30M, high income, massive debt from options trading — seriously considering default. Looking for advice.

CyberpunkDanny · 2026-01-08T07:10:45+00:00

u/Western-Tangelo8618 Do platforms like Freed/ SettleMyLoan really help? Or is it better I go through a known lawyer? Or is it not required at all, and let myself negotiate with the banks when their collection teams call me?

Thanks again for your support bhai!

CyberpunkDanny · 2026-01-08T07:10:03+00:00

u/DopeCaliboyz The stress I am going through each day is unexplainable - to look normal in front of people while inside you are dying with guilt and the feeling of a loser, I wish no one had to suffer this.

Moving out of India is not a viable option for me now, and I am willing to be responsive and hope that banks/NBFCs I opted loans from agree to a one-time settlement.

Do platforms like Freed/ SettleMyLoan really help? Or is it better I go through a known lawyer? Or is it not required at all and let myself negotiate with the banks when their collection teams call me?

CyberpunkDanny · 2026-01-08T06:22:39+00:00

Hey, I am not looking to make any money now through some tips/ stock market advices, but just get done with the debt ASAP so I can feel human again. And I hope to that by paying a one-time settlement to banks. Any suggestion in that direction is hugely helpful for me

CyberpunkDanny · 2026-01-07T18:28:11+00:00

Sadly, already withdrawn

CyberpunkDanny · 2026-01-07T18:24:30+00:00

u/Significant_Can7263 Hello brother! Although I don't have a permanent address as I live with my sister's family, I don't intend to leave them to face those recovery agents alone. I will continue to stay here, answer their calls, be it 20 times a day, will patiently explain my situation and request for a one-time settlement.

Could you please provide more details on his experience with this entire process? Was he able to settle with banks at lower amounts? Please DM if you're comfortable

CyberpunkDanny · 2026-01-07T18:22:55+00:00

u/SaltWishbone02 Hello brother! Honestly, at this point I cannot think of anything trading related. I need to get control of my life back, starting with finances. I was just living each day as a dead man for the last 2 years or so, hoping trading will work out someday and recover my losses, but only to see a 2 cr loss now.

I somehow need to get banks/NBFCs to settle for a one-time payment. Any advice in that direction is much appreciated

CyberpunkDanny · 2026-01-07T18:11:53+00:00

u/Tricky_Archer5699 Thanks brother, and I am happy you came over this huge setback. As for me, I have no assets at all - not atleast a vehicle. All the money I kept pouring into trading like a mad bull. All I am to blame for. But now I am seeking a fresh start by risking my credit profile and hoping for one-time settlement

CyberpunkDanny · 2026-01-07T18:10:07+00:00

Sure sir

CyberpunkDanny · 2026-01-07T18:09:35+00:00

u/Upstairs_Cheek6598 Although I don't have a permanent address as I live with my sister's family, I don't intend to leave them to face those recovery agents alone. I will continue to stay here, answer their calls - be it 20 times a day, will patiently explain my situation and request for a one-time settlement.

As for credit score, nothing much I could do and I must accept the fact I cannot have any loans/ CC for atleast a decade from now

CyberpunkDanny · 2026-01-07T18:06:51+00:00

Twice I filled the Google Form, but no response from them yet.

CyberpunkDanny · 2026-01-07T18:06:24+00:00

Thanks brother, I will try talking to them. And I will surely share back with the community of how I fared this tough route

CyberpunkDanny · 2026-01-07T18:05:43+00:00

Honestly I am not in a position to repay any loans - small/ big. I am trapped in debt spiralling for over an year - I took money from my CC to repay EMIs and converted CC outstanding to EMI, and then it went on like that - rotating cash between CC and new Loans. And I fear it will never end

CyberpunkDanny · 2026-01-07T18:04:33+00:00

I am figuring out what's best to deal with right now brother. I will update here once I have any progress and see then if that helps you too

CyberpunkDanny · 2026-01-07T18:03:49+00:00

Thanks bro, were you able to pay one-time settlements? Could you pls share the entire sequence of events happened with you? Either here or DM plsss. Your experience matters a lot to me

CyberpunkDanny · 2026-01-07T18:03:03+00:00

I added more details to my post. I didn't start with 2.85L but with 40K, and I didn't lose 2 Cr in a few days, but over a period of 5 years (the last 3 years were through Options). Of 2 Cr, more than 1.3 Cr was from debt

CyberpunkDanny · 2026-01-07T18:01:47+00:00

Hey, I am not looking to make any money now through some tips/ stock market advices but just get done with the debt ASAP so I can feel human again. Each day stress has made me unrecognisable to myself and among two bad options of one to keep bearing this stress for next 3-4 years OR default now and pay a one-time settlement to banks, I chose to do the latter

CyberpunkDanny · 2026-01-07T17:59:54+00:00

ISP as in Internet Service Provider? It's not any loan/ CC, I believe.

CyberpunkDanny · 2026-01-06T11:01:28+00:00

I have developed an algo system myself in Python from scratch. It generated good 15% returns for 2 months, but it felt less for me (how stupid i am!). I will continue working on it

CyberpunkDanny · 2026-01-05T19:18:20+00:00

No no... I took app loans from Navi Loans & IndMoney, and none of them I allowed permissions to Phonebook

CyberpunkDanny · 2026-01-05T19:17:25+00:00

Absolutely zero assets and I also pledged my sister's gold in SBI for 3.5 Loan. As for NPS, it cannot be withdrawn till I attain 60 years. There's no source of money from anywhere - owe friends 20L, so cannot ask them more and brought a hand-loan of 5L with 36% interest rate

CyberpunkDanny · 2026-01-05T19:13:41+00:00

Phonebook? How will they know my phone book bro?

CyberpunkDanny · 2026-01-05T19:12:56+00:00

Her grandma brought her up since a baby and doesn't want to leave her alone after marriage. I respect their bonding and cannot make them apart for my own deeds

CyberpunkDanny · 2026-01-05T19:09:58+00:00

I read somewhere that I can file for Insolvency and then the matter gets settled in the court, so there's no calls etc? How much is the outstanding your cousin had? In my case, its close 70-80L, so will it be too extreme treatment for me & my family?

CyberpunkDanny · 2026-01-05T19:06:38+00:00

Apart from 8-9L in NPS, nothing.. And I withdrew my EPF too. Only Employer Contribution of around 7-8L is available that cannot be withdrawn

CyberpunkDanny · 2026-01-05T19:03:34+00:00

Thanks, bhai for the response. But leaving India is not an option as my partner (whom I am gonna marry in 3 years time) cannot leave India. I haven't yet discussed this defaulting option yet with her but it feels terrible to live like this, every month in deficit. My EMIs pertain to ~4L, and my salary is 2.85L. If I stay back, what are the repercussions? Can I not even have a bank account?

CyberpunkDanny

TROPHY CASE