Hi,
I took a personal loan 3 years back and is unable to pay the EMI from last 2 years.
Now, i got call from HDFC executive that bank is going to file a case since `DPD` has crossed 727 days. He told me that we can either do `SETTLEMENT` or `FORCLOSURE`. In SETTLEMENT, i have to pay some amount and in FORCLOSURE, he insisted me to pay the complete Principal amount and promised that late charges will be removed.
My doubt here is how these two will affect My CIBIL score ( currently my CIBIL report card is not good since credit card got rejected twice … )
Should I go with `FORCLOSURE` ? Please suggest.
Thanks in Advance !