Federal Bank Imperio Credit Card Settlement
Struggling with repayments? Learn how to settle your dues smartly!
Understanding Settlement
- Credit card settlement means negotiating with the bank to pay a reduced amount instead of the total outstanding. - It may impact your CIBIL score.
When to Opt for Settlement?
- High debt burden - Missed multiple EMIs - Facing financial hardship (job loss, medical emergency, etc.)
Steps to Settle Your Imperio Credit Card
- Contact Federal Bank’s Debt Recovery Team - Negotiate a One-Time Settlement (OTS) Offer - Get a Written Agreement - Make the Final Payment
Impact on Your CIBIL Score
- Settlement is marked as "Settled" – lowers your score - Takes time to rebuild credit health - Better alternative: Opt for EMI-based restructuring instead of settlement
Final Tips & Alternatives
- Try to pay in EMIs instead of settling - Always get a No Dues Certificate from the bank - Improve CIBIL by using credit responsibly post-settlement