LawRato

Settlement After Credit Card Write Off


14-Jul-2025 (In Banking / Finance Law)
I couldn't pay my credit card outstanding since last 7 months due to some family and medical issue. I am receiving settlement offer from bank and third party. Current status of my card is written off. I have already done settlement for one card recently so not much bothering about cibil score. What should I do ? I already facing financial crunches.
Answers (1)

Answer #1
750 votes
Given your current financial constraints, opting for a one-time settlement may be a practical step, especially if the card is already written off. However, get the settlement in writing and retain all proof. Avoid engaging third-party agents unless verified by the bank. You may also explore filing for individual insolvency under the Insolvency and Bankruptcy Code if total debt is unmanageable. This can offer legal protection from recovery actions. Let me know if you need help with that.
Helpful? LawRato LawRato
Advocate Adarsh Kumar

Adv. Adarsh Kumar

LawRato Delhi | 400+ Answers
Chat with Advocate Adarsh Kumar Chat 

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Connect with top Banking / Finance lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato