I have been a Citibank customer for more years than I can remember. I never had a late payment, and in fact was rewarded with $25,000 credit limits on multiple cards. At one point I was making that much in purchases every month.
When my business failed, I had high balances on my credit cards and was unable to pay them off.
The result was multiple lawsuits from Citibank. I have attempted to defend myself in court while trying to settle with this company. They hired a law firm, which I have learned since is one of the leading lawfirms for them in my area, suing thousands of customers on their behalf, Petenaude & Felix. These guys are relentless, and have directives to have no mercy.
When I attempted to settle, their good faith offer was 80% of the balance, plus all the court costs and legal fees they had accumulated. The balance of the settlement offer is practically the entire balance of the lawsuit, and rising.
I have also learned that Citibank is heading up the effort in Washington to make it more difficult to file bankruptcy. They are lobbying and pushing legislation to make credit cards immune to bankruptcy proceedings.
The settlement professional I hired to negotiate a settlement has been in business for over 15 years and is one of the top companies in Orange County California. They have key relationships that help them get good settlements. This guy informed me that in all his 15 years, he has never seen anything like what Citibank is doing now. They have literally gone to war with customers who pay late, or stop making payments. Only the very fortunate get settlement deals for less than 80% of the balance.
If you are a Citibank customer, I urge you to close your account (s) now, before you get into any trouble. I also believe you should do so to make a statement that you disagree with their effort to make bankruptcy more difficult. Close ALL accounts, not just your credit cards. If you are investing through their MLM company, have a checking account, or any kind of loan - get out of dodge NOW! Citibank has become too large and too powerful for the good of this country. Please, I beg you to terminate your relationship with them, especially if you are a business.
I urge you to also write your congressman to oppose this bankruptcy bill in congress! Fight it with a vengence, because it could destroy families all across the U.S. And make it impossible for people to recover from bad luck. Small business owners will be left with lives in shambles, and be unable to recover for the rest of their lives. This is serious!
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