I am currently experiencing financial difficulties and have a query regarding loan settlement and its potential impact on my credit profile and future financial options.
Background
I have an outstanding EMI balance of ₹80,000, for which I have been offered a settlement amount of ₹39,000.
I also haven't paid the emi for last 3 month's reason is they harassed me a lot for paying on time so i gave up and told i won't pay until they apologise for wrongdoings
My monthly EMI is ₹10,450.
In addition to this loan, I also have other active loans and credit cards.
Specific Questions
Should I proceed with the settlement offer of ₹39,000, or continue repaying the EMI as per the original schedule?
If I opt for settlement:
Will I remain eligible for automatic limit enhancements (LE) on any of my credit cards?
Will I need to wait for 7 years after settlement before becoming eligible for a limit enhancement?
Does settling a loan prevent banks from offering limit enhancements on credit cards?
If I apply for a manual limit enhancement, do banks review my CIBIL score or report during the process?
Background
I have an outstanding EMI balance of ₹80,000, for which I have been offered a settlement amount of ₹39,000.
I also haven't paid the emi for last 3 month's reason is they harassed me a lot for paying on time so i gave up and told i won't pay until they apologise for wrongdoings
My monthly EMI is ₹10,450.
In addition to this loan, I also have other active loans and credit cards.
Specific Questions
Should I proceed with the settlement offer of ₹39,000, or continue repaying the EMI as per the original schedule?
If I opt for settlement:
Will I remain eligible for automatic limit enhancements (LE) on any of my credit cards?
Will I need to wait for 7 years after settlement before becoming eligible for a limit enhancement?
Does settling a loan prevent banks from offering limit enhancements on credit cards?
If I apply for a manual limit enhancement, do banks review my CIBIL score or report during the process?
