I live in New York and have a Citibank credit card that was charged off as of 6/2001. The amount due at the time it was charged off was $4800. The amount due is now $8000. I called Citibank to discuss settlement and found that the account is being handled by Citibankâ??s internal recovery office. I spoke with a woman who told me I could settle the account for $5100. I told her I donâ??t have that much money, and she told me to call back when I have the money to settle the account. I intend to offer a lower settlement, but how much will Citibank likely accept to settle this account? (I believe the SOL in NY is 6 years.) Thanks for your help!
Yes, 6 yrs. You can go for a settlement offer, but be sure it is writing. NEVER take anyone's word over the phone and DO NOT send any cash or payment untill the agreement is in writing. If the original amount was $4800, then obviously the rest is interest and other charges. If you want to pay them off, I'd make the offer for about 30-40% of the original amount at charge off. Let them counter offer but be prepared to pay a more, like 50-70% since the CO is not that old to begin with. Personally, I'd do the whole cross validation/dispute route and make them work for any money if they really want it. You may just luck out and get the TL deleted. I've seen it happen in this type of situation! Have you moved or changed you name since this CO? Good luck.
I owed Citi 10k and got them to delete by using the validation process. It wasn't until I threatened to sue that they took it seriously and deleted the account then sold it to NCO.
Citibank savings account made me bankrupt... i have a similar situation which happened to me with citibank. i had an offshore 'gold' account with citibank. It left me bankrupt. I had all my savings in the account and they hit me with extorniate fees and strange account activity. They told me they were managing my money for me to gain better interest and they made complete mess off my finances. They lost tens of thousands of U.S.Dollars worth I.M.H.O. I definately would NOT recommend citi bank. I have heard many simillar stories from so many people who have lost money putting they're savings with citibank. I tried to get the lost money back but they are claiming no respnsability. can anyone recommend another good bank to put my savings with? i have heard HSBC has a good saing account/ Has anyone had theyre savings with HSBC? thanks everyone for the replies
