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Hello Team,

My Self Selvam from Chennai and my age is 32 years .

I have took Some from various Banks & NBFC , My total loan is around 18 lakhs including 5 Credit card outstanding for near 5 lakhs, my income now is around 50000. But due to various loans my EMI alone goes around 42000 and no payment for the credit card , causes many defaults. I need a big loan which will clear all my loans and i am willing to pay a single EMI for some long tenure to over come this issue
. It would be really helpful if you help and assist on this ...

Mr Selvam, you seem unaware of the extent of a financial mess you have got yourself into. Your borrowing on 5 credit cards will be compounding very rapidly at an extremely high rate and you will soon be hassled for recovery - it may have already happened.

You are NOT likely to get a BIG loan to settle all loans or even a long tenure. Why will lenders take this risk. You need to evaluate your savings, assets and investments (including gold, property etc) and find a way to pay back the 5 credit cards FIRST. Unless you do that you will sink rapidly into bigger issues.

Also, don't take a gold loan, against any gold that you have. You need to sell and repay.

Please read up a little on financial literacy. If you need specific counselling, you can seek FREE guidance from Moneylife Foundation’s expert on FRIDAY by calling (022) 4920 5000. These sessions are conducted every Friday between 4-6pm.
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Sucheta Dalal Trustee - Moneylife Foundation

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