Wow! Settlement offer already!

[Crawf]

Just got our first settlement offer from Citi Cards.

We missed the March 15, April 15 payment.

I expected to at least 3 months before getting them. Hopefully they aren't to fast to sue

[flyinbroke]

I got mine at the 60 day late too. However if I had that kind of dough laying around I would be still paying them. They offered up alternates which I can't pay until September and they refused to "hold" or defer me in any way. They did say they send to CAs at the 90 day mark.

Others are approaching the 180 day range, and still have not offered to settle.

No suits yet, but will force arbitration if they do.

[etechjc]

I am waiting for my Citi and BOA settlement offers. What do they usually offer? Do they allow payments or is a lump sum request? I might consider it if they would let me make lower payments.

[flyinbroke]

Citi offered me around 49-50 percent. The most payment would have been 3-4 months. That was WAY more than my minimum. They had other options which were doable later on, but refused to help when I said I could not pay until September (I owe the govt...and they DO garnish so they get paid first.) No suits, but now I am starting to get calls again. Am thinking arbitration.

BoA has done nothing to settle. I am almost 180 days out.

[ForumReader]

I am waiting for my Citi and BOA settlement offers. What do they usually offer? Do they allow payments or is a lump sum request? I might consider it if they would let me make lower payments.

That is the thing, most credit companies want settlements paid in lump sum or over a few months payments depending on the settlement amount. If a debtor wants to settle his/her debt with the ccs, he or she should have money to work with in order to settle these debts.

By the way, forget about debt settlement companies--they are worthless to them

[jwmc1]

I have had experience with B of A and Citi. My B of A card went to United Recovery Systems after it was 180 days past due and I owed about $13K. B of A settled for $4,100 and agreed to 6 months. We owe Citi $8,600 and they have agreed to take $4,000 with $3,000 now and $1,000 over 4 months (also over 180 days, but with a local attorney). Your results may vary.

[junker]

we got a settlement offer of 50% from chase after about 4 months...but they wanted it all at once....got letters from the other ones but have not even opened them..just throw them in pile...

[etechjc]

It Just makes no sense to want $9000 in a lump sum, and thats at 50%. If I could afford to pay that I wouldn't be behind, LOL.

I am putting about 300 a month aside that were going to payments. If I can get a few descent settlement offers I think Ill take them since I am only dealing with 4 cards, 3 of them CITI and 1 BOA. Actually Even if CITI doesnt settle descently, I may go ahead and try to knock BOA out of the way if I get the chance. The sad thing is both companies have been good to us, Atleast till they jacked our interest rate to 25% for no reason at all.

Otherwise When the first Sues, I will fight it just because I want to, And if/when they get judgement the money goes to an attorney. And if there is anything left it goes to knocking out a $20K 10% fixed secon on the house, Which will put us into starting to build equity territory.

@Edit, Sorry for the spelling folks.