credit card settlement

[tanmoy]

I have a credit credit card of hdfc bank and i had withdrawn some hard cash from that card in an emergency situation but now an amount of Rs.64000 has been debited from my debit card so now i need to settle my credit card what is the procedure?

[cardbhai]

Settlement of Credit Cards below the amount that you owe is a temporary solution and affects your credit history and score negatively.

Here are the Steps for Settling Credit Cards and Defaulted Personal Loans with Indian Banks.

If you have settled loan and your CIBIL Score is Low, then you can start rebuilding your CIBIL credit score by taking the following steps.

[shipra Aggarwal]

The procedure of HDFC credit card settlement is tough, as you need to fulfill many required and form for that.the procedure begins when:-

1. You need to get "Final Settlement of Outstanding Dues" letter from the bank in which your complete credentials i.e, name, address and credit card number is mentioned.
2. The payment which you need to make against the default that has to be made by crossed cheque only.
3. As soon as you make the payment, you need to close your credit card account by writing an application to the bank, mentioning that you have cleared all the dues and want to close your account.
4. All these documents should be preserved for the next 5 years.
5. The possibility is there that your name could be in the CIBIL defaulter list, therefore, before taking the loan again do check that bank has removed your name