[User_f5acb0cd]

U

User_f5acb0cd
PARTICIPANT
January 16, 2025 at 8:48 pm

May I ask what’s the situation exactly? Amount, ur age, and related stuff if ure okay with it? Just trying to understand the situation a bit better

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[User_f5acb0cd]

U

User_f5acb0cd
PARTICIPANT
January 16, 2025 at 8:35 pm

Im not sure if there’s an option for filing bankruptcy in India, but either way, it has its pros and cons.
You would be able to get rid of your debt after paying whatever the court deems recoverable. You won’t hv to worry about the loan then.

BUT!!! Ur account will end up getting marked and will have the lowest cibil score (not joking), any chances of getting a loan in future (education, home, car, personal, etc), it’ll all go away (better to confirm than taking my word).

So keep in mind whatever path u choose, choose wisely. Talk to someone who manages personal finance (someone old & experienced)

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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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[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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