I'm a senior in college and just found out my credit card went to collection. I'm worried because it's with Citibank and I heard that they are ruthless. I did some travelling and was out of the country over the summer so I just forgot about the card and about paying. Apparently they had been calling my parents' house and I didn't get the messages because they only called a few times b/4 going to collection apparently. The debt is a little over $3000 from what they said on the phone today and I was threatened with being served with papers this coming Saturday. They offered a settlement of $2400 but wanted the money in a lump sum or in the form of 2 post dated checks for the end of this month and next. I can't afford this right now. I make like $200 a month in work study but I have almost $500 in the bank. Do you think I should send a debt validation letter then try to negotiate down the amount? Again, it's a case where I want to pay and I can get them money but not in the amounts that they want right way in one sum. Any suggestions?

What you need to negotiate is how much you can pay monthly. I would not look for a reduction in the debt. I would acknowledge that you goofed in not maintaining the account, but that you want to pay it.

They're being very stubborn about lowering the payment amounts and extending the time... should I just keep trying? Is a debt validation letter worth sending to extend time before they try to serve me with papers?

Anything is worth trying.

Remember at this point your credit is already hurt ( something that can hurt you in the near future after you grad college, and go job hunting, a lot of the major employers are running your credit history right now to see how you handle your money.

With this of course if you can't pay you can't pay ( and of course should have considered that before using the card)

But the worst thing they can do is go to court and get a judgement, you don't have a job that they can garnish,a and the worst thing is they can attach your bank account. ( maybe you need to take your money out of the bank)

But if you explain very nicely, you have no money, you have no job and you are going to college, and if they don't accept... a month, they just won't be able to get anything.
They are expecting your mom and dad to pay up for you, that is why they give college students such large credit limits and a lot of cards, hopeing they have trouble, get hit with a lot of extra fee's and high interest and then mom and dad bail them out.
Or they merely wait till you graduate, get a higher paying job and can garnish your job then.