How to cancel the loans

[User_9664a6df]

U

User_9664a6df
PARTICIPANT
January 15, 2025 at 6:13 pm

I am 22 and I have many loans going on and want to get rid of them, I am paying the minimum amount and settled 1 card.

the total debt is around 2 Lakhs and my current earnings are 20k per month and also I can take few from my prnts but I really want to get rid from all these loans.

What are all the ways to get rid from loans

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[User_f5acb0cd]

U

User_f5acb0cd
PARTICIPANT
January 15, 2025 at 6:18 pm

If possible, pay off from your salary. Else borrow from parents or anyone else where u won’t hv to pay interest.

Never pay just the Minimum due. Pay in full every time. Else ure gonna do down a terrible debt trap.

I’d say 2L is still manageable if u can arrange the funds, so pay it off asap.

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[User_9664a6df]

U

User_9664a6df
OP
January 15, 2025 at 6:21 pm

so should I go for the settlement ?

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[User_f5acb0cd]

U

User_f5acb0cd
PARTICIPANT
January 15, 2025 at 6:21 pm

Yes. No ifs or buts about it. But make sure the funds u use aren’t putting u in debt again.

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[Indianshivansh3984]

I

Indianshivansh3984
PARTICIPANT
January 19, 2025 at 1:05 pm

You cannot cancel the loans.
Ideally, you should pay them off in full so that you maintain a healthy credit score for future credit facilities, as you never know when you need to borrow money.
But in the case where you cannot pay them, you can opt for settlement options. This would, however, mean that your credit score would take damage and your credit history will show that you have settled a loan.

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[User_9664a6df]

U

User_9664a6df
OP
January 19, 2025 at 2:58 pm

I can only pay settlement amount currently

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