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 Foundationâ€™s expert on FRIDAY by calling (022) 4920 5000. These sessions are conducted every Friday between 4-6pm.
Sucheta Dalal Trustee - Moneylife Foundation
Abhay Datar Abhay Datar is a consumer activist and is also Member of the Managing Committee of Mumbai Grahak Panchayat (MGP). He was Treasurer at MGP for over two and a half years. After working at Bank of Baroda for about 29 years, he retired as IT Manager. After retirement, Mr Datar joined Consumer Guidance Cell of 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 to mobile and mediclaim. Mr Data
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
To ask a questionPlease