Frequently asked questions

Yes. A settlement is a recognised way to close a loan or credit card account: the lender agrees to accept less than the full outstanding and closes the account as “settled”.

It is a negotiated agreement, so each lender decides case by case and is not obliged to accept an offer. SettleWay only communicates with lenders through lawful, documented channels.

It depends on the lender’s settlement policy, how long the account has been overdue, the amount outstanding and how much you can realistically pay, and when.

After reviewing your accounts we give you an honest estimate for each one. We do not promise a fixed percentage, because no consultant can guarantee what a lender will accept.

Yes. We focus on unsecured debts: credit cards, personal loans, loans from digital lending apps and unsecured business loans.

If a loan is secured against property, a vehicle or gold, tell us during the consultation and we will tell you plainly whether we can help.

Not automatically. Lenders are still entitled to recover dues, and settlement does not by itself stop collection activity or legal proceedings.

What does apply is the RBI’s rules on recovery conduct: agents must not threaten, humiliate or harass you, and must not call before 8 a.m. or after 7 p.m. Once you engage us, we write to your lenders to say you are seeking a settlement and ask them to route communication through us, and we help you document and report any harassment.

It depends on how many lenders are involved and how each one responds. Many cases take between 3 and 12 months, but some take longer.

Yes. Settled accounts are reported to credit bureaus as “settled” rather than “closed”, which usually lowers your score and is visible to future lenders.

Your score can recover over time with consistent on-time payments. We explain the trade-off before you decide and give you a plan for rebuilding afterwards.

Your first consultation is free. If you decide to go ahead, our fees and when they are payable are explained in writing before you sign anything.

Our fee is separate from the settlement amount you pay your lender. We recommend paying lenders only into their official accounts and only against a written settlement letter.

Enquiry forms on this website are sent over an encrypted (HTTPS) connection. We use your details only to respond to your enquiry and to work on your case, and we do not sell them.

See our Privacy Policy for how your information is stored and shared.

A list of your loans and cards with the lender’s name and the amount outstanding, recent statements, any notices you have received, and a record of recovery calls or messages if you are being harassed. If you do not have everything, start anyway — we can work it out together.

Yes. Once a settlement is completed the card account is closed and reported as settled to the credit bureaus.

Yes. Each bank is negotiated separately and the terms can differ. We help you prioritise which accounts to settle first based on what you can pay.

In many cases, yes. We first identify the regulated lender behind the app, then negotiate with that lender in the same way as any other unsecured loan.

You should. Always ask the lender for a closure or No Dues letter after the final payment, and keep it safely with your payment receipts. We follow up with the lender to obtain it.

Do not ignore it. Note any reply deadline, keep the notice safely and speak to a qualified advocate. Many lenders still consider settlement after sending a notice, and we can help with those discussions.

First complain in writing to the lender, which is responsible for its agents. If the lender does not reply within 30 days or you are not satisfied, you can file a complaint with the RBI Integrated Ombudsman at cms.rbi.org.in.

There is no fixed timeline. It depends on your full credit history and how consistently you repay from here. Improvement is gradual, and we cannot guarantee a specific score.

An accurate “settled” status cannot simply be deleted. Some lenders may update it to “closed” after you pay the waived balance — ask your lender in writing.