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Date : Jun 12, 2009


Dear Sir / Madam, I needed some clarity on the working of the CIBIL ratings. I have been trying to ask my bank but unfortunately, no one is having a clear idea and my query is not getting answered. I have Credit Card dues which has been due for over 7 months now. Due to loss of Job, I was unable to pay the dues which has kept on increasing due to various charges levied by the bank. They have offered me a settlement amount, which I can clear in two or three installments. My query is, in case I go for settlement (instead of clearing the total outstanding amount due), will it be a negative point on my credit history for future credit requirements with any banker (say 2-3 years later)? Is settlement considered as a negative thing? Will the remaining amount (difference of settlement and actual due) show as outstanding and be written off as irrecoverable by the bank? I hope I get a clarity from you, as this is the only source left for me to inquire with. Thanks and Regards, Pratik R Vora Ph: 91- 09980477557


 When you go for a settlement it is considered as a defaulter and your name gets listed in CIBIL as a defaulter. Your default stays on the credit bureau's record for 7 years so you will always face an issue in getting a loan even after clearing off your default. For more click on apnapaisa.com/loan/credit-card-india/Credit-card-Settlements.html" target=_self>effects of settlement.



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