ICICI Bank VISA Signature Credit Card Settlement
Get your credit life back on track! Here's everything you need to know.
What Is Credit Card Settlement?
Credit card settlement is an agreement between you and the bank to pay a reduced amount to close your outstanding balance. It can impact your credit score, but it gives financial relief.
Why You Might Need a Settlement
Financial hardship - Job loss - Medical emergency - Overdue bills are piling up Settlement becomes an option when repayment seems impossible.
ICICI Bank’s Approach to Settlement
ICICI Bank first tries to help customers through: - Restructuring loans - EMI conversions If repayment still fails, they may offer a settlement.
How To Initiate Settlement
- Contact ICICI Bank customer care. - Explain your financial situation. - Request a settlement offer. - Submit the required documents (proof of income and hardship letter).
What Happens After You Agree
- The bank issues a settlement letter. - You pay the agreed reduced amount. - Get a 'No Dues Certificate' after full payment..
Impact on Your CIBIL Score
Important! Settlement is marked as "Settled" on your CIBIL report, not "Closed". This negatively affects your credit score for up to 7 years.
Things to Keep in Mind
Always negotiate for a "Closed" status if possible. - Keep all documentation. - Plan to rebuild your credit afterward.
Alternative to Settlement
Before settling, consider: - Balance transfer to a lower-interest card - EMI conversion - Seeking a temporary payment break - These options can protect your credit score.
Final Words
Settling your ICICI Bank VISA Signature Credit Card debt offers relief, but comes with consequences. Make a smart, informed choice to secure your financial future!