I have had numerous discussion with a recovery officer with Citibank. He is the one that sent me a letter stating that my account would be amended to "settled in full" if I paid $4800 to my account that was written off in April 2003 for $6874. I read to him the attached letter but he doesn't want to budge on his offer. When I asked him what was my principal and what were my interest payments in the $6874 he responded that it was all principal since that was the amount owed when it was written off.

I informed him that I had an invoice from them for $3975 from Jan 2002 and that the rest was all interest but he didn't care. He also indicated that the account had been sent to 4 different collection agencies but was back to Citibank because they had all failed to collect anything. Apparently he is going to sell the account to somebody else on August 31. When I asked about a copy of the contract he said that I should just read the back off one of their invoices. The account went from Canada Trust to TD Canada Trust and finally to Citybank in 2001 but I did not sign anything past the original application in 1993.
I will phone you shortly to see if you have any advice. I really want to settle for the best deal.