Yes Bank Credit Card Settlement: Payment Options and Negotiation Tips
If you are struggling to repay your Yes Bank credit card dues and facing constant recovery calls, you might be eligible for a credit card settlement. This process allows you to clear your debt at a reduced amount and avoid legal action or further harassment from collection agents.
What is Yes Bank Credit Card Settlement?
Credit card settlement is a negotiation process where Yes Bank agrees to accept a lump-sum payment, lower than the actual outstanding amount, to close the debt. While this can provide immediate financial relief, it may impact your credit score as the account is marked as “Settled” instead of “Closed.”
For example, if your outstanding debt is ₹1,50,000, Yes Bank may agree to settle it for ₹90,000, saving you money but slightly affecting your CIBIL score.
How to Negotiate a Settlement with Yes Bank
✅ Step 1: Assess Your Debt Situation
- Check your total outstanding dues, including interest and late payment charges.
- Determine how much you can afford to pay in a one-time settlement.
✅ Step 2: Contact Yes Bank’s Debt Settlement Team
- Call the bank’s credit card collections department and explain your financial difficulties.
- Request a one-time settlement offer to close the account.
✅ Step 3: Negotiate for the Best Offer
- Banks often start with a higher settlement amount; negotiate for a lower final payment.
- If you are in a severe financial crisis, request a waiver on penalties and late fees.
✅ Step 4: Get a Written Agreement
- Before making any payments, request a written confirmation from Yes Bank.
- Ensure the settlement letter includes the final agreed amount, payment deadline, and a No Objection Certificate (NOC) clause.
✅ Step 5: Make the Payment and Get an NOC
- Pay the agreed amount before the due date.
- Obtain an NOC from Yes Bank, confirming that your dues have been settled.
✅ Step 6: Check Your Credit Report
- After settlement, verify that Yes Bank has updated your CIBIL score correctly.
- If the status shows “Settled”, work on rebuilding your credit score.
Payment Options for Yes Bank Credit Card Settlement
🔹 Lump-Sum Payment: Pay the entire agreed amount in one go to close the debt immediately.
🔹 Installment-Based Settlement: Some customers may get the option to pay in 2-3 installments, but the discount may be lower.
🔹 Debt Consolidation Loan: Take a lower-interest loan to repay the settled amount without affecting your credit score significantly.
How to Avoid Harassment from Recovery Agents
If Yes Bank’s recovery agents are harassing you through excessive calls or threats:
🚨 Know Your Rights: Banks cannot threaten or abuse customers under RBI guidelines.
🚨 Request Written Communication: Ask them to contact you via email or official letters.
🚨 File a Complaint: Report harassment to the Banking Ombudsman or RBI Consumer Grievance Cell.
🚨 Seek Legal Help: If agents use illegal tactics, consider legal action for unethical recovery practices.
Need Help with Yes Bank Credit Card Settlement?
If you are looking for a stress-free way to settle your Yes Bank credit card dues and stop bank harassment, contact us today!
📞 Helpline: 1800-309-1902
📧 Email: info@bankharassment.com
