GOING FOR SETTLEMENT OF HDFC CREDIT CARD
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BANK OFFERING A SETTLEMENT OF 2.30 LAKHS
SHALL I GO FOR IT OR NOT opinion needed
I had communicated for 2 lakhs for settlement but they are not agreeing on it.
Some of my friends are saying it’s too much it should be 1.5 lakhs
I was pursuing for 2 lakhs and bank said it’s not possible
Cutting their losses, that’s it. It is a loss to them, so any recovery is helping the net loss, that’s all there is to it.
my suggestion is based on this thread, my morals say that u need to pay what you have spent….. this settlement is not profit, its a actually loss to the OP itself which he will come to know in few months, inform of cibil score, and in few years ,in form of rejection of credit cards or high rate of interest for home loans etc.,
I didn’t get this
Not credit card user
2.8 used and 2.3 settlement means?
+1
Thanks for your suggestions @phoenix1386
One doubt
Now bank asked me to pay some amount before 15 aug and rest of the amount by 25 aug, they also told me that if I don’t go for settlement this month the amount will increase next month and so on.
Shall I pay or take chance for further reduction by not paying
Only go for one-time payment and FULL SETTLEMENT. Do not go into paying in instalments. That would be my recommendation.
About still deciding between paying now or taking a chance… How have you felt lately, luck-wise? If you feel you are up for it, you may try taking a chance and see what happens.
What does your friend have to say about this?
O boy! I hope you become financially stable again. In no way this can be called a savings. Also I hope you have no dependants, who are taking guidance from you.
Best of luck in Life bro.
@manas2913167 why are you defaulting, is there any strong reason?
Also, i would like to know if you dont agree to settle down this and you refused to pay any single penny then what would be the consequences (apart from cibil thing) ,can they take any legal actions?
Head to toe all financial discussions under one roof. Desidime Rocks!! 
bahot kuch likhane / kahane ka man kar rha hai but khulakr nahi bata sakte yaha pr … Admin suspend kr denge muze 
He most likely tried to rotate money/resell GVs(quite a lure for a typical college student/jobless person nowadays) but failed due to fraud buyers/HDFC cancelling reward points & ended up in loss which he didn’t anticipate.
@Ramta_Jogi
420..? Really..?
He won’t be behind bars ..It’s impossible in india..
You have spend 2.8L & want your bill settlement at 1.5L. I don’t think HDFC is going to agree with your offer easily. If they do then every one will follow the same trick. Spend all the card limit & never pay bill & eventually come to loan settlement offer. Btw don’t pay your bill in split, pay once full amount as per agreed settlement & never forget to take NOC from your lender. Also record all the conversations happening with bank you.
wat a scenario, someone spent 2.8 lac, not paying back n now bank offers to settle in 2.3 lac,still, the guy is thinking to save more by hook and crook and few dimers are saying it as saving & we Indian curse politician/Nirav Modi, etc for fraud. whoever is suggesting for going with this approach, remember for bailing out a bank/company, govt uses our hard-earned money.someone rightly said wanted to say many things, but not expressing
Dar ke aage jeet hai. Bol do jo bolna hai, ban ho gaye to ho gaye!
There are some dumb online twitter accounts and you tube videos of so called loan consumers associations suggest these kind of things in the name of helping stressed loan consumers. But actually they are putting innocent people in more trouble in coming days as these things ruin credit worthiness of borrowers.
I would say SETTLE IT ….
1. Make sure that they will give a declaration of OTS (One Time Settlement, Full & Final)
2. Do place a request with them saying the Covid issue and not to report this to CIBIL as it has been amicably resolved.
3. After 2-3 months check your CIBIL and if it has affected your score raise a complaint with Cibil and follow up with the bank to rectify it.
CIBIL score is a BIG BIG thing …. dont be casual about it …
If you pay amount Bellow principle amount in settlement then banks will show that Difference amount as written off in cibil entry.
That will be permanent Black mark in credit history of borrower.
And we can in way able to dispute in cibil as fact is paid amount in less than principle amount
Simple solution is never try to settle Bellow principle amount to keep credit history clean.
Just remember if you got for “Settlement” it will reflect on your CIBIL account. You will not get credit cards or loans for a long time. After they give you you will be charged high rate of interest. Just imagine if you take a home loan for 50 lakhs in the future and your rate of interest goes up even by 5% (My friend had the problem Her ex took loan in her name from Mas Finance(stay away from these bast@rds) and then she paid up the entire loan but never took NOC they put 300 rupees pending in here account after a year and then again 2000 rupees. Then when here cibil got checked for some reason she realized. She paid the money and again they put 300 rupees then she paid that too and they have put “settlement” in her CIBIL yeah one court case is due, So she could not get Loan from any bank. They are rejected her and these “bast@rds” that is axis, HDFC, SBI never told her that her CIBIL has a default They just rejected it. Then she got in IIFL some NBFC for 14% interest) So imagine just 50 lakh for 5% means if you take 20 year loan. Lets just take half of it based on diminishing interest. That is 2.5 Lakhs extra.
So you either pay it here or pay it in future. Even personal loan you will get for not less than 22% interest But if your cibil score is good then you can even get it as low as 12%.
But you can expect average of 15% to 18% cause everyone might not have 900 score. Even then you will be paying 7% to 10% extra! per lakh count how much it is.
I think the best option is to take a personal loan for 4 lakhs. Find the lowest interest you can.
Better still try a coop bank where you can get loan for less interest especially if you mortage something like gold.
Better is just get a personal loan for 4 lakh take a 5 year repayment period and then just pay off the HDFC credit card tomorrow.
If you get money in the future simply foreclose the personal loan and save interest. Otherwise till you get your Finance sorted you can pay the least installment per month which will come to less than 9K if I am not wrong.
If you are able to get New ID Cards then don’t Pay anything. 100% Saving.
“New Id cards” .? You mean fake id cards..? If so,then it will be a severe crime..
That’s not a good suggestion at all..
Didn’t read the whole thread
Still few questions
What is your cibil?
Are you in defaulter list now!
One of the best thread in recent times.
One will come to know how to utilize the CC.
Too Smart people will know how to gain from CC legally.
Wise people will know how to overcome the financial issues using CC.
Dumb people will know why one should run away from CC.
Is your cc still working, did you spend that on your purchase or others?
Vijay Mallya, Nirav Modi, Anil Ambani, Mehul Choksi to "@manas2913167":https://www.desidime.com/users/248885
If OP has used 2.8 lakhs then why bank is offering him to settle his dues @ 2.4 lakhs 
50k bank ka nuksaan hua right?
Meine kuch galat samaj liya kya thread 
Credit card is unsecured loan
Kuch nhi se 2.3 lakh hi acha h.
One of our relative didn’t paid 4 lakh credit card bill many gangster used to come at his home but after 1 year nothing happened just his cibil is no more in condition to take loan in future.
You should talk with them and get it down to 2 lakh, they will likely go for it. Then take that offer and remember to get a final receipt and NOC in writing from them.
This gives you instant “savings” of 50,000 on base spends and 1 lakh 50,000 including taxes and fees right now if they don’t buckle down from 2.3 lakh, and if you are able to get them to come down to 2 lakh, that makes it 80,000 net savings on base spends and 1 lakh 80,000 on spends with interest and fees.
This is amazing savings. And try not to get another credit card.