- This topic has 8 replies, 8 voices, and was last updated 1 year, 4 months ago by
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MSo basically my cousin has taken quite a lot of loans and is unable to pay now.
He has been defaulting on payments for the past 4-5 months now.
Tbh he is in such a situation that there is no way out.
Recovery agents are coming home and pestering his mom.
We stay in a joint family so the flat no he has given actually belongs to my mom.
Today one guy came and started clicking pictures of the house and I told him the flat is not his and he just stays here but they were rude and adamant.
I know its his mistake to take so much and unable to pay but we have decided to take the settlement road but that won’t happen overnight.
RbL is literally sending goons. They look so chapri and its scary to have these guys drop in everyday. They sit for hours in the basement as initmidation.
My cousin is in a big mess and no way to get out of it but we are seeing what can be done.
Can we file bankruptcy or something?
How to put a stop to this?
Also, he doesn’t have assets to sell.
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UAdvocate here,
Quite a lot of loans, and you want to file bankruptcy? How old is your brother?
You have options, but very limited.
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MMy cousin is 36yrs. Banks are not even offering settlement quickly. He is neck deep in debt of around 35-40l
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PTo calculate the EMI for a ₹45 lakh loan with an interest rate of 15% per annum and a tenure of 25 years, we can use the same formula:
Plugging in the values, we get:
EMI ≈ ₹49,491
So, the approximate EMI for a ₹45 lakh loan with an interest rate of 15% per annum and a tenure of 25 years is ₹49,491.
Here’s a breakdown of the loan:
– Total Interest Paid: ₹1,04,14,919
– Total Amount Paid: ₹1,49,14,919 (₹45 lakh principal + ₹1,04,14,919 interest)
– Loan Tenure: 25 years (300 months)If he has salary of 70 k and manage in 20-30k … Probably give this to bank , it will also give him time. Also pay to the people to whom he owns money
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