Using the Tata Neu Plus HDFC Bank Credit Card and facing issues with repayment? Here’s what you need to know about settling your credit card dues.
Settlement means negotiating with the bank to pay a lump sum that's less than the total outstanding. It’s usually offered if you're unable to repay in full.
Start by contacting HDFC Bank’s credit card customer care. Explain your financial situation honestly to explore possible settlement options.
If approved, the bank may offer a one-time settlement amount. This will close your dues, but it comes with consequences—especially to your credit score.
Settlement is reported to credit bureaus like CIBIL as "settled," not "closed." This negatively impacts your credit score for several years.
You may also lose Tata NeuCoins or other rewards if the card is settled instead of paid off completely. It affects your Neu benefits long-term.
Always get the settlement offer in writing. Confirm the amount, payment date, and that it’s a full and final settlement of your dues.
Once paid, request a No Dues Certificate from HDFC. Keep this for your records in case any disputes or errors show up later.
If you can, try converting dues into EMIs instead of settling. This protects your credit score and still gives you breathing room.
Before settling, weigh your options. It’s a relief short-term, but it affects future loan approvals. Use it only as a last resort.