Wow...not even 3 mos and Citi wants to settle

[nickifan]

So the UPS guy just delivered an Express envelope...it's from Citi Cards.

My last pymt was in November, so I missed late December and now Jan. Have had no calls that I know of. They did send a letter early Jan saying they might be able to reduce my monthly payment to $12. (It was around $24 usually.) I didn't respond, and now get this.

I owe $1195; they are offering a settle amount of $538. I'm supposed to call by 2/25. Again, I have spoken to no one.

Just find it interesting. This is a CLOSED account, and has been for 10 years!! (Boy was that an eye-opener when I realized just how long I've been paying off less than $3K and still have this much left!) So obviously I have not made any purchases in a decade.

I think I'll still go for the zero-payment plan (as in Ch 7), but am musing why some of these CCs call me every 10 minutes and others seem far more laidback about it, if that's the word. Their amount is about the 3rd-least that I owe. (Top about $15K to BkAm over two cards.)

Thoughts? Of course they have the boilerplate text that if I fail to complete the settlement payments the account will revert to previous terms. etc.

[GoingDown]

Interesting that they are using things like Fed EX and UPS to deliver these things now.


We were ignoring the certified letters being sent from Wells Fargo about a deceased relative-- not answering the door, not signing for them and just letting them go back to the sender. So after that UPS started delivering large flat envelops to us with their threatening letters in them.

That is a desperate move on their part.

Now we have the gates locked so no one can get anywhere near our front door of our rented house.


As far as why some act aggressively and others are laid back about it, it probably depends on the managers over the collection department working your accounts. Maybe some of them are experienced enough to know which accounts they should aggressively pursue and which ones to let slide. The ones most likely to pay up are the ones most aggressively worked. And then there are some Junk Debt Buyers who just pursue everyone aggressively at first until they find out which ones they can scare into paying and which ones fight back. The ones who fight back they let slide.

[JEM]

Oh ya, they've been doing the same with us...and our time line is close to yours. We missed December and forward's payments. Ours was an open CC account though with a balance of around $5000ish IIRC.

UPS has come a few times delivering the overnight envelopes.

Hubby had a settlement offer last week.

I have a few threads posted about this topic if you want to go back and read them.

[optimistic1]

Nothing really surprising about it, banks are doing anything they can to prevent you from filing a BK.

[nickifan]

Nothing really surprising about it, banks are doing anything they can to prevent you from filing a BK.

Well, of course I have not used "the B word" with ANYONE yet, per most advice here. But you're right...obviously they have to assume that someone in my situation may be considering it, and that the $530 looks appealing.

Does make one wonder if the offer will get lower if I don't respond...but again, I have no plans to take them up on it.

[nickifan]

Oh ya, they've been doing the same with us...and our time line is close to yours. We missed December and forward's payments. Ours was an open CC account though with a balance of around $5000ish IIRC.

UPS has come a few times delivering the overnight envelopes.

Hubby had a settlement offer last week.

I have a few threads posted about this topic if you want to go back and read them.

Ah...now I remember seeing something about that topic. Good to know. But it was a bit disconcerting to get that delivery!

[JEM]

Ah...now I remember seeing something about that topic. Good to know. But it was a bit disconcerting to get that delivery!

Same here. I was a little freaked to get those letters so soon after stopping paying. I mean, I could see if we were 6 months or so past due...but 60 days or so seemed soon.