[citicardstinks]

Not sure this is right place to post, but here goes... Long story short, lost job 4 years ago, got in financial difficulty, ended up setting up a payment plan with Citicard that ended in November 2006. Received a phone call from Citicard stating if we paid $150 we would bring account current and it would be reopened at 19%. We did this, I have a statement showing the minimum payment due was $144. The next month we received another phone call stating that our account was over limit and we needed to pay an additional amount to bring current. (The account went over limit because we were charged a 32% interest rate!! ) We have been fighting with them for 3 months. The last time we spoke with them, we were hung up on twice by supervisors and treated very rudely. When I asked the supervisor I spoke with to please read me the notes from November, she kept refusing, stating that the notes after that superceded, even though it was quite different from what we were originally told. As a result, we are continually being charged a late fee because we can't make the minimum due after a 32% usury rate has been added to the total, so no matter what we pay, it's not enough so they jack up the balance even more with late fees. What recourse do we have?

[excon]

What recourse do we have?

Hello creditcardstinks:

It depends on lots of things. However, within the parameters you're working, you have none.

What I mean by that, is citi has you by the... you know what I'm talking about. It's a shame, but they hold ALL the cards (within the parameters). Bush has let his banker friends write the rules. They can even change the rules in the middle of a contract when THEY feel like it. The politics of it are another matter, but suffice to say, I understand how you are being RIPPED OFF.

So, what do YOU do about it? You have to begin operating OUTSIDE your parameters. On the downside, you want to guard your credit and your assets. Therefore, you deal with them FROM that position. It's a position of weakness - as you well know. That position has lines (parameters) that you can't cross.

At some time or other, you have to determine whether the damage being done to you now, is worse than the damage that COULD be done to you, IF you stepped outside the parameters. It's a judgment call, but from what you're saying, I think you're there.

When you create NEW parameters (or when they're foisted upon you), the dynamics change. YOU now, hold ALL the cards, because the cards are, ultimately, money. YOU have it, and aren't going to part with it so easily now.

That's not going to stop them from using their hammer. But, when their hammer ceases to work, a smart banker (instead of writing it off) will switch tactics too. They still want their money, but if they see that they're only going to get it on YOUR TERMS, then you might find a softer side of citi (not because they're soft, but because they want their money).

The key is getting to that smart banker. WHEN your parameters change, your CONVERSATION with the bank will too. Your NEW conversation should yield THAT banker.

I suggest that changing the conversation (parameters), while risky; will benefit you more than it will cost you.

excon

[ScottGem]

First let me say I have been a Citibank customer for about 25 years. I have checking, loans and credit cards with them. In all that time I don't recall ever being treated rudely or having any problems that weren't quickly resolved. This included periods of unemployment and some late payments.

This is not to say that you haven't encountered what you say you have, its just to balance the story.

At this point I would stop dealing by phone. I would send a letter (Return Receipt) detailing all you have gone through. Telling them, to only contact you by mail and that you are willing to pay under the original terms you were given. Otherwise, sue and you will fight them in court.