should i do credit card settlement?

[whatashot]

I am currently facing difficulty in paying off my ICICI credit card balance of approximately ₹1 lakh. I have been considering a settlement, and a private law firm has offered to help settle the amount for around ₹30,000 to ₹40,000, which is more manageable for me. While I understand this will affect my CIBIL score, the firm has assured me that they can help rebuild it afterward.

I’m aware that a settlement will be reflected in my credit report, which could result in future challenges, such as difficulty obtaining loans or facing higher interest rates. However, I can manage this by relying on family members’ accounts for loans if necessary.

My main question is whether I should proceed with this settlement or if there are additional factors I should consider. Would it be advisable to contact the bank directly to negotiate a settlement, potentially saving on lawyer fees, or should I proceed with the law firm and allow them to handle everything?

Any guidance would be appreciated.

 

[keerthirahul123]

When you can rely on family members, then why cant you try it upfront... my suggestion is not to go with settlement at any cost... rebuilding is a very very very long path and it can get to a state where you might regret the decision made.

Better to seek help from friends and family and pay the entire bill, close the card, take noc.. and then sleep peacefully.

 

[Kumar93196]

I am currently facing difficulty in paying off my ICICI credit card balance of approximately ₹1 lakh. I have been considering a settlement, and a private law firm has offered to help settle the amount for around ₹30,000 to ₹40,000, which is more manageable for me. While I understand this will affect my CIBIL score, the firm has assured me that they can help rebuild it afterward.

I’m aware that a settlement will be reflected in my credit report, which could result in future challenges, such as difficulty obtaining loans or facing higher interest rates. However, I can manage this by relying on family members’ accounts for loans if necessary.

My main question is whether I should proceed with this settlement or if there are additional factors I should consider. Would it be advisable to contact the bank directly to negotiate a settlement, potentially saving on lawyer fees, or should I proceed with the law firm and allow them to handle everything?

Any guidance would be appreciated.

Pay the bill if you can aur try to pay using another credit card. And make the emi of the following payment.
If you are gonna settle than forget that your cibil will be better less than 3/4 years. And the firm which is assuring you might be doing this to its own profit. Coz there is no such option which helps you in rebuilding cibil profile easily. Its pure digital process no one clearly knows how the cibil score works. If someone of your circle can help than pay off the due. And rethink what to do. But if nothing works keep settling option as last resort.

 

[shrewdoc]

I am currently facing difficulty in paying off my ICICI credit card balance of approximately ₹1 lakh. I have been considering a settlement, and a private law firm has offered to help settle the amount for around ₹30,000 to ₹40,000, which is more manageable for me. While I understand this will affect my CIBIL score, the firm has assured me that they can help rebuild it afterward.

I’m aware that a settlement will be reflected in my credit report, which could result in future challenges, such as difficulty obtaining loans or facing higher interest rates. However, I can manage this by relying on family members’ accounts for loans if necessary.

My main question is whether I should proceed with this settlement or if there are additional factors I should consider. Would it be advisable to contact the bank directly to negotiate a settlement, potentially saving on lawyer fees, or should I proceed with the law firm and allow them to handle everything?

Any guidance would be appreciated.

1. Try googling "Balance Transfer on Credit Card"
or
2. Convert your bill into Monthly EMIs as per your convenience.

Well, I read an article just few days back that India's youth is mounting Credit Card debt and struggling to repay in full, is coming out to be true. This situation is getting quite serious.

 

[RAMESH BABU N]

Avoid going to a 3rd party for settlement.

Seek handloans from family members n friends (in that order) n pay the CC outstandings n close it.

Scan your assets - movable n fixed - and sell unwanted/useless/less used assets (if you have a car n mobike, decide to dump less used one....). Or, sell shares, bonds, MFs... If you have any.

If you have some property (in your, family member's name), take a loan against that - which works out much cheaper to service than a CC outstanding.

 

[Arkapal Sen]

When you can rely on family members, then why cant you try it upfront... my suggestion is not to go with settlement at any cost... rebuilding is a very very very long path and it can get to a state where you might regret the decision made.

Better to seek help from friends and family and pay the entire bill, close the card, take noc.. and then sleep peacefully.

i would rather beg from frnds and take 10k loan from 10 frnds..rather than shitty firms

 

[RAMESH BABU N]

If you are employed, try to get a short term loan from your employer.

Are you a student or an unemployed ?