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