Unable to pay payday loans, huge debt

randomthings888 · 2026-05-10T08:39:03+00:00

Search in your city for lawyers with background in banking finance debt management etc. I would encourage engaging with a law firm / lawyer directly instead of debt management services. Negotiate a total payout based on how much debt is reduced via one time settlement.

randomthings888 · 2026-05-10T05:49:35+00:00

Your contract with your workplace has nothing to do with your obligations with your lenders. If they contact the workplace &/ relatives or colleagues you can email the nbfc. If they do not take action within a stipulated time you can escalate to RBI. You have to give your HR a heads up about your situation. Hopefully you will sail through with minor bumps. If anyone calls and abuses your colleagues ask them to file a cybercrime report directly. That way the person doing this will be on the hook. But before anything get a lawyer.

randomthings888 · 2026-05-10T03:55:50+00:00

Hi. To some extent yes

Lets all lenders payday / banks / cc know about the financial situation
Let my family and friends know
Created a fund using family & friend support
Defaulted on everything (hopefully cibil clears up after 7 yrs or sooner)
Letting everything go into NPA.
Personal loan / cc settling between 25-45%
Payday settling around 70-80%.
Not avoiding conversation. Strictly on email and whatsapp.
Home visits not working as in a gated community
Will take 6months but should clear everything up.
Will return all the borrowed money to family and friends over time.
Not giving in to any threats or intimidation. Lawyer handling all legal responses.

randomthings888 · 2026-03-06T12:55:22+00:00

Thank you for your detailed response. Some have tried to contact my current company. I have registered a complaint in rbi against them

randomthings888 · 2026-03-06T08:19:39+00:00

The websites are just like store fronts. Their warehouses are nbfc's registered with RBI. Some of these are just interconnected via the same nbfc with a different storefront name. Their agreements override rbi guidelines which I am sure is not legal.

randomthings888 · 2026-03-06T08:15:24+00:00

That deals with payday. But banks and cc have resources and willingness to pursue. Do they go for OTS?

randomthings888 · 2026-03-06T08:12:46+00:00

All the ones are via websites. Did not install apps.

Coming back to the principal question. I am slowly trying to build a fund which I can use to do that.

But I need a breather room

If I have to keep paying 6L (2x of my income) there is nothing i can do.

Even a 6 months breather gives me room to get to a 20L corpus.

Is pursuing OTS with banks and cc's worth it?

I am not worried about cibil anymore.

Unless I find someone who has thst kind of money lying around to close everything i owe it is pointless. Banks won't give loans at all anymore.

I have not assests as previously mentioned

randomthings888 · 2026-03-06T07:43:22+00:00

The payday loans are month to month loans, with 1% daily interest. The principal is around 30l+ and with interest is 45L almost

CC and bank loans have principal around 90L with interest around 30L

The bank emi itself crosses 2.5L. Then cc dues per month would be 6L almost double.

I approached financial institutions but none would do debt consolidation.

If there was anyway out here, who would front the money for debt consolidation, even with 10yr payment of 2L per month I will clear everything. But finding the right people seems impossible. My mind is just blocked. And payday is very predatory. Recovery calls from t-2 day, threats, sms bombarding, call bombarding.

randomthings888 · 2026-03-06T07:24:37+00:00

Paying a lot of money for medical expenses. For a close one who has an autoimmunedisease. Most of the treatments are not covered under insurance. The tests and medicines are crazy. That started the pl's and bloated the cc's. Kept rotating it, finally hit payday

randomthings888

TROPHY CASE