself an extra 30 days once a month by paying them a couple hundred bucks. Each time I pay, they give me 30 more days until they are ready to write it off. Then I have to pay again. But, this month, they have morre than doubled the payment to avoid writeoff. I got the impression up until today that they will bend over backwards to avoid writing it off and sending it to collections. Now they seem to be attempting to force me to default. That just seems contrary to what has happened up until now. Thanks for the comment. Anyone else?
Citi Q for collector or anyone Take my words with a grain of salt. Although I don't have first hand knowledge, my thought is that they are trying to strong arm you to get more money. If they were to sell you account to a CA they would probably get 40 cents or less on the dollar. I have two accounts that were charge offs with Citibank one for $5K and the other for $8K. I was unemployed and irresponsible at the time. Each account went to different collectors, I negotiated with one for a 40% payoff and deletion, and the other has been a sleeping bear. If I was you, I would talk to Citibank, and tell them exactly what you are able to pay each month and for how long and wether that amount will change. If you can't pay their demands, tell them that. Then there is nothing for you to do but sit back and wait for the CA to call, in the meanwhile start saving the money you would have paid Citibank and store it in your "settlement" account for you to offer the CA when they start negotiating payoff. Your Mileage May Vary.
Citi Q for collector or anyone I saw that CCollector was back after a brief absence, so I am giving this a self serving bump in the hope he sees it.
Citi Q for collector or anyone Well, to be honest... the "stab" or "stabilization" amount we call it... it does start to raise. It is basically the absolute minimum required to hold your account in its current month of delinq. As I mentioned before, ask them for the stabilization amount. If they say that $305 is due, and you are only able to pay $285, your account will STILL go further behind, because the account systematically requires a certain figure to hold it. The only advice I have to offer you is to ask them for different payalts we offer. (Payalt is citi-lingo for Payment Alternative).. it is usually 0% for 12 months, 5% for 12 months, etc.
Citi Q for collector or anyone Thanks. I expect them to call soon and I will at least know what to ask for.
