I have debt of 27 lakh from app loan and credit card loan
7 months ago
Actually I took 27 lakhs personal loan from apps (navi, fibe, paytm, cred) and credit card loan on my good cibil, and 5 lakhs took from some people too. This is unsecure loan. I paid only one installment for all but next installmention is missed. due to my job loss in the september 2023 and someone did fraud with me in june 2023. I lost my all money including my savings in that fraud. I filed a FIR too regarding it. Now i can't pay to all instalment because every month need to pay 1 lakh approx.
1. what should I do in this situation ?
2. If file a case Bankruptcy and insolvency to the court, what will happen after file a case, court will waive off the loan in this case ?
Please help me into this and give me good advice.
A.Dear Client,
Here are some general points to consider:
Assess Your Financial Situation: Before taking any legal action, thoroughly assess your financial situation. Create a comprehensive list of all your debts, including the personal loans from apps, credit card loans, and the money borrowed from individuals. Determine your total liabilities and your current income, if any.
Communication with Creditors: Try to communicate with your creditors, including banks, app-based lenders, and individuals. Explain your financial hardship due to job loss and the fraud you experienced. Some creditors may be willing to work out a revised repayment plan or negotiate a settlement.
Bankruptcy and Insolvency: If you are overwhelmed by debt and cannot reasonably repay it, you may consider filing for bankruptcy or insolvency. This is a legal process where your assets and liabilities are evaluated, and a court may discharge or restructure your debts. However, bankruptcy should be considered as a last resort, as it can have long-term consequences on your credit and financial future.
Legal Counsel: Consult with an attorney who specializes in bankruptcy and insolvency. They can help you understand the pros and cons of bankruptcy, assist you in preparing and filing the necessary paperwork, and represent your interests in court.
Credit Counseling: Consider seeking assistance from a credit counseling agency, which can help you explore options for debt management and budgeting.
Debt Consolidation: Depending on your circumstances, debt consolidation may be an option. This involves taking out a new loan to pay off multiple existing debts, simplifying your monthly payments.
Credit Score Impact: Keep in mind that bankruptcy or insolvency can have a significant impact on your credit score, making it challenging to obtain credit in the future. It's important to understand the consequences and consider alternative solutions if possible.
Thank you.
Here are some general points to consider:
Assess Your Financial Situation: Before taking any legal action, thoroughly assess your financial situation. Create a comprehensive list of all your debts, including the personal loans from apps, credit card loans, and the money borrowed from individuals. Determine your total liabilities and your current income, if any.
Communication with Creditors: Try to communicate with your creditors, including banks, app-based lenders, and individuals. Explain your financial hardship due to job loss and the fraud you experienced. Some creditors may be willing to work out a revised repayment plan or negotiate a settlement.
Bankruptcy and Insolvency: If you are overwhelmed by debt and cannot reasonably repay it, you may consider filing for bankruptcy or insolvency. This is a legal process where your assets and liabilities are evaluated, and a court may discharge or restructure your debts. However, bankruptcy should be considered as a last resort, as it can have long-term consequences on your credit and financial future.
Legal Counsel: Consult with an attorney who specializes in bankruptcy and insolvency. They can help you understand the pros and cons of bankruptcy, assist you in preparing and filing the necessary paperwork, and represent your interests in court.
Credit Counseling: Consider seeking assistance from a credit counseling agency, which can help you explore options for debt management and budgeting.
Debt Consolidation: Depending on your circumstances, debt consolidation may be an option. This involves taking out a new loan to pay off multiple existing debts, simplifying your monthly payments.
Credit Score Impact: Keep in mind that bankruptcy or insolvency can have a significant impact on your credit score, making it challenging to obtain credit in the future. It's important to understand the consequences and consider alternative solutions if possible.
Thank you.
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