Getting out of debt trap

[teampureboston]

Okay, so a bit of background intro ….

I am 29 M, life has been a downward spiral since Covid, currently having 5.5L worth of bank loans(multiple loans) & owe money to a few friends(around 7L in total). Current salary 50k with 20k of home loan EMIs. I had investments in various stocks but after Covid I had to pull out & sell all my holdings, some in profit & others in loss. Overall things were green so I didn’t lose money there. Btw my Cibil is also f***d up. Also I’m unmarried, planning that sometime end of this year or next year at the latest.

All my earnings are just going away in paying EMIs & repaying friends, no savings are left for me at end of the month. I am just trying to get out of this financial crisis & start fresh.

BTW is it true that Cibil score gets reset after 3-4 years & credit companies don’t keep any records longer than that ?? For example if you have a bank credit card for 8+ years then Cibil agencies only keep last 3 years records ??

 

[haplotes]

@teampureboston No cibil is not reset !

 

[chas4all]

@teampureboston Forget CIBIL bro. At this point, look for ways to increase your income and pay off the debt. Sit down with your friends and ask if they will consider giving you a couple of months before you continue paying them. Go to the bank, and ask if they will help reduce EMI by extending tenure. Ensure you have 5-6k left at the end of the month for safety/unexpected expenses.

And I just beg you to not get married until you fix this situation to some extent. Do not bring debt into your married life, it will lower your quality of life even further.

And again, forget about your CIBIL, promise yourself to never take debt again.

 

[teampureboston]

@chas4all Friends are not the issue at all, they are not pressuring me for money. I can even pay them back next year(although I don’t want to because of marriage plans). The issue is with the loan EMIs.

 

[nicktxdad]

@teampureboston How much is your cibil now..don't miss any emis going forward

The banks won't forget your data,but your score will increase as you pay off your loans properly

You can try a mortgage loan on your house ...but how low is your cibil score ?

 

[trishacupra]

@teampureboston Hey OP, No - the cibil doesn't ever get reset.

Also, I thought this might help. We help reduce the number of Emis you have to pay with help of rewards earned from any of your daily shopping. Yes, even the kirana next to your house.

We are at https://www.emiswift.com. Let me know if we could help in getting your assets up.