How to Settle With a Citi Card

Settling credit card debt with Citibank is a negotiation process that takes planning and an understanding of how much banks can accept to improve their financial standing with the Federal Reserve and removing bad debts from their books. Understanding settlements made with other Citibank customers and their financial situations will allow the person looking to settle the debt to gain leverage over the bank and ask for specific programs. Knowing the specific debt settlement programs will direct the bank agent to the program they can easily place you in. Each bank has a different program to offer.

Instructions

Settle a Citibank Credit Card

1

Search various online forums that specialize in settling credit card debt. Review what others in the forums are writing about settling their credit cards with Citibank or the deals that they are working out to pay down the debt faster. Sites like Bankrate.com and Credit Card Forum have excellent blogs and forums where Citibank card customers report strategies used and deals obtained from the credit card banks like Citibank.

2

Gather your personal financial information together. When discussing a settlement with a creditor or a bank, it will ask questions about your bills and income. The banks do this to make sure that you need the program being offered and that your budget has enough income to afford the new payment owed to them.

3

Contact the customer service number on the back of your Citibank credit card. Each card has a specific number attached to it. Usually the general customer service person cannot help negotiate a debt, but she can connect you to the internal collections department that has the ability to do that.

4

Explain to the customer service agent what you want to accomplish with the call. This should be done politely and clearly. This will allow you to get to the agent that can get your debt settled.

5

Negotiate the best deal you possibly can with the customer service agent. Be polite and firm with the agent. Let her hear your situation and make an initial offer. You may qualify for a better program than your research was able to find. If you get a better deal, you might want to take it. If the deal is not as good as being reported from your online research, ask the agent if she can do any better. Explain you were looking for a specific payment or interest rate and that would make the payment comfortable for your budget. Don't mention you found it in a forum or on the Internet. This might make the agent less likely to work with you.

6

Enjoy the monthly savings.