CitiFinancial HELOC settlement letter received --plz. advice

I have received a HELOC settlement letter from Citifinancial. It states the following,

Citifinancial Mortgage has authorized NCO Financial Systems Inc. To collect on their behalf the balance of 175,000 by remitting $17,500 in certified funds by 3/18/10 to avoid additional collection action, your account will be considered satisifed and if applicable all liens and or judgements will be satisified and released.


Can you plz. advice if the above will get rid of my HELOC once i have paid the amount or can you suggest what I should ask them to write in a letter to avoid any future collections, litigation and clear name on the title.

That sounds like a 10 % settlement .... that is pretty good.
Just my opinion, offer 5 % in one shot.... They might just say yes !
Make sure you get a full release settlement letter from NCO - that the account is fully settled and Zero balance

Could you pm me, if you can't post, some details of your story? Do you still own the house? Maybe you can help me?

Call 866-833-6398 and they can settle for even less.

A bunch of us are in the same situation with HELOCS and would really appreciate if you would just post the infomation for all of us. Congratulations on your great settlement.

why would I call a collection agency:
Keyes & Benloss International
New York, NY 10036
ht++p://vvv.keyesbenloss.com
(866) 833-6398
(954) 206-0733 Fax
(866) 833-6398 Toll Free
info@keyesbenloss.com

I settled my HELOC with Wells Fargo. My story is basically in this thread:

http://www.debtconsolidationcare.com...ettlement.html

Generally I would say that every situation is different, it differs by state, and it's not terribly easy to pull off a settlement with a HELOC lender. But in the end, if there is no equity in the home to cover their loan, they don't want to force a foreclosure.