Post
Personal Finance
7mo
an operations executive
Drowning in Debt: Need Urgent Help!
Hey everyone,
I'm feeling really overwhelmed right now. My family's in a tough spot financially with about ₹6 crores in loans. We're barely making ends meet, and our savings are almost gone.
We bring in around ₹5 lakhs a month, but most of it goes towards loan payments. To cover our basic needs, we have to borrow an extra ₹1 lakh every month. It's a constant struggle, and I'm starting to feel hopeless.
I know this is a lot to take in, but I'm hoping someone might have been through something similar or can offer some advice. Any help or suggestions would be greatly appreciated.
a content writer
7mo
What did you spend the 6 crores on? It should be an asset for the business, right? Is your business in profit or loss currently? Is the company private limited?
If you are not seeing the business prosper, it is time to declare bankruptcy if it is a private limited. If it is not a private limited and is directly under your name, you need to sell the assets to recover the money and pay it back.
The problem you are currently having is that you are mixing your finances with your business. From your personal finance standpoint, whatever amount you are putting in your business is an investment. If you are funding a business which is not working, that money is gone.
an assistant manager
7mo
Try to pay loan ASAP. At 5 lacs per month, it will take you 10 years and more just to pay this. Decrease your standard of living. And increase your salary. All the best.
vadacurry
7mo
works at
Increasing your income is not possible at this month. Doubling up your income only can reduce the loan repayment duration which is practically not possible. As one user has stated, you can reduce your living cost and try to sell the assets that you have invested. It certainly won't be much but it will relieve you a bit. Stay positive, stay strong. Cheers.
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a deputy manager
7mo (edited)
Its better you seek help from proffesional financial advisors and they will help you in managing your money and debt.
an ux designer
7mo
A month at a time, Good luck!
prodfixer
7mo
works at
You are not asking in the proper forum. This is not the place. You are not saying where are the 6 crores. What asset you kept as a mortgage. And, expecting people to give opinion/feedback. This doesn't work.
You explain the whole thing. Then me or others might be able to help
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