How can I settle my HDFC credit card amount?

You can settle it via the NetBanking facility of your current bank account, NEFT, or any other payment options offered. If you’d prefer to go to a branch of HDFC Bank, you can make your payment in cash or by cheque.

What percentage should I offer to settle debt in India?

You can start by offering 30\% of your outstanding amount on the account balance. The creditor will probably try increasing it to a higher percentage, but if it is below 50\% then you can consider settling.

How do you write a letter to a credit card company from a settlement?

Write a debt settlement letter to your creditor. Explain your current situation and how much you can pay. Also, provide them with a clear description of what you expect in return, such as removal of missed payments or the account shown as paid in full on your report.

How do I cancel my HDFC credit card settlement?

You can deactivate your credit card by calling the customer care number of HDFC Bank or download the credit card closure form, fill it and send it to the Manager, HDFC Bank Credit Cards, PO Box 8654, Thiruvanmiyur, Chennai – 600041.

What is credit card settlement process?

The credit card settlement process looks like this: You stop paying your monthly credit card bills. The money that you would have paid your creditors goes into a savings account, usually managed by a debt settlement agency. If your creditors accept the credit card lump sum settlement, your debt is erased.

Is it bad to do a credit card settlement?

Yes, settling a debt instead of paying the full amount can affect your credit scores. Settling an account instead of paying it in full is considered negative because the creditor agreed to take a loss in accepting less than what it was owed.

How can I settle my credit card debt myself?

How to negotiate credit card debt settlement by yourself

1. Settling credit card debt pays off for both parties.
2. Call your creditors: Know the timeline and the goal.
3. Enroll in a hardship plan.
4. Negotiate a workout agreement.
5. Offer a lump sum settlement.
6. Enroll in a debt settlement plan.

What percentage of a debt is typically accepted in a settlement?

Typically, a creditor will agree to accept 40\% to 50\% of the debt you owe, although it could be as much as 80\%, depending on whether you’re dealing with a debt collector or the original creditor. In either case, your first lump-sum offer should be well below the 40\% to 50\% range to provide some room for negotiation.

How much should I offer for credit card settlement?

Offer a specific dollar amount that is roughly 30\% of your outstanding account balance. The lender will probably counter with a higher percentage or dollar amount. If anything above 50\% is suggested, consider trying to settle with a different creditor or simply put the money in savings to help pay future monthly bills.

How bad is credit card settlement?

Yes, settling a debt instead of paying the full amount can affect your credit scores. When you settle an account, its balance is brought to zero, but your credit report will show the account was settled for less than the full amount.

Is settlement good for credit card?

Settlements generally provide you with a cheaper way of paying the creditor an amount that will make the credit disappear, by closing the credit card or loan account. But having a settled status against a credit card or a loan account has a very negative impact on your credit score.