Need Help to Close Loan or Settlement the Loan - Debt over 11 Lakhs

[zealot]

Hello All,

I made some bad decisions and bad habits made me here today.
I have more than 11 Lakhs Debt, EMI is Around 75K a month. (Within Six Months it will come down to 50k as 25K EMI ending in 6 Months)
I have managed pay somehow with my side hustles and job. I cant do it anymore.
Now I can only Pay EMI of 40K month hardly. Is there any way to reduce the EMI or Go with settlement.
If anyone know anything or anyone can help me. Kindly suggest me to get the situation under control.

Thank You. Anything Welcomed.

@Abhishek012

 

[bsc0008]

You may look into consolidation & restructuring of some loans into long term (this will reduce monthly emi, but total interest paid over loan tenure will increase).
Check with the banks which you already hold loans, some might give you top-up on existing loans, use that to close other smaller loans. Choosing longer term for the top-up loan will reduce total monthly outgo.

 

[zealot]

You may look into consolidation & restructuring of some loans into long term (this will reduce monthly emi, but total interest paid over loan tenure will increase).
Check with the banks which you already hold loans, some might give you top-up on existing loans, use that to close other smaller loans. Choosing longer term for the top-up loan will reduce total monthly outgo.

Thank You for Response. I am looking for Consolidation loans but Bank is refusing to give any loan. Longer tenure is fine for me, Once I am back to in good position, I will pre close the loans. But coming 6 months going to be bad for me. Harassment from Banks is a only issue, I am worrying right now.

 

[RishiKiDev]

Thank You for Response. I am looking for Consolidation loans but Bank is refusing to give any loan. Longer tenure is fine for me, Once I am back to in good position, I will pre close the loans. But coming 6 months going to be bad for me. Harassment from Banks is a only issue, I am worrying right now.

You are in a very crappy situation brother. I would say try for restructuring but most probably they will deny.

For now just suck it up and face it head on, there will be visits from third parties and harassment but that's the only way.

I wouldn't advice you for settlement as it will ruin your credit taking ability.
Just hold on.

 

[cryoengine]

This is why people buy gold in India. Every family got some. Good luck, hopefully, you pull through.

 

[zealot]

You are in a very crappy situation brother. I would say try for restructuring but most probably they will deny.

For now just suck it up and face it head on, there will be visits from third parties and harassment but that's the only way.

I wouldn't advice you for settlement as it will ruin your credit taking ability.
Just hold on.

Yes, I don't want to do settlement. I just need sometime to pay off.

Let's face it.

 

[zealot]

This is why people buy gold in India. Every family got some. Good luck, hopefully, you pull through.

Thanks bro. Hoping for the best and Asked banks for restructure.

Let's face it.

 

[RishiKiDev]

Yes, I don't want to do settlement. I just need sometime to pay off.

Let's face it.

I would suggest you to tell your family members so that they be prepared to deal with those recovery guys.
Also get a new mobile number to avoid the spamming.

This too shall pass.

 

[bsc0008]

Harassment from Banks is a only issue, I am worrying right now.

Please go through the below article for guidelines issued by RBI for loan recovery and for agents. Don't hesitate to escalate the persons / bank if they don't follow it. As much as they have the right to recover the money from you, you also have the right to defend your rights & respect. This too shall pass!

https://www.financialexpress.com/money/how-to-deal-with-harassment-by-loan-recovery-agents-and-file-complaint-3049157/

 

[zealot]

Thank You Guys

 

[RAMESH BABU N]

If you have any assets - not in use now or useful in the near future - list them n sell. Hold the proceeds. Use that in emergency situations. Significantly change your living style n adopt to a strict frugal way of living. It is difficult but not impossible. In my 43 years of working experience, I have seen many in such similar situations who have come out of trouble.
Mend your ways. Learn from the past mistakes n REMEMBER the life's lessons. These make you a better person. All the best.

 

[zealot]

If you have any assets - not in use now or useful in the near future - list them n sell. Hold the proceeds. Use that in emergency situations. Significantly change your living style n adopt to a strict frugal way of living. It is difficult but not impossible. In my 43 years of working experience, I have seen many in such similar situations who have come out of trouble.
Mend your ways. Learn from the past mistakes n REMEMBER the life's lessons. These make you a better person. All the best.

Thank You Sir

 

[leonneel]

In future even if u have multiple credit card always spend what u have in bank and use those cards as debit card. Sure use ur cc for reward and cb/instant discount and all but never spend the amount u don't have in ur bank.

 

[ARV]

Yes, I don't want to do settlement. I just need sometime to pay off.

Let's face it.

I would suggest to go for settlement if they don't extend your tenure. Any ways your CIBIL would have taken a hit because of late payments. You can always go back and pay the full amount and close the loan even if settled, at least it will give you some peace of mind to recoup yourself and plan your finance. Once you close all your loans (from settled to close) you will get future loans may be not from the same bank but you will get. I myself have gone through this because of some bad business decisions some years back. Trust me its a passing cloud and you will bounce back

 

[zealot]

I would suggest to go for settlement if they don't extend your tenure. Any ways your CIBIL would have taken a hit because of late payments. You can always go back and pay the full amount and close the loan even if settled, at least it will give you some peace of mind to recoup yourself and plan your finance. Once you close all your loans (from settled to close) you will get future loans may be not from the same bank but you will get. I myself have gone through this because of some bad business decisions some years back. Trust me its a passing cloud and you will bounce back

Till now I have managed to Pay, So banks not ready for settlement, I guess. I have asked for restructure they refused.

 

[Sahilhenzy]

My uncle is in the same situation he had to quit his job due to his health problems and he is paying his emi from his credit card just to maintain a good payment records and strong relationship with the bank. He does have loan offers from other bank but it's little bit less than required but if he takes 2 loans so the requirement will get completed.

If you guys have any suggestions or help please do let me know so that I can help him playing all those debt. Thanks in advance

He is very strict in loans and he never wants to delay or miss emi. I like his dedication but his health is occuring the problem

 

[onlineramarao]

Apply for credit cards if you are eligible.
There are people who rotate 30L to 40L every month with credit cards. 11L is peanuts.

 

[ujjawal]

Hello All,

I made some bad decisions and bad habits made me here today.
I have more than 11 Lakhs Debt, EMI is Around 75K a month. (Within Six Months it will come down to 50k as 25K EMI ending in 6 Months)
I have managed pay somehow with my side hustles and job. I cant do it anymore.
Now I can only Pay EMI of 40K month hardly. Is there any way to reduce the EMI or Go with settlement.
If anyone know anything or anyone can help me. Kindly suggest me to get the situation under control.

Thank You. Anything Welcomed.

@Abhishek012

There are multiple NBFCs which offer flexi loans where you can pay interest for initial years(2-3yrs) and when you have money you can start paying principal.

 

[zealot]

Apply for credit cards if you are eligible.
There are people who rotate 30L to 40L every month with credit cards. 11L is peanuts.

But it's big for me sadly. I am eligible like that big limits.

 

[zealot]

There are multiple NBFCs which offer flexi loans where you can pay interest for initial years(2-3yrs) and when you have money you can start paying principal.

Recommend any If you know. That will be helpful for me