Credit card and personal loan default

Hello Bashista Sir,

Sub: Could not pay my Credit Card Outstanding and Personal Loan EMIs

I was reading the bolgs on CC defaut and Personal Loan default. I need your support, I am really worried and looking for a suggestion which could help me to come out of the current situation:

I was working as a Manager in one of the top MNCs based in Delhi (NCR), I have lost my job and have no clue how should I handle the debts which I owe:

I have 3 Personal Loans: 2 with HDFC (Outstanding amount: 3 Lacs and 2.5 lacs) and 1 with Axis (95000 Out Standing) Apart from this, I have two credit cards with outstanding amount of 235000 and 45000K, with HDFC and ICICI bank.

I am not sure what to do and what is going to happen with me. I only have Rs. 25 in my account. Please suggest me, what should I do. I am least worried about my CBIL score. I want a settlement. I really cannot take a pressure any more. I have not slept properly from last 5-6 days. I am a married man and have two daughters, their education is also at stake. Please help me out, looking out for your support and plesae please reply to my issue.

I will be thankful to you.

Thanks

Tarun

Thank you so much for the valuable information Mr. Bashista. That was an eye opener!!  

Deall All,

I would like to pose a question,in 2007 i was working in a IT company in Noida.A lot of Bank employes used to come to our office and would offer us a Credit card or Loan with minimum or No documents apart from our ID cards and Salary Certificates and a Bank Statement.one such Bank guy came in and told me to take a Personal Loan,i told him that i do not belong to Noida and i live in a rented House.He told me to give him my Id card and salary Certificate and took my Hometown address without any Valid Adress Proof.I guess he managed to make duplicate rent agrement of where i lived then and some other documents and got me a personal loan of Rs 100000/-.However i told him to apply for 50K only.He took some post dated cheques As well,i told me that he will also take some money from me for doing all this.So Finally I got the Loan amount  and he took his share and i was surprised to see that the laon they gave me was 100000,however i applied for 50k,also out of the loan amount they deducted some amount for various services and processing fess,and after that bank guy took his share i guess i was left with 65000k.I paid for few months and later on quit that job and left that city and moved to my Home town.I COMPLETLY UNDERSTAND THAT I AM AT FAULT AND I SHOULD HAVE NOT AGREED TO THAT BANK GUY FOR SUCH A LOAN AND THAT TOO WITHOUT DOCUMENTS.And i do agree that at that time i was not sure if i would repay or not.
Now there are two points i need your advice on.
My uncle who lives on that hometown adress that is mentioned for the loan purpose,kept geeting calls on his Landline and at time few guys also came there,but as i donot live there they cound never contact me and time agin my Uncle told them that i do not live there.
Now My uncle recetly got a LEGAL NOTICE asking me to Repay aroound 3 lac 80 K i guess this includes all the intrest and penalties.
Question NO 1. What does this Legal Notice Means to me and what can bank do to me if i donot respond as i personally donot live there or they have nwver contacted me.But that house is my Uncles.Can they book me under any section or can they send police or warranty,even if it is a personal Loan with no Gaurntor ore collateral.
Question No.2.I would like to repay them but a nominal amount and considering that bank guy tempted me for loan that i never wanted and he took his share that can be proved by the cheque he took from me and debited that amount from my account.Can i get a repayment option in EMI and that too of a nominal amount and not that intrest and penalty of so many Years ,I would like to pay them a setteelment amount of 70k and that too in 6 Installemts.Please do let me know who i should Contact and is it possible.Bank is ICICI Noida.

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