CITI Bank Credit Card Settlement

[Vijay]

Hi.

I want to settle my CITI Bank credit card, i have due of 60000, but i can't pay this amount.
Please guide us how to do the settlement and contact details of any settlement agency which can help me on this.

[cardbhai]

Vijay:

1. You must be aware that settling the small amount for much smaller amount will Damage your Credit History beyond Repair
2. If you have any Gold, Vehicle etc Dispose it off and Pay Off what is due so that your credit history is intact for future borrowings such as Home Loans, etc
3. If you have no choice and want to go for Settlement, then Do not fall prey to any Agencies, directly approach the Bank / Ombudsman and get a Full and Final Settlement Offer and Follow these steps -
http://www.cardbhai.com/2009/01/credit-default-final-settlement-steps.html