CREDTI CARD Account in 7 banks

[victor]

Hi Team,

I have 7 credit cards with seven banks as follows:(hsbc,hdfc,statebank of india,standard chart,barclay,citi.abnamro).I was unable to pay the dues for over a year now.Now i have the money to pay my dues.But the problem is all the customer care people are saying the card has been "PERMANENTLY DEACTIVATED" and cannot be activated again and they are offering me settlement.
I am in a fix now whether i should settle them or pay in full either way i cant have those cards again.

1.Can the cards be activated if i pay all the dues.
2.If i settle the accounts what will happen to my cibil score.
3.Should i accept the settlement as some friends are telling me i can apply for loan after 6 months of settlement.


Am totally confused what to do as all the dues have been doubled than what i have used.
kindly advice

[cardbhai]

1. It depends on the Bank to activate or Not, some dare devil bank may choose to activate it for you but with reduced credit limit. As and how you procced to pay regularly, then they may increase the card limit.

2. CIBIL Score will be negatively affected for Sure. Only if you Pay everything - Original Due + Interest + Late Fees Etc, then you have the right to contest, but can you do it with all the 7 Banks ?

3. Forget Loans for the next 24 months after settlement. Establish yourself as a Credit Worthy Citizen and not as the one living on Borderline and Careless Spending.

Best!