sir, im in huge loss in share market near to 45 lakhs... i taken personal loan and credit card loans from hdfc out standing due is nearly 16 lakhs...as in margin trading in my d-mat my positions come zero in my dmat ...as of now there is no income source for me to pay regular emis to bank... pls advice me what to do in this situation is there possible for me to take time to repay all my loans...pls advice..im getting regular calls from banks..with this tention im unable to concentrate on my further interviews or what to do next to clear my dues from my side.....pls advice me in this situaton how to come out
It seems like you have no discipline in life...taking loans in lakhs of rupees on credit card and personal loan which are unsecured and carry exorbitantly high rates of interest. No sane person can make so much money from stock markets to be able to repay such high interest loans and also profit from your investments. Do you realize that the bank has lent you these loans using the money invested by hundreds of depositors(incl. pensioners, etc.) who had kept their money in the bank ? Now how will the bank return the money to these depositors ? When you have lost your job or other source of income, the right thing to do would have been to talk to a Certified/Licensed Independant Financial Advisor. He would have helped you to conserve whatever savings you have, completely de-risk your assets, let go of your liabilities, trim down your lifestyle and try to get in some temporary full/part-time job or business activity that can earn you an income to sustain yourself during tough times. All over the world people and entire organizations are going through upheavals, so you are not alone. Executive vice-presidents of IT companies have turned into organic farming and garbage recycling entrpreneurs.
Best option for you now is to go and admit your mistakes to the bank / credit card instution. If you have a self-owned property, jewellery etc. any other assets, assess their current market value. The bank will file a lawsuit against you for liquidation of your remaining assets and try to recover their money. If you can successfully pay them back as soon as possible, then you will atleast get a chance to re-start your life afresh. Else you will have to go to jail for defrauding the bank. And the bank will be penalized by the court for incurring such irresponsible NPAs.