When a person is stuck with debts all around and cannot cope up with the due dates and periodical payments, it is likely that the person’s reputation with the creditors and of course the cibil score in case of credit cards debts would go for a toss. It will directly have its effects on the cibil score and decrease the report.
A bad cibil score would mean that the debtor would face problems in applying for further loans and would not be issued with any new credit cards as well. In order to bring oneself out of this hectic situation, people look for the various debts settlement agencies that work for the debtors under bad credits. Just finding out a debt settlement agency and getting enrolled with a plan is not a wise thing to do. (more…)