How to proceed when a complaint is lodged under sec 279/338

I met with an accident a few weeks back and a bike rider was injured. They have lodged a complaint against me for insurance. Now they are ready for out of court settlement. I understand sec 338 is compoundable but 279 isn't. Chargesheet isn't submitted the court yet. 1) Can you please advise how to proceed? 2) Since they are open to settlement, can I submit a request in high court to quash FIR and close the case? 3) Will it affect my career/life if I plead guilty under 279? My profession (private company) sometimes requires traveling to other countries, will it affect visa process? 4) If it's possible to settle this out of court, what all should I note while making an agreement with them? Like, should we ask them to sign on a stamp paper document? Thanks in advance.