Debt Settlement Services

Enterslice: Expert debt settlement services for credit cards, personal loans, and more. Save money and achieve financial freedom with our high success rate. Contact us for a personalized plan today.

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Debt Settlement Services - Reduce Your Debt Today

Accumulating debt can burden many people, leading to hindrances in growth and profitability. Suppose you have been a reliable borrower but cannot pay your monthly credit card EMIs or other debts. In that case, you must contact your lender and negotiate with them to see if they can accommodate your request and consider lowering your interest rate so that you can easily pay your debts. Contrary to the conventional norms, lenders are often willing to accommodate your requests for debt settlement. For this, you must know how to negotiate with lenders and strike a loan settlement agreement in your favour. Don't worry. We have got you covered. We at Enterslice shall help you negotiate with your lender and get your debts settled amicably.

What is a Debt Settlement?

Debt settlement is an agreement between the borrower and the lender whereby the borrower pays a part of the existing balance of money instead of forgiving the balance payment. But why would someone let go of the money owed? This could be because of two reasons: either the lender is facing a shortage of money, or they have an apprehension that the borrower might not pay the due amount later. However, this is the last resort for the lender. First, they will try to recover the entire money, and only when it seems impossible they will agree to a debt settlement. For instance, “X” has 20,000 INR due on a credit card. Now, X can approach the lender and offer to pay 10,000 INR as a one-time payment in return for the clearance of the remaining amount owed.

Need for Debt Settlement


Debt settlement saves consumers 52.64 for every $1 in fees paid. It is observed that 95% of the debt settlement clients received savings in excess of fees.

Cost Effective

Debt Settlement is one of the cheapest available options compared to other alternatives like debt consolidation, credit counselling, etc.


Most clients witness initial account settlements within 4-6 months of settlement. Further, Debt settlement clients pay no fees until settlements are reached.

Techniques of Negotiation?

Lowered Interest Rate

If you maintain a good previous track record of making on-time payments, then there are good chances for you to secure a lowered interest rate while negotiating with the card issuer.

Repayment Plan

There are two types of repayment plans, namely, forbearance agreements and long-term repayment plans. Forbearance agreements create a period in which you are not supposed to make payments. However, interest will continue to be charged during this time. In the case of a long–term repayment plan, you can pay back your debt with negligible interest.

Debt Forgiveness

It is the elimination of all or part of a legal debt obligation. It is usually seen in the real estate sector. In this case, the lender will accept the mortgaged property as full payment, even if its value is not sufficient to completely repay the loan.

One-Time Payment

Giving a lump sum payment in return for erasing the remaining due amount.

Debt Settlement Services by Enterslice


Tired of settling credit card dues?  Debt settlement or Loan settlement at Enterslice gives you an opportunity in credit card settlements. At Enterslice, our loan settlement or debt settlement experts negotiate with your creditors so that they can agree on a debt settlement, and you get to pay less than what you owe them. It’s a WIN-WIN situation for both. The services offered by Enterslice in this regard are mentioned hereunder-

Eligibility Check

Share with us accurate information regarding your unsecured debts, like credit card loans, personal loans, car loans, etc., with our debt settlement experts so that we can check your eligibility for loan settlement.

Register with Us

Register with us after selecting a suitable plan that meets your needs.

Escrow Account

Send monthly transfers into an escrow account controlled by you, and we shall handle all the communication with your creditors for an amicable loan settlement.


We shall negotiate with the creditors on your behalf for your loan settlement.

Settlement Letter

After final approval from your side and once the amount is paid to the creditors, we shall give you your settlement letter so that you get your freedom from loans.

Personal Loan Settlement

Our team at Enterslice helps you with personal loan settlement in a hassle-free manner.

Credit Card Settlement

If you are stressed from the accumulated high-interest credit card loans, then you must consider credit card settlement with the help of Enterslice. It will improve your financial health in the long run.

Anti-Harassment Service

Even though there are RBI Guidelines and many landmark Supreme Court judgments on the anti-harassment guidelines, harassment by recovery agents is common in India. At Enterslice, we shall stop the creditor harassment and talk with the recovery agents on your behalf.

Debt Closure Services

For smaller loans, this is the most recommended option by Enterslice. You can pay 80% of your loan in instalments, and we can negotiate the rest with the creditor.

Debt Settlement Counselling

We have expert debt settlers who will take cognizance of your situation and provide you with the best possible alternative for your debt settlement.

Legal Consultancy Services

We at Enterslice shall provide you with timely legal assistance and consultancy services throughout your debt settlement.

Time-Barred Debt

Our expert debt settlers shall check if your debt is time-barred or not.

Call Handling

Enterslice provides its clients with an option to transfer or forward all calls from your collection agents or recovery agents to our team. You don’t need to talk to them.

Pre-Litigation Support

Our team at Enterslice shall give you expert advice on the legal notices sent to you by the creditors.

Debt Monitor Scheme

We shall help you monitor all your financial portfolios to maintain a comprehensive record of all your debts.

Our Commitment to Excellence

Consumer Friendly Approach

Debt settlement experts of Enterslice shall help you find an amicable solution for your unsettled debt. Our professional experts will critically analyze your issues and will provide tailored debt settlement solutions for you. We shall assess all your debts, classify and prioritize them, and give comprehensive details regarding the same. We will then negotiate with the creditors on your behalf and determine the facts of the issues. We shall aim at bringing an amicable agreement with the creditor to avoid any future disputes.

Maintaining Client Relationship

We shall help provide a suitable debt settlement agreement between you and the creditor by maintaining your mutual relations and eliminating any possible future rifts. We protect the debtor's interest by providing our clients 100% debt settlement solutions. Our debt settlement experts will apply their professional skill set to the debt settlement process to provide a comprehensive way out to your accumulated debt settlement.

High Success Rate

We have a high success rate in the debt settlement process. Years of persistent efforts with numerous clients having unsettled debts have given our debt settlement experts in-depth knowledge about the services. Personal assistance and end-to-end support by our experts shall provide a hassle-free experience for our clients.

Process of Negotiation

Firstly, you get in contact with the customer care of the credit department or lenders. Persuade them to escalate your concern to higher authorities, such as the manager of the department. Explain to them the severity of your situation and the efforts that you are making to mitigate the situation. You can tell that you have already arranged a lump sum amount to be paid to the creditor. You can also mention if you have any other debt settlements going on with other lenders.

Secondly, you can start by offering “X” amount as a one-time settlement. This amount should be on the lower end of the spectrum. For instance, you can offer to pay 30% of your outstanding amount. The creditor will increase this amount. In the end, if you are being offered a percentage that is less than 50%, then you must consider accepting such debt settlement.

Lastly, after the negotiation process has been finished, it's important to finalize your debt settlement and produce the agreement in writing. Make sure to check the minute details of the debt settlement agreement, such as the settlement amount.

Do’s and Don’ts for Debt Settlement

There is some set of precautions that you need to ensure to have a successful debt settlement in your favour, which have been mentioned below-

  1. Aware of your Legal Rights:

    It's important for you to be aware of your legal rights. There is a popular legal maxim that states that “Where there is a Right, there is a remedy”. Therefore, you can claim a legal remedy only when you are aware of your rights. This will empower you during negotiations and help you make informed decisions.
  2. Prioritize your Debts:

    Prioritize high-interest loans or debts that have legal consequences if left unpaid.
  3. Engage a Debt Settlement Expert:

    Seeking assistance from a debt settlement expert who specializes in negotiation will increase your chances of securing a debt settlement in your favour.
  4. Courteous Communication:

    Maintain a courteous line of communication with your creditors by clearly articulating your financial difficulties, as it can improve the chances of a mutually beneficial settlement.
  5. Lump Sum Payment:

    Offering this payment leads to immediate debt relief and better management of finances.
  6. Written Confirmation:

    We always advise our clients to keep written confirmation of the debt settlement agreement as it minimizes future disputes between the parties, thereby protecting their interests.
  7. Don’t Ignore Lender Communication:

    Promptly respond to any communication from your lenders, be it phone calls, emails, or letters, as ignoring such communication may prove to be detrimental to your debt settlement negotiation. On the other hand, a prompt response shows your willingness to resolve the issue at the earliest.
  8. Don’t Overshare Personal or Business Information:

    Avoid sharing personal or confidential business information that is irrelevant to your debt settlement process, as this information could be misused and would violate your privacy.
  9. Avoid Paying Upfront Fees:

    Do not provide fees to the settlement agencies or professionals before you avail of their services.
  10. Avoid False Promises:

    Be honest and avoid making false promises that you can't fulfil during negotiations.
  11. Avoid ignoring Legal Protections:

    Be mindful of your legal rights and the protection that you can avail as a result of any infringement. For instance, harassment, coercion, fraud, and misrepresentation have been prohibited under the Indian Contract Act.

Risks of Debt Settlement

It is important to know the downside of the debt settlement process as well. Firstly, you need to arrange for a lump-sum amount that has to be given as a one-time payment to the lender. This attracts the lender because they are being offered a lump sum amount.

Secondly, you must permanently close your credit card account after the settlement because of your poor track record of repaying the borrowed money. Last but not least, debt settlement will negatively affect your credit score because taking loans and credit card approvals will be difficult. Even if you get a loan, you will be charged a much higher interest rate.

What if debt settlement is the only option left?

If the debt settlement is the only option left for you, then you must decide if you want to negotiate with the lender yourself or hire a professional team to negotiate on your behalf for your debt settlement.

However, since negotiating a debt settlement is time-consuming and not a cakewalk, we would advise you to seek professional help. We at Enterslice can be your companion in your journey to debt settlement.

What you can do in the last months of building up your credit card statement is to cut your expenses for at least 6 months before negotiating a debt settlement. This will make your lender accommodate your requests.

Debt Relief Measures

Debt Management Plan

A debt management plan is offered by credit counselling agencies to facilitate an agreement between a borrower and a creditor. In this plan, you make a lump sum payment to the agency each month. These monthly payments are calculated based on the consumer’s budget and don’t depend upon the credit score. The agency then sends that monthly payment amount to the creditors, who then offer lesser interest rates on credit cards.

Debt Consolidation

Debt consolidation rolls multiple debts of the client into a single payment transaction, which is offered at a much lower interest rate. It is done through the act of using a new loan to pay off the older debts. The main advantage of this process is that it makes it easier for you to repay your loan, i.e. you must pay monthly EMIs throughout the duration to repay the borrowed amount. Apart from this, they are also affordable, and these loans offer better flexibility and benefits.


Bankruptcy involves liquidation of the assets of the debtor and using those proceeds to repay the creditors. It is often resorted to in cases where the debtor is a company whose assets have become non-performing (NPA) over a period of time. In India, the Insolvency and Bankruptcy Code of 2016 oversees the liquidation of such assets.

Have sleepless nights due to overburdening debt? Request a call, and we will help you analyze and prioritize your debts.

Factors Affecting Negotiation

Firstly, you must ensure that you have a recent history of on-time monthly payments. If you have made around 20 consecutive timely payments and shown an ability to manage your balances, you will be in a better position to negotiate with the lender and strike a better debt settlement deal in your favour. However, even if you don’t have a good payment history, lenders may still be lenient during the negotiation. This trend has been observed in many debt settlement processes post-covid.

Secondly, persistence is the essence of the debt settlement negotiation. You must not be sceptical about raising your concern with top management in case of ambiguity in negotiation. In case your offer to reduce the interest rate has previously been turned down, you can try again to negotiate if your current situation has improved due to your recent on-time payments.

Thirdly, keep your debt records up to date so that you can explain your situation to the credit card issuers if such a situation arises.

Pros of Debt Settlement

Relief from unbearable debt

Debt Settlement via negotiation fastens the process of settling debt. Other alternatives like that of debt management plan, debt consolidation, and bankruptcy are often time-consuming and cause undue stress upon the debtor.

Avoid Bankruptcy

Both bankruptcy and debt settlement remain on your credit report. However, bankruptcy remains for a long duration. Apart from that, some job applications require you to answer if you have ever filed for bankruptcy.

No Calls from Debt Collectors

Debt settlement would bring an end to the endless calls from debt collectors and avoid your debt being sent to collection agencies.

Avoid Litigation

Insecure debts like that on credit cards are easy to settle, and secured debts like mortgages can't be settled. After successfully finalizing a debt settlement agreement, you can avoid litigations, which are time-consuming and costly. 

Pre-Requisites for Debt Settlement?


An agreement has to be made between the lender and the borrower as a part of debt settlement.

Lump Sum Amount

You must arrange for a lump sum amount that has to be paid by the borrower to the lender as a one-time payment to settle the debt.

Debt Settlement Professional

Hiring a professional on your behalf to negotiate a debt settlement with the lender.

DIY Debt Settlement

If you want to do the debt settlement yourself, then you must get in contact with the manager in the debt settlement department and start by negotiating 30% of your amount due.

Debt Negotiation Alternatives

Sometimes, the debt of the borrower is way too much, or they don't have access to a lump sum amount of money to be given to the lenders. In other cases, borrowers want to avoid the negative effects of debt settlement plans on their credit scores. As a result, such people can go for certain debt relief, which are mentioned below-

  • Debt Management Plan
  • Debt Consolidation
  • Filing for Bankruptcy
  • Reduce your monthly payments 
  • Go for an Alternate payment plan 
  • Until your financial situation gets better, you can ask for a temporary pause in loan/credit card repayments.
  • Credit Counselling

Credit Counselling

If you are confused about whether you should go for a debt settlement or not, then you can consult a credit counsellor. A phone call to a credit counsellor can help you determine if debt settlement via negotiation with creditors is the best option for you or not. Credit Counselling is a free or cheaper service provided by some non-profits or government agencies. These services are often partly funded by credit card companies.

By availing yourself of a credit counselling agency's debt management plan, you may get an interest rate reduction on your outstanding amount, along with the waiver of penalty fees. Apart from this, credit counselling services also include financial counselling and budgeting advice, along with some referrals to other low-cost services.

Therefore, it is better to consult a credit counselling agency before you consider initiating a debt settlement agreement. These credit counsellors will provide you with the best course of action available to minimize your debts.

Debt Settlement: Do it Yourself

Firstly, you need to determine if negotiation is right for you or not. In this regard, Enterslice shall be your companion and help you analyze your debts. After this, you will be required to set your terms, i.e. how much can you pay on a particular debt? A single missed payment record could strike off the entire deal and would hurt your credit score. While negotiating, tell your credit history in detail to the creditor, along with the reasons for the default in timely payments.

Make notes of every conversation that you have with the creditor while negotiating a debt settlement agreement. The notes must include the names of people you interact with, the call duration, and the topic discussed. After a debt settlement plan is approved by the creditor and debtor, make sure to get all the agreements in writing.

Debt Collection Agency

A debt collection agency is a company that collects customer’s debts that are at least 60 days due and sends them to the original creditor. Thus, a debt collection agency acts as a middleman. The work of a debt collection agency is done by the debt collectors.

Debt Collectors may also work independently. They use letters and phone calls to contact loan defaulters and convince them to repay the amount they owe to the creditor. Recovery of Debts and Bankruptcy Act, 1993, and Securitisation and Reconstruction of Assets and Enforcement of Security Act (SARFAESI) Act, 2002, require debt collectors to give a prior written notice of the debt.

Tips for Debt Negotiation

Firstly, explain your detailed story to the lender. Explain to them why you can’t pay your bills and throw some light on your financial health. If your lender understands your situation, then there is most likelihood of a debt settlement agreement in your favour. Secondly, you must refrain from making any transactions from the credit card that has a balance that you seek to settle. Try to avoid any transaction on such credit card 6 months before negotiating a debt settlement. Also, avoid using that card for purchasing luxury goods since lenders become quite sceptical about engaging in debt settlement in such cases.

Frequently Asked Questions

It is possible to negotiate a debt settlement even if you have defaulted on some payments in the past. This trend has been observed many times post-COVID.

Accepting a debt settlement can hurt your credit score as it will show “settled” on your credit report and lower your credit score. This would further create hindrances in availing of any loan in the future.

You can negotiate a debt settlement with a lender on your own. However, the process is time-consuming, and you must be aware of negotiation techniques as well.

No, creditors are not obligated to agree to a debt settlement negotiation. It solely depends upon the policies and guidelines of the creditor’s organization.

Debt settlement negotiations are common in credit card debt, personal loans, and business debts. However, they might not be possible in case of government-related debts.

To negotiate a debt settlement, all you have to do is call your credit card issuer, explain to them the severity of your situation, and escalate your concern to the higher authorities if required.

On average, 48% of the outstanding balance is usually settled in a debt settlement.

When you end up paying the fees to a debt settlement company but in lieu of that, you are not provided the services, then it would put stress on your financial health. When such things take place at a larger scale and with a larger number of people in the same company, then a debt settlement scam is said to have arisen.

Try not to breach your credit limits, and pay your bills on time. After following these measures, your credit score will improve gradually over time.

These are the loans issued by the financial institutions which the borrower has failed to pay back.

Yes, debt settlement is legal in India.

Enterslice can help you settle personal loans, credit card debts, and unsecured business loans.

In case you are not able to pay monthly payments or want to get rid of the debt without filing bankruptcy. Then, you can go for debt settlement.

Debt settlement is an agreement between the borrower and the lender whereby the borrower pays a part of the existing balance of money in lieu of the forgiveness of the balance payment.

Alternatives to debt negotiation include a debt management plan, debt consolidation, and filing for bankruptcy.

Credit Counselling is a free or cheaper service provided by some non-profits or government agencies. A phone call to a credit counsellor can help you determine if debt settlement via negotiation with creditors is the best option for you or not.

A debt management plan is offered by credit counselling agencies to facilitate an agreement between a borrower and a creditor. In this plan, you make a lump sum payment to the agency each month. The agency then sends that money to the creditor.

Debt consolidation rolls multiple debts of the client into a single payment transaction, which is offered at a much lower interest rate. It is done through the act of using a new loan to pay off the older debts.

A debt collection agency is a company that collects customer’s debts that are at least 60 days due and sends them to the original creditor.

Credit Card Loans in India can be settled by negotiating with the creditor directly and entering into a debt settlement agreement.

Pay your entire outstanding amount due to the bank, then obtain a No Objection Certificate (NOC) from the said bank to get your name removed from the CIBIL defaulters list.

CIBIL retains your financial history for 7 years.

Yes, you can settle your debt yourself by directly engaging with the creditor and negotiating a debt settlement agreement.

Negative effects on credit scores and arranging a lump sum amount for payment are some of the risks of engaging in a debt settlement.

It takes some time for your credit score to get improved after a loan settlement.


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