After many days and many, many different phone numbers I finally have a pretty clear idea about how to restructure my debt with Citibank.
Basically, per Citibank policies, I am not qualified for any more restructuring of my debt with them. The main reasons seem to be:
1. They only allow 2 restructurings
I was aware of only one re-structuring since entering Citibank's amnesty program, so I thought my request would be the second restructuring. But it turns out that Citibank counts your first entry into their amnesty program as the first restructuring. Since I had one restructuring so far, they therefore count my latest request as the third.
2. You have to be in their program with not more than 2 months arrears
I was just over 2 months in arrears, so they would not entertain a request for restructuring.
Well it was worth a try. It ended with me letting them know that I will stand by my commitments and they let me know that I am out of their amnesty program and another collection group will take over (still inside Citibank; they don't use external agencies daw).
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If you're managing any of the account or promissory note numbers below, then this blog's for you!
Showing posts with label Citibank. Show all posts
Showing posts with label Citibank. Show all posts
Thursday, October 29, 2009
Wednesday, October 7, 2009
2-way communication
Remember I mentioned that this blog is to ensure 2-way communication between myself and my creditors? So how come I'm the only only talking here?
Well the standard mode of interaction between a collection department and their debtors is 1-way communication : they talk, you listen. They insist and demand, you get all anxious. You put down the phone, you try to do what they told you. You want to let them know that you're done, or that you had problems and... oops! how do i contact them back?!
So you get more anxious. Then they call again. Did you do it na? You did? Very good, keep that up. You didn't do it?! Oh, I have to penalize you unless you do...
And the cycle goes on. There is an active effort to limit communication to 1 direction only, because communication, being heard, is a form of power or at least an equalizer. Without any way for you to contact them, they have taken away your voice. They have taken your power, to ensure you are not on even ground with them.
But like I said, that's the old traditional way of doing it. More banks seem to relaize that the job of their collection groups is to collect, and that threatening and berating your debtors is actually not an effective way to get that done (not to mention all the ill-will it generates for the bank).
I guess it depends on your paradigm of the debtor. If you believe that your debtor is a criminal who will screw you the first chance he/she gets, then I guess you will naturally tend towards the old "I am powerful, you are powerless" model.
I'm sure a certain percentage of your debtors are actually like that. But if you believe that those who are criminals are fewer than the debtors who want to pay to clear their names, then you will approach it more as a problem to be solved along with the debtor, which involves dialogue.
Yes there's a risk - the guy who says all you want to hear but actually does nothing. Aba, when you find out his/her game, dapat lang ipa-sherrif nyo na yan!
But the change is happening quite slowly. So far the collection group that seems to have come the farthest has been Citibank's. When they call nowadays I can sense that they are instructed to help not to hurt. But I still don't have anyone's email from there, only phone numbers. And it's still impossible for me to ge the last name of anyone who works there.
Well the standard mode of interaction between a collection department and their debtors is 1-way communication : they talk, you listen. They insist and demand, you get all anxious. You put down the phone, you try to do what they told you. You want to let them know that you're done, or that you had problems and... oops! how do i contact them back?!
So you get more anxious. Then they call again. Did you do it na? You did? Very good, keep that up. You didn't do it?! Oh, I have to penalize you unless you do...
And the cycle goes on. There is an active effort to limit communication to 1 direction only, because communication, being heard, is a form of power or at least an equalizer. Without any way for you to contact them, they have taken away your voice. They have taken your power, to ensure you are not on even ground with them.
But like I said, that's the old traditional way of doing it. More banks seem to relaize that the job of their collection groups is to collect, and that threatening and berating your debtors is actually not an effective way to get that done (not to mention all the ill-will it generates for the bank).
I guess it depends on your paradigm of the debtor. If you believe that your debtor is a criminal who will screw you the first chance he/she gets, then I guess you will naturally tend towards the old "I am powerful, you are powerless" model.
I'm sure a certain percentage of your debtors are actually like that. But if you believe that those who are criminals are fewer than the debtors who want to pay to clear their names, then you will approach it more as a problem to be solved along with the debtor, which involves dialogue.
Yes there's a risk - the guy who says all you want to hear but actually does nothing. Aba, when you find out his/her game, dapat lang ipa-sherrif nyo na yan!
But the change is happening quite slowly. So far the collection group that seems to have come the farthest has been Citibank's. When they call nowadays I can sense that they are instructed to help not to hurt. But I still don't have anyone's email from there, only phone numbers. And it's still impossible for me to ge the last name of anyone who works there.
Monday, September 14, 2009
Auto-dialler Recording of Citibank
Hi Citibank! Just to let you know I've become very familiar with the recoding on your auto-dialler software. The one that goes "I'm calling with an important message, please hold" (with that American accent).
Wouldn't it be a good idea to change that recording from time to time - more fun diba? Suggestion lang!
P.S. I normally wait only for 3 repetitions of the recording; pag di pa na-pick up ng collector from the auto-dialler by that time, I hang up nalang.
Wouldn't it be a good idea to change that recording from time to time - more fun diba? Suggestion lang!
P.S. I normally wait only for 3 repetitions of the recording; pag di pa na-pick up ng collector from the auto-dialler by that time, I hang up nalang.
Saturday, August 29, 2009
Improved Citibank Collection Effort
I'm pleased with whatever changes Citibank has been making in their collection practices. Their staff is much more courteous now.
I even got a call once from one of their officers specfically to let me know that I had made a short payment and it might result in more penalties. In the past, they wouldn't have bothered reaching me and they would have just let the penalties happen - talagang walang paki-alam.
So please keep it up Citibank Collection Team!
I even got a call once from one of their officers specfically to let me know that I had made a short payment and it might result in more penalties. In the past, they wouldn't have bothered reaching me and they would have just let the penalties happen - talagang walang paki-alam.
So please keep it up Citibank Collection Team!
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