How do I settle with Citibank

[bunneysvg]

Sometime around September of 2013 I stopped paying my Citi card. The balance at that time was about 13k. I live in LA and the SOL is 3yrs. This leaves me about 1yr and 9months to go. They have not contacted my since a C&D letter but I don't want this hanging over my head. I am almost positive it is still with Citi as my credit report is still showing a balance and I have not gotten any notification of transfer or any new collections on my CBR.

 I certainly can not give them the 13k but I can do 5k. I want them to take the money and delete the trade line. Does anyone have any advice as to how to accoplish this? I want to call them just to speed this up but my gut is telling me to do it by mail becuase it needs to be in writing anyway.

Does anyone have any suggestions or a good contact address for the letter? 

[Shokk]

If it were a CA, I'd go with your gut and use snail mail or email.  Since it's still with Citi, I'd start with a phone call.  To be honest, I seriously doubt you'll get a PFD, but worth a shot.  Maybe cotact their EO offices instead of the regular customer support.  You'll more than likely be sent to their collections dept. anyway.  They may settle for the $5k, but good luck on the PFD.  Maybe if you were able to PIF...

[Anonymous]

You sent them a C&D - the only contact they can do now is one letter telling you what they intend to do about the debt. That letter may very well be an ITS accompanied by a summons. Bad idea to C&D a creditor *well* inside of the SOL. Thats just asking to be sued. Unless you are VERY judgement proof, you should punch dead in the face, whoever gave you that horrible advice.

You need to send them written notice rescinding your previous C&D. Only then can they enter into *any* kind of negotiations with you. They may be willing to settle for $5K, but the chance is low, with it still being inside SOL and not much more than a year old. Not a chance in he&& of them agreeing to a delete while eating an $8K remaining balance. Just ain't gonna happen, my friend.

Since it has not gone to collections, and you have not yet been sued, I would STRONGLY suggest a more conciliatory stance. Approach them about the possibility of RESUMING payments on the closed account, with a 'decent' initial payment of $1-2K -maybe more if you have 5K available. If you don't need that 5K to address other pressing debts, use it all to reduce this one and make the payments more manageable.

[bunneysvg]

I called the internal collections department atnd was told they can not speak to me due to the C&D. I removed the C&D and was transferred to someone .I offered the 5k and did not even ask about the PFD. They came back at 6k and adv that the offer stands for 30 days. I plan to send a written offer for the 5k including the PFD language and see what happens. No matter what, I will be following up with a phone call on day 29 unless they come back and accept. I will keep you posted.

As always, if anyone has any advice, I am all ears.

[EW800]

Looking forward to hearing how this works out. The fact that they offered $6K settlement shows they are interested in working with you, as you are each in the same neighborhood. As far as the PFD, I would think it would be zero chance they would along along with that given the large loss they are taking, however as many people state within this forum, it is just a matter of getting to the right person at the right time.

Best wishes!