Ravi Writes,
Hi i m holding few credit cards,and on credit card basis i got personal loans & now i dont have any job even my financial positions r very in bad bcoz of which i m finding it difficult to do the payments , My previous track record with every bank is excellent. My personal loan outstanding is approx Rs. 1.45 Lacs. Kindly suggest me what is the procedure to settle them and how much amount has to pay. At the most if I borrow from my friends & relatives I can give them approx. Rs. 55-60 thousand. Please suggest.
Ravi,
You need to do some tough negotiations with Bank and BCSBI - follow steps recommended by CardBahi here -
http://www.cardbhai.com/2009/12/how-to-settle-credit-loan-defaults.html But I am confident even if you can pay off half of the outstanding, the interest on the remaining half will be modest and I am sure earning Rs 10,000 to 20,000 by means of temporary job to get rid of this debt is not a bad idea.
