Credit Card imbroglio: Ultimate option is Soft Settle

SoftSettle Support

Your credit card provided by the bank gets you into a contract with the bank and you are under a liability to pay the dues. First of all bank will start charging you fine for certain periods in default of payment.

Secondly, they can lower your ratings and apply some sanctions on your account.

Thirdly, as default of payment is a breach of contract therefore banks can send you legal notice which you have to respond within 30 days.

Legal team of the bank can file a recovery suit which is civil in nature and can get you hooked in long terrible court proceedings.

One can also be made criminally liable for default as well if recovery amount is high. But usually civil procedures are occurred.

Generally, banks will not jump to legal action immediately, to recover its dues, unless it is inevitable.

They will try to negotiate with the defaulter offering certain concessions of interest or waiver of certain compound interest etc. to settle the dues of defaulter. If the defaulter does not respond to its offer or its various notices and personal visits of its staff, theThey may entrust the job of recovery to the Recovery Agents, who are empanelled by the bank for initiating further action.

The next step, taken by the banks to take the help of the Recovery Agents may not be as soft as it was. The Recovery Agents are real professionals, who are masters in the techniques of various methods of recovery including shaming and naming — will go to any extent for the recovery of dues, for which they will get their share.

So, the agents are real tough persons and are generally very adept in their profession.

Banks may offer one time settlement by compromise or settle the dues thru Lok adalath or other modes of recovery procedures.

After exhausting all the chances of a compromise settlement of credit card default dues, banks may be forced to go for filing a suit against the defaulter and other co-obligants or sureties, if any, for recover of dues. once after getting the favourable judgement, they may take suitable action for enforcing the recovery procedure as suggested in the court order.

The best solution is to inform the bank about your intention. Meet the Bank guys directly in the credit card division. Explain them the situation & then talk to them about finding some settlement option. And based on the settlement option whatever suits you the best make sure to stay on the same. Dont again change the settlement option provided to you.

If you will meet and talk directly with the credit manager/ or the collection people at the credit card division of the bank, the possibility is of normal settlement and not much of a chaos of any legal action instantly.

Meeting Bank personnel directly or interacting with them to express excuses usually be a hard task for you so far you have not complied with the norms of repayment against the credit card loan. Hence the ideal option is Soft Settle. Soft Settle may help you avoid such embarrassing situation by providing you an opportunity to interact with Bank or their creditor virtually and as a result the Bank would desist all types pressurization practice applied to the debtor in the form of recovery proceedings. You may get time to tap the resources to pay the liability off. Further you join with your creditor to negotiate to the effect of getting time and if required further extension of monthly instalments. An agreement is generated to this effect. Now you can manage you financial problems and control it as per your convenience.

But this time you have to comply with the agreement.  But if you will fail again, then the banks may go through the Civil proceedings.

But Soft Settle is deemed to be an ideal option so far it is a blessing for the debtors to find time when they are already in a mess subjected to civil or criminal proceedings to be initiated by the creditor. Soft Settle supports the debtor to find further time to arrange payments against settling the credit card debt likely to be a Damocles Sword hanging on the debtor’s head.







Offer to Settle Debt with a Reduced Lump Sum shall Jeopardize the Debtors’ Credibility

SoftSettle Support

Debt settlement involves making an offer to the credit card company to settle the amount you owe for a lesser amount. If the creditor accepts, you will need to pay the entire settlement amount up front, in one lump sum.

A credit card company might accept a settlement if you’re very delinquent on your payments; it is often less costly for a creditor to accept a lesser amount in settlement than it is to send the account to collections, file a lawsuit, obtain a judgment, and then try to collect on the judgment.

The credit card company or creditor would rather dare to settle some scores against the debtor so far as the debtor is not ready to pay the entire payment against the loan. The creditor writes off the remaining balance supposed to be received by him after settlement and reports to the credit bureaus that the debt was paid in full by settlement for a lesser amount. As the result, the debtor will lose his credit rating and automatically he/she becomes an offender as far as CIBIL is concerned.

Hence such situations have to be avoided in case the debtor requires further financial assistance or loan from recognized banks or other related institutions.

Soft Settle could be a right choice to assist you to settle the issues with your creditor where you fail to effect monthly payment against credit card debt continuously. The rationale behind debtors rallying around the platform Soft Settle can be listed in the following manner.

  1. You can do it by yourself using the platform of Soft Settle on free signing up.
  2. Soft Settle facilitates virtual interaction between you and your creditor.
  3. You can receive counter offer against your offer and that itself would desist every agonizing deals from the part of your creditor.
  4. You can take control of your financial problems and take time to explore your genuine sources to settle the financial issues
  5. You can participate in e-resolution process without any cost.
  6. You are in control of the e-resolution process
  7. During negotiation your collaborative and generous attitude would be considered and as a result you would be blessed with the convenience in respect of time and payment installments.

As such, you can seek the assistance or support of the Soft Settle deemed to be an expert negotiation platform facilitates you to negotiate with creditors on your own, rather safe to say that with the professional background of Soft Settle, you will get a better settlement offer and you will end up paying back less and your repayment plan can be amended in accordance with your convenience.

Consult with Soft Settle so that your debt relief is never far and your interaction with creditors would be worked out without any fear, inhibition or any such reservations.

Negotiating Credit Card Debt Successfully

Describing the procedure consisting of the communications that convinces and assures the lender follows with preparation for e-resolution

SoftSettle Support

This is with reference to credit card default and its resolution.

There are blogs that may inspire us to negotiate and settle directly with your credit card banks or lenders.

As you know, different creditors have different departments that handle offending accounts. In the first month or three of missing a payment, your  calls may be handled by the bank’s customer service department. After 90 days of non-payment, calls are often routed to, or made by, a department that handles bank recovery.

There are many ways to bring up the subject of settling when you call in. When you’re calling in to negotiate and are between 150 and 180 days offending default, you will typically be speaking with someone trained to help you with that. You should already have a good idea of what the bank you are calling to negotiate with will reduce the credit card debt to in a settlement subjected to some resolution process.

Good communication with your bank will also help you to stay in the loop with any payment reduction plans that your bank may offer that could fit your budget and overall debt reduction plan. Depending on the creditor, you may also get some early and attractive offers to settle your account by staying in touch.

Bill collectors, whether working at the bank or with an outside collection agency, are very good at building up your stress level. They know your level of stress often increases the odds they will get a payment from you. Staying on the phone and answering their questions is ill advised, unless you are at the point where you’re negotiating your settlement.

Till you get capable of making payments against settling credit card debts, you have to be honest towards the inhouse unit of recovery of the concerned bank or institution. You  should keep your script to a minimum while delivering something to the inhouse unit. You tell them your inability to make payment at this juncture and make them convinced that you are exploring options to find additions to or supplement your income. Your assurance in continuance with your declared effort to the effect that in case something comes through, the funds would be flushed towards settling the same.

Can your current budget and monthly income provide for your basic needs – now and into the near future – while meeting your time lines for settling with your particular creditors?

The above question has to get analyzed and try to make yourself available for seeking the assistance of SoftSettle Support to provide you a platform to negotiate with your creditor.

A dominant factor in determining whether settling with your banks is an appropriate option for you is how quickly you will be able to pay the settlements. There is flexibility with debt settlement by eliminating such options like bankruptcy and credit card bank consolidations. Hence the immediate remedy is to talk with your creditor to use the Soft Settle platform.

While the Soft Settle decides over the rescheduling of the time and setting the plans so as to devise budgets according to the debtor’s interest not clashing with the interests of the creditor, the credit card delinquent gets an opportunity to consider the immediate relief it can bring to their current situation. Again when a defaulter gets confronted with better time he/she can try negotiating with the creditor for settling their payment against credit card debts.

Hence escaping from the problem is cowardice. It is the right time to ponder over options and do not undergo emotional stress which could end up losing your asset. Soft Settle is there to support you so far you are intent to pay off the loan that should be evident to the creditor.

The significant and interesting aspect of the Soft Settle makes everything possible for the credit card defaulters is its wonderful attitude seeking the delinquents’ participation without making any payments and everything is free (free signing up and free e-Resolution). If you are a credit card defaulter why can’t you try? The forthcoming mobile app is designed with Android and IOS. You can simply download the app freely and enjoy your settlement process without any tension, pressure, strain or something like that so far you are going to be a winner.