HSBC Credit Card Settlement: How to Lower Your Outstanding Balance
Struggling with high HSBC credit card dues? If you’re unable to make full payments, a credit card settlement can help you reduce your debt and avoid legal trouble.
This guide explains the settlement process, negotiation tips, and how to get HSBC to accept a lower amount.
What is HSBC Credit Card Settlement?
A credit card settlement allows you to pay a reduced amount instead of your full outstanding balance. HSBC may agree to waive interest, penalties, and some principal amount based on your financial condition.
🔹 Example: If you owe ₹2,50,000, HSBC might accept ₹1,50,000 as a full and final settlement.
✅ Benefits of Settlement:
- Pay a lower amount instead of the full dues
- Avoid legal action and credit card default
- Stop collection calls and harassment
❌ Drawbacks of Settlement:
- HSBC will mark the account as “Settled”, not “Closed”
- Your CIBIL score may drop
- Future loan approvals may be affected
Steps to Negotiate HSBC Credit Card Settlement
Step 1: Contact HSBC Customer Support
📞 Call HSBC at 1860-108-7788 or visit your nearest branch to discuss settlement options.
Step 2: Explain Your Financial Hardship
- Provide details of job loss, medical emergency, or financial crisis.
- Show HSBC that you cannot afford full repayment.
Step 3: Request a Lower Settlement Amount
- HSBC will offer a settlement amount, but you can negotiate further.
- Ask for a waiver on late fees, penalties, and high interest rates.
Step 4: Get the Settlement Agreement in Writing
- Ensure HSBC provides a written agreement stating:
✅ Settlement amount
✅ Payment deadline
✅ No further dues after settlement
Step 5: Make the Payment & Collect NOC
- Pay the agreed amount within the deadline.
- Request a No Objection Certificate (NOC) from HSBC confirming the settlement.
Step 6: Check Your CIBIL Report
- Ensure HSBC updates your credit report correctly to avoid future issues.
Alternative Ways to Reduce Your HSBC Credit Card Debt
💳 Convert Outstanding Balance to EMI
- Convert your credit card dues into monthly installments.
- Pay in 3-24 months at a lower interest rate.
💰 Opt for a Personal Loan to Repay HSBC
- Take a low-interest personal loan and clear your HSBC card dues.
- Helps you maintain a clean credit report.
🔄 Balance Transfer to a Lower Interest Card
- Transfer your HSBC credit card dues to another bank with 0% or low-interest EMIs.
📞 Seek Professional Debt Settlement Help
- Get expert negotiation assistance to reduce your HSBC dues legally.
Why Choose Settle Loan for HSBC Credit Card Settlement?
✔ Expert Negotiation – We help you get the lowest settlement amount.
✔ Legal Protection – We ensure HSBC follows RBI settlement guidelines.
✔ Credit Score Assistance – We guide you on improving your CIBIL score after settlement.
✔ Hassle-Free Process – Our team handles all negotiations on your behalf.
Need Help with HSBC Credit Card Settlement? Contact Us!
📞 Call Now: 1800-309-1902
📧 Email: info@settleloan.in
