Financial problem?

Question

I m faceing big financialproblem. I have taken a loan of 20lacs. Had a total loss bussniess. Now i dont know how to repay the bank. I m stike in a big problem. Can anyone show me a way out.Wel i m serious about my situation. Just cant express my situation. :-(

Answer 1

DECLARED YOURSELF BANKRUPT AND SHIFT TO ANOTHER CITY WORK THERE.

Answer 2

it would have been better to guide you if you would have given a bit of details about the buisness you invested in. as the business doesn't always is dependable and there is always a chance of failure so the banks keep themselves safeguarded for all eventualities. a lot depends on the bank from which you have borrowed the amount. if you have taken loan from a government bank, the best course of action is to declare your assets to a private sector bank and apply for a fresh loan for the repayment of the original loan. you get give any damn reason to the new banker, they won't care, because private sector banks are bit more relaxant to give loans for payment, after that you can get a clause in it that repayment of the fresh loan will start after 6 months or a year. that way you will get some time to build up ur business again.

the second way is that you don't recieve any letter from the bank which says u to make payment.the best way to do it is make some payment to the postman and ask him to return all the communications saying the person i.e u have shifted, if it's ur bad luck and the postman don't accept bribe lock the doors of ur home from outside and use windows to come and go, so that all the notices send to you are returned. after that the bank will start calling ur guarrentor and now it's his responsibility to make the payment and you will be scot free. lol

just make sure that they are not able to trace you. better change ur mobile number, address and everything, but before u do that, make sure that ur assets which u leased with the bank to take the loan as guarrentee are sold. lol

Answer 3

You didn't inform what business you done. I am also a business person. If you have exported and suffered a loss , please approch ECGC (but you should have taken a cover with them). They will reimburse 80 % of the loss. If you have taken loan from vigorish or usury fellows then god alone can save you, they will put meter/mile/rocket/jet type of interest and kill you.

If taken from a Banking institution (am talking about nationlised bank, you can talk with them and try to bring down the principal or atlerast the waive the interest. If taken a loan from ICICI or Std charted other private banks and foreign banks, again god can alone save you as they are mordern govt recognised usury organisations. If you have given any security, they will put the case in DRT and the case will drag, you can gain time and try to rapay. ( applicable only with nationalised banks). So think which is right, but never ever take a worng decision like leaving this world, if you think, you can find a solution, try talking with friends, family members and your well wishers, if you put some effort and have confidence in you, you can repay the loans and come out with flying colours. Pl don't loose your courage, if courage lost every thing is lost. for your information I am also in a similar situation and of course, some time it hurts me but I overcome that by my courage to fight to achive and show that I can survive in any type of tests the god places on me. HOPE YOU WON'T TAKE ANY WRONG DECISIONS / STEPS. Best of Luck my friend.

Answer 4

I'm in the same damn place right now. You have a number of options. Try talking to the bank and explaining the situation, to see if they can lower the payments by extending the term of the loan, etc. Or, declare bankruptcy, which will "erase" the debt or form a repayment plan that is manageable for you. You can also talk to a debt management group, to avoid bankruptcy. They will negotiate with your creditors to allow a workable repayment plan. Most importantly, keep your head up and get a good attorney if you have other creditors that are going to try and collect.

Answer 5

first try arrange whatever money you can get from selling the remaining assests and pay the bank.if still balance take time.try to nego with bank without interst or some concession.then take some rest .think calmly .then start something in a small way with your own strength dont depend on anybody .work hard and you are again in the ladder.never loose confidence.failure is the first step to surceases.best of luck

Answer 6

Negotiate with the bank. Give them authentic proof of what you have or what you own. then watch the bank make an offer. You did not say which bank it is. This is real. I owed 1,25 crores to Canara Bank they have settled with me for RS. 10 lacks. Do not be afraid go to the bank and talk to them. write me if you want

Answer 7

make list of atleast ten names mainly ur business associates, or friends who can help u in trouble to atleast pay asmall part of loan , and start a newbusiness with a great idea with small loan , which will help u to pay the loan , feel positive, thank god for helping u to come out of this situation.

Answer 8

It is bank who have the problem.If you are unable to pay back,it is nothing you can do about it.Bankruptcy is the way.if you took money and have transferred to other banks you are afraid about ? let the bank take what ever is left of your business.

Answer 9

invest what u have in shares, that can help, or u can use the ways what others have suggested.

Answer 10

apply for IP through your lawyer.