I have multiple personal loans from instant loan apps and NBFCs. My total monthly EMI obligation is around ?3 lakh, while my income is ?1 lakh. Due to medical and financial stress, I am unable to service all EMIs. Most loans are from app-based lenders such as PayRupik, RupeeRedee, Fibe, MoneyView, Navi, True Balance, Stashfin, SmartCoin, etc. I am facing stress and fear of harassment and long-term CIBIL damage. I do NOT want to take any new loans. I need guidance on: 1) How to prioritise which loans to pay and which can be delayed 2) My rights against harassment by recovery agents 3) Whether settlement or restructuring is advisable in such cases 4) How to protect myself legally and financially during this period Please advise a safe and practical way forward.
Please write to [email protected] and seek an appointment for credit counselling. You will have to share details of your loans, your income, assets if any and other relevant details. The counselling will be online through Zoom on a Friday (on a fortnightly basis) between 4-6pm.
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

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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