CitiBank Credit Card Settlement: Protect Yourself from Bank Harassment
If you’re struggling with CitiBank credit card debt and facing harassment from recovery agents, it’s important to know your rights and the best way to negotiate a fair settlement. Banks and collection agencies must follow RBI guidelines, and you can legally settle your dues without threats or pressure.
This guide will help you understand how to negotiate with CitiBank, protect yourself from harassment, and settle your debt fairly.
Understanding CitiBank Credit Card Settlement
Credit card settlement is a process where CitiBank allows you to pay a reduced amount instead of the total outstanding balance. Once settled, your account is marked as “Settled”, not “Closed”, which may impact your CIBIL score.
🔹 Example: If your outstanding balance is ₹3,00,000, CitiBank may agree to accept ₹1,80,000 as a final settlement.
How to Deal with Bank Harassment During Settlement
✅ Know Your Legal Rights
🔹 Banks cannot threaten, intimidate, or abuse you for repayment.
🔹 RBI guidelines prohibit harassment by recovery agents.
🔹 Recovery agents can only call between 8 AM – 7 PM and must respect your privacy.
🚨 If You Face Harassment:
- Request written communication instead of verbal threats.
- File a complaint with CitiBank’s Grievance Redressal Officer.
- Report to the Banking Ombudsman if CitiBank doesn’t resolve the issue.
- Seek legal support to stop illegal recovery tactics.
Steps to Negotiate a CitiBank Credit Card Settlement
1. Assess Your Financial Situation
Determine how much you can afford to pay as a one-time settlement.
2. Contact CitiBank’s Settlement Department
📞 CitiBank Customer Support: 1860-210-2484
3. Negotiate a Fair Settlement Offer
✅ Request a lower settlement amount
✅ Ask for a waiver on late fees and penalties
✅ Opt for an installment-based repayment plan if needed
4. Get a Written Agreement
Ensure CitiBank provides a written settlement letter mentioning:
✔ The reduced payment amount
✔ No additional penalties after payment
✔ Legal clearance of dues
5. Make the Payment & Obtain NOC
After paying the settlement amount, ask for a No Objection Certificate (NOC) for legal proof.
6. Monitor Your Credit Report
Verify that your CIBIL score is updated correctly and ensure there are no incorrect defaults.
Pros and Cons of CitiBank Credit Card Settlement
✔ Pros:
- Stops harassment from recovery agents
- Avoids legal action and lawsuits
- Reduces total outstanding balance
❌ Cons:
- Lowers your CIBIL score
- Future loans may be difficult to get
- “Settled” status on your credit report may affect financial credibility
What to Do If CitiBank Refuses to Settle?
🔹 File a formal complaint with the CitiBank Grievance Redressal Officer.
🔹 Report harassment to the RBI’s Banking Ombudsman.
🔹 Seek legal help if agents continue using illegal tactics.
Need Help Dealing with CitiBank Harassment?
At Bank Harassment, we help you negotiate settlements legally while protecting your rights from unfair recovery practices.
📞 Call Us: 1800-309-1902
📧 Email: info@bankharassment.com
