If you are struggling to make payments on your HDFC credit card, you may be wondering about your options for credit card settlement. This guide will provide you with all the information you need to know about HDFC credit card settlement, including how to go about it and what to expect. Keep reading for more information!
What is Credit Card Settlement?
A credit card settlement is a process where you negotiate with your creditor to reduce the balance on your account. You can reach an agreement by paying less than what you owe and getting rid of debt faster, or it could be that they’ll agree not charge interest rates anymore.
Is it better to settle or pay in full?
In general, paying off the total amount of your debt is a better choice if you can afford to do so. An account that shows as “paid in full” on your credit report indicates to potential lenders that you have completed your obligations as agreed and paid the creditor in full.
However, if you are in financial difficulty and can’t pay the entire debt, you can settle it for less than what you owe if you negotiate with the lender. Debt settlement companies can help you in this process as they have the expertise to handle the negotiation and also protect you from unwanted harassment by recovery agents.
How much settlement can I get on HDFC credit card dues?
The settlement amount will be based on how much you owe, the type of card you have, and your capacity to pay. Generally, debt settlement companies can get settlements for 40-50% of the total dues owed by the borrower.
However, to secure this settlement, you need to follow the process advised by the debt settlement company. This could include stopping payments to all lenders so that negotiation becomes feasible.
What are the benefits of Credit Card Settlement?
There are several benefits to settling your HDFC credit card:
● It can save you money over time by reducing monthly payments as well as the total amount owed.
● You can get out of debt faster than if you were paying it off in full with all the associated interest and penalties.
●You won’t have any more harassing phone calls or letters from collection agencies asking for payment if a settlement is negotiated and agreed.
What is HDFC policy on recovery & collection of dues?
HDFC Bank’s debt collection policy is based on respect and regard for customers. The bank’s policy is not to utilize methods that are excessively harsh in the collection of debts.
HDFC Bank’s recovery staff is mandated to follow these guidelines:
- The customer would be contacted ordinarily at the place of his/her choice
- The staff must carry an authorization letter
- Recovery staff must respect privacy of the borrowers
- All disputes and differences regarding dues must be resolved amicably
Can I face harassment in recovery process?
Intimidation, abuse, and harassment have no place in a democracy. Even when one owes another something, they don’t have the right to harass or intimidate them. Regulators like the RBI have established specific rules and procedures that must be followed by the bank and its recovery agents.
If a recovery agent breaks the bounds of propriety, one has the right to file a complaint. You must first contact the bank and inform them about the harassment faced. If it is not resolved, you can write to the bank ombudsman and even submit a police complaint.
How to settle your HDFC credit card dues?
The first step in this process is contacting HDFC directly – try calling them up and explaining your situation. If that doesn’t work out then consider hiring an agency that specializes in debt settlements (they’ll negotiate with creditors on behalf of clients).
Loansettlement.com has significant experience and expertise in helping clients resolve their debts through settlement. If you’re looking to settle your HDFC credit card dues, we can help. Pl register at this link today to get a call from our legal and financial experts.
