Hi Vishal,
More or less I am also in the same situation. Took a loan on citi bank credit card in 2009 for 4 years. I was successfully paying the EMI's as mentioned till dec'11. Though I lost job in aug'11 I managed to pay the amount till dec'11 and from Jan'12 I have become defaulter and surprisingly has not contacted me till now however I would like to go for a settlement and negotiate for a final amt. I am guessing my OS might be aroung 1.5lacs...don't know how to proceed and get the settlement.
Can you help me with the process,...I read your post dated feb-2012...hope your are out of all these hassels...kindly help me...