How to Clear Debt of 50L
Hello All, If there is anyone who could guide me how to pay all the Debt amount. Let me tell you what exactly the situation is My cousin lost around 50 Lakhs in Cricket Betting and I need someone Financial suggestion or guidance to clear the debt as early as possible with minimal risk. Currently he earns around 3 lakhs a month post all expenses and all. Out of the 50 Lakhs , 30 lakhs has an interest of 10% a month I know this is very huge taken from mutiple persons and another 10 lakhs has around 6% per month and another 10 lakhs are from friends with no interest.
I need suggestions on how to a huge amount to first pay off the debt money ? I’m asking for a loan suggestion with minimal interest rate ? Types of loans my cousin can take ? Or Anyone faced any such issue and how did you handled it ? If it’s yours situation how will you handle it ? Please share the details and help to get out of this situation.
I am not able to comprehend how a talented person who earns 3 lakh a month can get caught up like this🥲 . Already earned so good what else he needed.
Never ask for financial advice on the internet. Please connect with a professional.
Snowball.
Clear highest interest rate loans first. Put everything towards it.
Take a personal loan if it's cheaper, and close out the higher interest loans.
Then. If loans from friends can be repaid slowly, then keep it for the end. If they are itchy, pay them each 10% every few months.
From my experience, personal loans will never be cheaper!!
One of the precise, clean and simple idea at its best. No over-complications too which of which the first half was my idea too lol.
Sounds crazy, but the only way to recover from such a financial loss is through betting again. You had already chosen a risky approach, so continue doing the same again.
Marwaoge aap toh
Bas kar bhai
Visit Shaadi.com
Why, dahej will cover it?
What are you researching bro?
Bc why they took loan of online gambling,and he earned more than 3 lakhs per month,let him fuck himself, you please stay away from it
Dude he is his brother 😎.
One financial advice for him. Ask him stop looking at shortcuts to make money. He makes enough money and his debt interest rate is not that bad. Don’t think he can get personal loan any cheaper. Put your head down and let 80% of the take home go in debt payment. 60k is enough for person to leave decently. With that sole aim he can pay off this on 2 years . Focus on career and try to jump to higher CTC within current company or related one. Don’t take another chance with stock market though many would advice for quicker repayment. It will again send you to a rabbit hole
50l is not that big of a amount for someone who is earning 3 lakhs per month. Just tell him spend minimal on his lifestyle for few years till loan comes down to around 20 lakhs and then there onwards decrease emi and his life is get back to normal. Honestly i have seen people taking bigger loans with much lesser salary to buy home. Its just he needs yo forget his money is gone for the good and it will never come back.
@ToughConference, My suggestion here is, get a loan from a bank.
Personal loan,
mortgage loan,
gold loan,
If he's employed, check if his company gives a loan to him.. many corporates do that.
Break FDs, or mutual funds, or do whatever he can, because 6% a month is 72% a year, and 10% a month is 120% a year.
Currently he has to pay total 3.6L in interests. So, all the 3L that he saves isn't sufficient just for interest. Forget about principal., his debt will keep increasing by 60k a month.
If the guy has good intentions and good at heart, he can talk to parents if possible and get collateral for Bank loans.
Worst case, go for personal loan apps, you can take from multiple apps..they will give loans at 20-25% interest rate per annum on average, but that's far better than 72%.
Last, never touch betting or gambling, or derivatives ever. There's no easy money in the world.
Also as @BeTheBestYouCan said, payoff highest interest ones first if you have to prioritise
