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I am struggling to pay my credit card bills and loan EMIs, including both secured and unsecured bank loans. I have also taken loans from some financial apps and am unable to repay them now. Could you please help me understand how to negotiate with the bank and financial institutions? I would like to explore options for debt settlement or loan restructuring. Kindly guide me.
If you are unable to pay your credit card dues, bank loan EMIs, and app loans, first send a written request to all lenders for loan restructuring, settlement, or EMI rescheduling. Banks may consider this as per RBI guidelines, but settlement can affect your CIBIL score. Do not make random payments without written terms. If any recovery agent threatens or harasses you, you can file a complaint with the RBI Ombudsman, police, and send a legal notice through an advocate. For further legal assistance contact us on our helpline number.