i am unable 2 pay the persnl loans i hav taken frm banks . i hav lost all money..no propertys.. is suicide???

Question

i have loans from 3 banks and 2 credit cards.. all my loans are personal loans... i dont have any bank balance no properties nothing inherritted.. lost money in business.. not expecting money from anywhere...

i want to restatrt my life.. but bankers are harassing is suicide the only way to restart life in india??? help my family and 3 yr old kids..

Answer 1

Negotiate with the bankers, find a job and borrow once more to start over. But this time keep your word, or else you will be homeless.

Answer 2

First thing is, I do not believe, any Banking Authorities will provide loan without any guarantee or proof submission. But this can also be accepted since you have mentioned that it is personal loan. The best suggestion that I could give you is, talk to the Banking Authorities in such a way that you can reduce the monthly EMI's and that would relieve some burden for you. All Banks in India will have some considerations on such situations. So instead of thinking about the Insolvency Petition or Suicide try make use of the above points and Over come this situation soon.

Answer 3

Hi, there are many ways to solve your problem. However, you need to perservere and have the "never say die" spirit.

1) terminate all your credit cards. Inform bank about your inability to repay and ask for advice on the repayment the other way. Seek help from other banks too.
2) stop mourning and get a job. Start working and if you have anything that can be of some value, sell them through online auction.
3) you need to know what are your expenses: are they necessities? e.g handphone bill, car loans etc. As I have no idea where you are and what is your spending habit, all I can say is that self-control is the key.
3) every single cent counts. Start by repay the loan that has the highest interest rate chargable, and fast, yes, I mean fast, even if you need to go hungry.
4) people around you are not black-hearted. if they are, time to find new friends. Ask them if they can help you, e.g donate old clothes for your children, books etc. They may not be rich, but they can still help you a little. Do not be surprised at their generosity.

Hope you can brace yourself. Your family needs you and you need to work things out together with your family. Do not be afraid to speak of your fears and I'm sure things will work out fine.

Answer 4

Explain your situation to your Bankers and offer to do services to make up for what U owe. They'll be glad to get a worker that they don't have to pay for and that would also get rid of any bad karma. If U did suicide.. U'll have double trouble in your next incarnation or reincarnation. suicide is not a way out it only delays things! Are U a good cook? Are U good at anything? Everyone is good at something! Surely U can find some thing U can do that would satisfy bankers and credit companies. It's what I did when I was too far in credit.. Sears let me work off my debt of my
Discover card as a Janitor!

Answer 5

One simple approach is to ask yourself why you did it, and what you are willing to do for it. If the only answer is suicide then you were never fit for taking a risk opening a business. If you are really a risk taker, then you should take some more risk by using one thing you still have. Your own dignity, your own body and your brains.

Remember when you have your own self, you have 168 hours per week. If you work for Rs 100 per hour (assumption) then you can fetch Rs 120 x Rs 100 per week. Live on the littlest amount of that earning, and start paying off loans with 50% of that earned amount. Of course, I am not figuring taxes, and other W/D.

But, you get point.

It is basically, learning to crawl again, then limp, and then walk slowly and then start running again.

It will take you a total of X week. X is equal to Loan amount divided by Weekly Payment.

Take care and good luck our fellow human. Stay human since suicide is a cop-out for the weak and timid. You took the guts to write. You are not shy, weak or timid. That is the first sign.

If THIS note has helped, do WRITE BACK TO US in a few months. Talk to you soon!!!!!


KKP

Answer 6

Even if u contemplate suicide, remember, your debts will be automatically transferred to your new reincarnated life, with interest and service charge.
Better to work hard and pay now. U have a family and a 3 year old kid too to take care. If u commit suicide, do they also follow and commit suicide. Negotiate with the bankers and trying to start afresh. I know big business houses, that ran out of business, ran a big debt, and started afresh.
As long as there is life, there is hope. India is a large country, and it is easy to make money in small low investment business of providing eatables, chaat, chinese dishes, dosas etc. I have seen people with less brains make a lot of money.

Answer 7

Firstly, you need to look at this as an opportunity to start your life anew not as the end of your life.
Sit down with your wife and work out a plan to get out of this debt. If the plan is a honest one you will be amazed how God just keeps sending you all the help that you need and just at the right time.
Look for a job. Take anything that comes your way. Don't think of anything as less than your level. Do whatever it takes to earn money. The only criteria is that it should be an honest job. Both you and your wife should look for a job. Both of you need to work.
Cut down your expenses. For example, if you are living in a rented two-room flat, shift to a one-room flat. Cut down your expenses wherever else possible.
Take the help of a friend or family member. Not for repaying your bills but for anyway they can help. For example, somebody might be ready to let you stay in their house for say a month or be ready to say take care of your child while you and your wife are looking for a job. Remember this is yor debt not theirs. So anyway they help be grateful.
Don't take any more debts. Stop using credit cards. Spend what you have. Don't spend what you don't have.
Lastly, stop blaming the bankers. They are just doing their job. They do not donate money they give it out on credit. Imagine if you lent money to someone, how would you feel if they did not return it to you. You would be harrassing them too. Work it out with them. Sit with them and work out something. If they see that you are making a genuine effort they will come up with something.
I know right know it might seem an impossible task. But once you are through this and you will get through this, you will have a some very good lessons to pass it on to your child and your grandchildren. Believe me. I have been there and done all of that.
May God bless you and your family with the strength to overcome this.

Answer 8

Suicide seems like an easy way out but isn't the right solution. It would be unfair to many people, including yourself.

First of all, you must realize that wealth shouldn't be the most important thing in life. If you loose all your money, then don't feel that life is over. In the 1920 US stock market crash, investors who lost all their money went jumping out of skyscrapers in New York. If they had just stuck it out, things would have gotten better for them.

You can overcome this. Talk to your creditors and tell them of your situation. Tell them that you will find work and pay them off. Save a portion of your money and build yourself up again. Learn from this and things will be better the next time around.

Answer 9

Suicide is out of the question.

If you still have a job, you need to go to the bank to see if they would grant a debt consolidation loan. If that fails, then you need to seek credit councilling e.g. Avco, etc and if they can not be much help to you, seek your family for help. If none of the above works for you, the last resort is to file bankruptcy.

Good luck!!

Answer 10

I dont get it. How would suicide restart your life in India? Is this about reincarnation or something? I mean, in that case, why not give it a shot? Perhaps you will be reborn as an infant in a millionaire family. You couldnt do much worse than you are now. I'd take out insurance first, then when you kill yourself your family will be taken care of. Good luck

Answer 11

Suicide is not solution.
As you say you lost your money in business than do like Enron. Declare yourself as bank-corrupt and take legal advice from lawyer to declare yourself as bank-corrupt.
Start driving rickshaw (3 wheelers in night). Do job in day time. Sleep only for 6 hours maximum. Cancel all credit cards.
Eat only Dal roti. Don't dream for chicken, mutton and fish.