A 47 year old single women from Hyderabad was experiencing creditor harassment. She had thirteen loans (eleven credit cards and two personal loans), with a total outstanding of ₹18,10,936. She approached us to help make her debt free. She only had 3 lacs in savings, so we advised her to settle her high interest credit cards. We negotiated with three of her credit card creditors an average of 60% settlement discount, to be paid over two months, and a OTS on a fourth credit card. This gave her a total saving of ₹5,01,962 and reduced her total indebtedness to ₹10,17,974.

Following were the settlement discounts we were able to negotiate for her:

1. SBI Card for a credit card, we negotiated a discount of 60%, she had missed 8 EMI and had an outstanding balance of ₹84,305. We negotiated a onetime settlement for ₹35,000, saving her ₹49,305.
2. RBL Bank had two credit cards we negotiated a discount of 60%, she had missed 8 EMI on both cards and had a total outstanding balance of ₹2,66,836 We negotiated a term settlement over two months saving her ₹1,86,836 and settled both cards at ₹80,000.
3. ICICI credit card we were able to negotiate a discount of 60%, and she had missed 8 EMI with an outstanding balance of ₹4,41,820. We were able to negotiate a term settlement over two months and had settled at ₹1,76,000, saving her ₹2,65,820.

The total debts on these four credit cards were ₹7,92,962 and we were able to get them settled for ₹2,91,000, saving her ₹5,01,962 in total.

After settling these credit cards her harassment has drastically reduced and she is now saving to settle the other loans.

Our Advocates checked the authenticity of the bank’s settlement, vetted the settlement letters to ensure that the creditors had confirmed that these debts would not be chased in the future and that it had the term “Full and Final” on the settlement letters.