Standard Chartered Manhattan Credit Card Settlement
Struggling with outstanding dues? Here's how you can settle it smartly!
What is Credit Card Settlement?
Credit card settlement means negotiating with the bank to pay a partial amount and get the rest waived. Beware! This can impact your CIBIL score negatively.
Reasons for Settlement
- Unable to pay EMIs - Struggling with high interest rates - Facing a financial crisis
How to Settle Your Credit Card Dues?
Step 1: Contact Standard Chartered Bank Step 2: Explain your financial situation Step 3: Negotiate the settlement offer Step 4: Get a written agreement
Pros & Cons of Settlement
Pros: - Settle dues with a lower amount - Avoid legal action Cons: - CIBIL score drops significantly - Future loans & credit approvals get difficult
Should You Opt for Settlement?
- Can you pay the full amount in EMIs? - Have you discussed alternate repayment options with the bank? - Are you ready for a credit score impact?