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My current monthly salary is ?16,000, but no lenders are willing to approve a loan due to my low credit score. Please help me with advice on how to manage or resolve this situation. or going to be settlement is good decision.
Thank you
Loan
My family is under around 55 lakhs debt among this 35 lakhs was taken at higher interest rate from local persons and remaining 20 lakhs is the due for goods or items we have purchase for shop. Our family income is not that enough to clear this dept in time and because of which our dept is increasing day by day. And we don' t have asset to sell to clear this due. We can pay this debt if we get loan from bank as bank EMI we can afford from our family income but due to no asset and low cibil bank people is not willing to give loan. This debt trap problem we are facing since lockdown and as of now we could get out of it. kindly help me to get out of this debt trap. Loan
Location: Bangalore
I am reaching out with a humble request for support or guidance in overcoming a severe financial crisis affecting my family’s health, education, and basic living.
I earn a monthly salary of ?50,000. Over the past two years, I have taken multiple personal loans totaling ?18 lakhs, apart from a housing loan of ?20 lakhs. These loans were primarily taken to cover urgent medical and family needs.
My elder son has been diagnosed with Type 1 Diabetes, which requires lifelong insulin therapy and monthly medical expenses of ?12,000. I also have a younger child, and both children are currently enrolled in school, adding to the financial burden through admission and educational expenses.
My total EMI burden has reached ?90,000 per month, including:
?32,000 for the home loan
?58,000 for various personal loans, including credit cards and app-based borrowings
Despite my sincere efforts, my current salary is not sufficient to cover the EMIs and essential expenses like groceries, education fees, and utility bills. Thankfully, my mother supports me with ?35,000 and my wife contributes ?15,000, bringing our total household income to ?1,00,000 per month. Yet, it remains extremely difficult to manage everything, especially with high fixed obligations.
I have approached banks for loan restructuring or top-up loans, but due to my high existing liabilities, they have declined. I am committed to repaying all my debts but am in desperate need of financial counselling, support for medical treatment, or guidance for debt restructuring.
If any NGO, financial institution, or kind-hearted individuals can guide or support us, it would make a world of difference to our lives.
Thank you for taking the time to read my appeal. Any help or direction would be deeply appreciated. Loan
Sucheta Dalal Trustee - Moneylife Foundation
Abhay Datar Abhay Datar is a consumer activist. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of Mumbai Grahak Panchayat (MGP) in 2008 and solved many cases related to banking including online fraudulent transactions, misuse of credit cards and ATM cards. Also handled cases related with mobile banking frauds and mediclaim. He was a Member of the Managing Committee of MGP till March 2021.
Shirish Shanbhag Shirish Shanbhag has an MSc in Organic Chemistry, Diploma in Higher Education, a Diploma in a French and has completed his LL.B. in first class, in 2021. Before his retirement, he was a junior college teacher at Patkar College from July 1980 to May 2012, where he taught theoretical and practical chemistry. Post retirement in 2012, he started providing guidance and counseling to people on several issues, with a specific focus on co-operative housing society related matters. Adv Shanbhag has a kee
Suresh Prabhu Mr Prabhu retired as Senior Vice President from HDFC Bank
R Bhuvaneswari After serving Bank of Baroda for almost 40 years, Ms Bhuvaneshwari retired as Chief Manager in 2013.
Yogesh Sapkale Yogesh Sapkale is Deputy Editor of Moneylife and writes on finance, credit related issues