CitiBank Credit Card Settlement: How to Negotiate a Fair Payment Plan
Struggling with CitiBank credit card debt? If you’re facing financial difficulties and can’t pay the full amount, you may be able to settle your dues for a lower amount through credit card settlement. This guide will help you understand the CitiBank settlement process, negotiation strategies, and how to reduce your financial burden.
What is CitiBank Credit Card Settlement?
Credit card settlement is an agreement between you and CitiBank where you pay a reduced amount instead of the total outstanding balance. Once the settlement is complete, the bank considers your account “Settled” rather than “Closed”, which may affect your credit score.
🔹 Example: If you owe ₹3,00,000, CitiBank may agree to accept ₹1,80,000 as a one-time payment.
Why Choose Settlement?
✅ Reduce your total debt
✅ Avoid legal action and collection hassles
✅ Gain financial relief from overwhelming dues
Steps to Negotiate a CitiBank Credit Card Settlement
1. Assess Your Financial Situation
Before contacting CitiBank, calculate how much you can afford to pay in a lump sum or installments.
2. Contact CitiBank’s Settlement Team
Call CitiBank customer care or visit your nearest branch to request a settlement offer.
📞 CitiBank Customer Support: 1860-210-2484
3. Negotiate a Fair Payment Plan
CitiBank may initially offer a partial waiver, but you can negotiate for:
🔹 Lower interest and penalties
🔹 A lump sum one-time settlement
🔹 An installment-based repayment plan
4. Get a Written Settlement Agreement
Always request written confirmation of the settlement terms before making any payment. Ensure the agreement includes:
✔ Reduced settlement amount
✔ Payment deadline
✔ No additional penalties
5. Make the Payment & Obtain NOC
Once you pay the agreed amount, ask for a No Objection Certificate (NOC) as proof that the debt is settled.
6. Check Your CIBIL Report
Ensure your CIBIL report is updated correctly after settlement. The status should be “Settled”, not “Defaulted”.
Pros and Cons of CitiBank Credit Card Settlement
✔ Pros:
- Reduces financial burden
- Prevents legal action from CitiBank
- Provides immediate relief from collection calls
❌ Cons:
- Lowers your credit score
- May affect future loan approvals
- Account will be marked as “Settled”, not “Closed”
Alternatives to Credit Card Settlement
🔹 Balance Transfer: Move your debt to a lower-interest credit card.
🔹 Debt Consolidation Loan: Pay off multiple debts with a single loan.
🔹 EMI Restructuring: Convert outstanding dues into smaller, manageable EMIs.
Need Help Negotiating with CitiBank?
At Settle Loan, we help you negotiate the best settlement deal while protecting your financial rights.
📞 Call Us: 1800-309-1902
📧 Email: info@settleloan.in
