credit card settlement

[nnag]

Hi,

I have a credit card debt of 1,07,000 rs with Axis Bank. I was making regular payments...but due to unemployment, I could not pay the minimum dues for 4-5 months..since October 2016 I was paying the minimum dues regularly. However, in March 2017 i was late by 2 days to pay my minimum dues.now the bank has blocked my savings account too and asking me to pay the total outstanding that is 1,07,000 rs. At present this amount is not possible for me to pay. Thus, I want to go for a settlement. But I have little knowledge about how to go about it. If anyone here can tell me how I can proceed, that'll be great.

Thanks in advance.

[shipra Aggarwal]

Credit Card settlement is basically done when you are unable to pay the whole amount of credit or when you make defaults in payment and yourself ask for settlement. But before going for settlement you should beware of it s consequences that are going to affect you future credit requirement. Settlement hampers your credit score vary badly and if in future you have requirement to raise funds and take loan you are unable to do that for a very long period of time.
Now, if you are going for settlement with Axis Bank than they will tell you the amount to be paid in case of settlement which is generally lower than the actual amount and than they submit your account report to CIBIL, with your debt settlement part also.