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My financial conditions are very poor from last few months,I don't have any job,I had taken personal loan and 2 credit cards,from starting I paid emi and minimum dues on time,but from last months I am unable to pay my emis on time,what should I do.every day many calls from bank are coming on my phone,I am getting very much affraid while taking their phone,they don't understand anybody's problem just asking to pay money,it is very difficult for me now to Deal with multiple emi's.bajaj persons making to much problem,my credit score is still good.i tried many times now for another personal loan and mortgage loan,but all rejected,I desperately for some help to come out of dept trap,my financial situation is not good,I need money for my wife's treatment also,but at present I am very helpless,what should I do.i am very much in depression.How to come out of this.please give me suggestions,help me,give me any solutions.
Thanks.
You need help and you need to get it fast. But first, there are no quick fixes. Taking more loans today at high interest rates will put you in a bigger hole. What you need to do is re-organise your finances and talk to your creditors to find a solution. 

We understand that you must be getting rude and threatening calls from lenders. Our suggestions would be to do the following. Document your finances and look for sources of income. If you are able to write this email you have access to the net and can find some source of income at least temporarily. 

Secondly write down what you owe in a simple table — one column for your borrowings (credit cards, personal loans, home loan etc), second column, amount payable, third for monthly EMI, and finally a list a all your monthly expenditure (rent, living expenses, other liabilities, food etc) and all your assets. You would be surprised at how solutions can be found once you have a list. 

Please do not rush to seek expensive loans against gold etc. In fact you have to work at getting rid of your more expensive loans and consolidating others. What is of primary importance is that you demonstrate a willingness to pay and make an active effort to start finding a job. 

Finally see guidance. I would also say, seek FREE guidance and don’t go to any of the credit fixers who will promise to eliminate your problem for a fat fee. If you are in Mumbai, contact Moneylife at (022) 4920 5000 or [email protected] to fix an appointment for Thursday between 5-7 pm when you can meet a counselor. If you are not in Mumbai, you can call the above number on a Thursday and ask to speak to a counselor over phone.

If you are in Delhi contact centres like Disha run by ICICI bank. They will help you organise your loans and find a way out. 

But you have to be determined and work at it — otherwise you will cause long term damage to your credit history and borrowing ability. 

All the best and we hope you come out of your problems quickly.
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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