What to do about debt with tight finances?
I have an outstanding debt of 13 lac from a credit card and a personal loan, and my financial condition is very tight. I am not able to pay the EMIs. What should I do?
With a pending debt of 13 lac on tight finances, you need urgent legal and financial counsel. Negotiate with your lenders to obtain a new repayment schedule, such as restructuring or stretching your EMIs. Options for debt consolidation or settlement might also be explored to reduce monthly payments. As a last resort, insolvency under the Insolvency and Bankruptcy Code (IBC) may be an option. Act at once. It is important to talk to a qualified debt counselor or legal professional who can evaluate your financial situation, recommend the optimal solution, and assist in maintaining your credit record from further degradation.
You can contact your bank to negotiate a settlement or restructuring of your loan. You can also apply for debt restructuring or file for insolvency if necessary. It is advised to consult an expert financial lawyer to understand your options and avoid legal action like recovery suits. For further legal assistance contact us on our helpline number.
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