Welcome to Moneylife Foundation’s CREDIT HELPLINEThe main objective of this Helpline is to provide information, advice and preliminary guidance to individuals needing help in credit related areas. Our objective is to arrive at a solution that is acceptable to both the borrower and the lender. We encourage responsible borrowing.

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Note: Moneylife Foundation and the Credit Helpline do not offer or arrange loans. Requests for loans will not be responded to.
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HOW IT WORKS
You can access the Credit Helpline in the following ways
1. Post a query here. You will get a reply shortly
2. Set up a one-o-one meeting with our counsellors either at Moneylife Foundation's Mumbai office or by Skype.
To use our credit helpline please confirm that you have read our terms and conditions.
ASK QUESTION
Note: Moneylife Foundation and the Credit Helpline do not offer or arrange loans.
Requests for loans will not be responded to.
OUR EXPERTS

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

Name: Thomas
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.
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Our Experts

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

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