Paying off credit card?

Question

When I first got a credit card, I went buck wild and spent to whole $2000 limit.
Now, after ignoring it and not being about to pay for so long, my total amount due is approx. $3500.
I've now saved over $2000, and i was wondering if the company, Citibank, would let me pay the premium, and not the interests and fees, as I cannot afford all of it. Not even to make the monthly payments (which have stopped). Thank you.

Answer 1

They may be willing to work something out with you. But I expect that they will want a little more than the original $2000. They may be willing to settle for $2500 if you offer it all at once. But you may have to do a bit of negotiating. For example start with an offer of $1800 and see what they say. A lot will depend on how long the balace has been outstanding.

Answer 2

You're best bet would be to call and ask them to accept the $2000 as a settlement and consider the debt paid in full. If they do this, you're account will probably be permanently closed.

Otherwise, the money paid usually going to interest and fees first and then principle. As long as you have a balance, interest and fees will just keep adding up. You're right to want to pay it off and if nothing else, send in the $2,000 and start making the minimum (about $45/month) (or more if you can) payments until it's paid.

Answer 3

I cannot speak FOR SURE about Citibank policies, but here is what I would suggest: Call their customer service and ask to speak to their Credit team (they are the ones that send you to Collections if NO payment is made) and explain your situation. They (the Credit team) have the option of reducing your minimum payments or waiving some of the fees whereas customer service likely does not. The worst case scenario is they say "no" so you can at least prepare yourself for the fallout.

Answer 4

I don't think they will but by paying them the 2000, you will then bring down your monthly payment. You could also swap to another lender or call citibank I'm sure they may do you a deal if they thought they were going to loose your custom.

goodluck!

Answer 5

Your best bet is to call Citibank and ask for the dispute dept. and explain to them exactly as you did here and they will be happy to cut down your debt and get whatever they can out of you as instead of losing the entire amount they would be able to get back more than half. Make sure you get it in writing and that your credit report is updated with that info.

Answer 6

You can join a debt settlement company who will negotiate with the citibank and arrange a minimum monthly payment plan with NO interest rates.
You can be out of debt within 12 months if you could make monthly payments.

Check out this company
http://www.debtfreeafterall.com

This company has helped me with my unsecured debt situation.

Answer 7

Call Citibank and ask for a manager, they are the only ones with the power to make a decision. Get everything in writing. Make sure that they report your account as "Paid in full". "Not Settled for less than full amount". Get that in writing before you pay.

Your chances are good.

Answer 8

There's only one way to find out. Call them. Be up front. Ask them what they can and can't do in a situation like this.

You'll do better if you ask to speak with a supervisor right away or for a transfer to the retention department. That will get you to someone with better knowledge and more authority compared to the front-line reps who answer the phone.

Good luck!

Answer 9

very bad. call citibank and try to negotiate a settlement. get everything in writing. otherwise, they'll take what you give and sell the remaining debt.and you'll never get rid of this.

Answer 10

I have had this happen to myself and once it gets into collections they are usually willing to bargain a payoff. I would definitly call them and ask them what your options are and if they would be willing to take the $2000.