Seeking Advice on Overcoming Financial Crisis and Managing Debt

shashankgowda

KF Rookie
Hello Forum Members,

I hope this message finds you well. I am reaching out to the community seeking advice and guidance regarding my current financial situation, which has taken a toll on me after the challenges brought on by the COVID-19 pandemic.

Unfortunately, I found myself without a proper job during these tough times, and to add to the stress, my mother's health condition has worsened. Amidst these difficulties, I am facing severe financial crises, with escalating issues from my creditors. The situation has become so dire that I am receiving threat calls from recovery agents who have even visited my home.

Here is a breakdown of my outstanding debts:

1. Kotak Amazon Loan - ₹85,591.12 notice issued (Only Penal Interest: 59,801)
2. Kotak PL- ₹5,99,412.57, notice issued ( Only Penal Interest 2,95,504)
3. ZestMoney - ₹75,736.43
4. HDFC Credit Card - ₹1,94,384
5. Kotak Credit Card - ₹71,787.54, notice issued
6. IndusInd Bank Credit Card - ₹1,02,628.87
7. ICICI Bank - ₹34,955.01
8. BajajFiv - ₹5,71,803.71 (Only Penal Interest 1,56,278)
9. DMI - ₹85,479

I have recently secured a job, which is a positive step forward. However, the accumulated debt is overwhelming, and I am not sure about the best way to tackle it. The high-interest rates and the threat calls from recovery agents have left me feeling lost and stressed.

I am contemplating whether to pursue a settlement with the creditors or explore other options to repay these accounts. I am open to any advice, insights, or experiences that the community may have in dealing with similar situations. If you have any suggestions on negotiating with creditors, managing debt, or any other financial strategies, please share your thoughts.

I appreciate your time and support during this challenging period. Thank you in advance for any guidance you can offer.

Best regards,
shashankgowda
 
Last edited:

Gigachad

KF Mentor
Hello Forum Members,

I hope this message finds you well. I am reaching out to the community seeking advice and guidance regarding my current financial situation, which has taken a toll on me after the challenges brought on by the COVID-19 pandemic.

Unfortunately, I found myself without a proper job during these tough times, and to add to the stress, my mother's health condition has worsened. Amidst these difficulties, I am facing severe financial crises, with escalating issues from my creditors. The situation has become so dire that I am receiving threat calls from recovery agents who have even visited my home.

Here is a breakdown of my outstanding debts:

1. Kotak Amazon Loan - ₹85,591.12 notice issued (Only Penal Interest: 59,801)
2. Kotak PL- ₹5,99,412.57, notice issued ( Only Penal Interest 2,95,504)
3. ZestMoney - ₹75,736.43
4. HDFC Credit Card - ₹1,94,384
5. Kotak Credit Card - ₹71,787.54, notice issued
6. IndusInd Bank Credit Card - ₹1,02,628.87
7. ICICI Bank - ₹34,955.01
8. BajajFiv - ₹5,71,803.71 (Only Penal Interest 1,56,278)
9. DMI - ₹85,479

I have recently secured a job, which is a positive step forward. However, the accumulated debt is overwhelming, and I am not sure about the best way to tackle it. The high-interest rates and the threat calls from recovery agents have left me feeling lost and stressed.

I am contemplating whether to pursue a settlement with the creditors or explore other options to repay these accounts. I am open to any advice, insights, or experiences that the community may have in dealing with similar situations. If you have any suggestions on negotiating with creditors, managing debt, or any other financial strategies, please share your thoughts.

I appreciate your time and support during this challenging period. Thank you in advance for any guidance you can offer.

Best regards,
shashankgowda
Arrenge the loan in the highest to lowest rate..

Pay the minimum on every load.. pay rest to the highest catagory..

Don't spend money on anything other then basic necessities..

Best of luck..
 
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