Kotak Mojo Platinum Credit Card Settlement

Struggling with debt? Learn how to settle your Kotak Mojo Platinum Credit Card efficiently!

Understanding Credit Card Settlement

- If you cannot pay your full dues, the bank may offer a one-time settlement. -You pay a lump sum (less than the total due), and the bank waives the remaining amount. - However, this affects your CIBIL score negatively.

When Should You Consider Settlement?

- Facing a financial crisis (job loss, medical emergency) - Credit card debt has become unmanageable - Unable to pay even the minimum due for months - The bank is sending legal notices or recovery agents

Steps to Settle Kotak Mojo Platinum Credit Card Dues

- Contact Kotak Bank’s customer care & explain financial hardship. - Request a settlement offer and negotiate for the best deal. - Get a written confirmation of the settlement amount. - Pay the agreed amount & collect the No Dues Certificate. - Monitor your CIBIL score & work on rebuilding it.

Pros & Cons of Settlement

Pros: - Avoids legal action & harassment - Reducing outstanding dues - Provides financial relief Cons: - CIBIL score drops (marked as "Settled" instead of "Closed") - May impact future loan approvals - Not all banks agree to settlements easily

Better Alternatives to Settlement

- Convert dues into EMIs - Request for a lower interest rate - Ask for a temporary moratorium - Prioritize repayment & improve financial discipline