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I have 1 personal loan and 2 credit card defaults, I was jobless and from last 3 months i didnt paid emi, but now i have a good paid job. Now I need 1 personal loan to clear all my past dues in one shot. please let me know about you.
Congratulations about your job and it is good to know that you are serious about getting your credit life in order and paying back your dues. However, we are unclear why you will want to take another loan to clear your dues. We would advise you to meet your lender and the two credit cards and negotiate with them for a possible consolidation of your loans. You may want to try and put together money from your personal resources (maybe some gold you own or something you can sell) to close one of the credit cards. The rest can be paid over time as a loan with fixed EMIs. You can meet our expert counsellor on Saturday with all your documents, if you are in Mumbai. Or call him for guidance.

You have not given details of which credit cards you own, how much is your outstanding and what is your ability to pay. You will need to bring these details to the counsellor if you want specific guidance to actually move things forward.

As for your request for a loan — it is unlikely to happen - no lender will give you fresh money when you have three defaults.

We hope this helps
Our Experts

Sucheta Dalal Trustee - Moneylife Foundation

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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