Citibank
Regarding Settlement of credit card amount

Hello,

Are the RBI guidelines for citibank different than any other pvt. bank?

There was a high amount due on my dad's credit card which was just because of the high interest.

The principle amount used to be somewhere around 1.5 lacs and now with interest it has gone up to 3.49 lacs!! We are not in a condition to repay this big an amount. Hence we asked for a settlement citing our problems. The citibank people would just not budge. They say there isn't a settlement deptt. at citibank?

Is that possible. We are ready to pay 50% of the due amount, but they just don't agree and are charging high interest every month, thus compounding the due amount! 2 months back it was somewhere around 3.25 lacs while now it is 3.5! If this goes on, how do you think we'll ever be able to get out of this mess!

We just cannot pay this high an amount!

Thanks