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UPast few years I’ve been struggling with repayment of loans that were originally taken for medical bills in 2021. My father had no health insurance despite me asking him multiple times to get one, and during the emergency I ended up using my credit card and micro-loan apps like Cred and Lazypay to cover hospital payments as well as household expenses.
The amounts were:
* Credit Card: INR 93,000
* Cred: INR 32,000
* Lazypay: INR 28,000Total: INR 1.57 lakh
At the time I was freelancing as a 3D artist, and I’ve continued trying to survive through freelance work since I still haven’t been able to secure a stable full-time job. Initially I managed to keep the accounts alive by repaying portions and then reusing the available credit for household expenses, bills, and essentials. Eventually my income dropped to a point where I couldn’t even maintain the minimum cycle and I defaulted.
At the same time, there has been an ongoing attempt to sell my grandfather’s house so I could clear all dues properly in one go, but the sale has been delayed due to unresolved property-related issues.
After my grandfather passed away, I also had to relocate to his house to cut down on rent and living costs. Right now I’m the sole earning member of the household and I genuinely do not have assets or immediate funds that can cover the full amount in one shot.
Yesterday, the credit card company contacted me and indicated they had tracked down my current address and said a collection agent may visit within a week if payment isn’t made. I neither confirmed nor denied the address at the time.
I’m not refusing to pay and I’m not trying to run away from the debt. I simply do not have the ability to clear the full amount immediately. I’ve tried asking for support and repayment flexibility, but they are insisting on full settlement instead of partial payments.
At this point I’m honestly trying to understand what options I still have left and how to handle this situation properly without things escalating further.
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ULayer here, have you paid back a portion of the loans? What is the current status?
Banks and NBFCs have very strict guidelines with regard to recovery agents. Any recovery agent first has to identify themselves and can only visit you after your permission.
If it is possible for you to settle the loans, you can email the bank regarding that and with an offer for settlement. Your Cibil might take a hit if you settle though, so that is a tradeoff.
You can get in touch with me if you need any assistance, will be happy to help pro-bono -
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