Urgent Suggestion Required - Helping Friend

[msd07]

Its very strange that u askes ideas to get relief for ur friend rather asking how to recover that 4lacs from him... good to see ppl like u.... its strange..

 

[msd07]

Now a days everyone wants quick money.. i always ppl refreshing their stocks or FnO's in the office left.... 99% of the times they are all in red...
Why ppl why...
Definitely .impact of social.media

 

[rams]

My nephew asked me 500. I gave (without asking any questions). He repaid on the exact date he promised. Same happened again and again until once he delayed the payment by a day without an excuse or sorry. I cut the ties with him (or vice versa) from then. I don't want to encourage such behaviour.

The actual amount doesn't matter. What matters is the decipline (in managing the money) and fulfilling the promise.

He may learn a lesson years later. I don't care what he thinks of me until then.

 

[tushu5121]

Now a days everyone wants quick money.. i always ppl refreshing their stocks or FnO's in the office left.... 99% of the times they are all in red...
Why ppl why...
Definitely .impact of social.media

In stock market lack of information and education.
F&O People thinks its like Jadu ki Chhadi

Elsewhere i currently hold portfolio in stocks with good enough of profit as i am
in stocks from 2018 so i knows what to do and when..

For my 4lacs as i said earlier these Frnds were with me on my Toughest time from childhood.
They helped me build my Shop.
Help me Get my life partner..
Helped me while i did my Surgery of tumors and many times i can't even type here.
I am lucky to have frnds like them.
Yes he is on wrong path he did wrong. Very wrong..
But still don't loose Good frnds at any cost thats the kearning i leanred at my 30s..

 

[Moulidharan]

Firstly, there's no solution here except asking the BM to do something.
I don't intend to judge your friend's character, but I'd say don't believe such people.

My cousin faced an exactly similar situation two years ago. One of his friends was in a situation just like your friend’s now. He asked my cousin for help to clear his debt of around ₹15L he used to bet on cricket and lost money. My cousin helped him with around ₹6L, and then the real game started.

He also started borrowing money using credit cards. Unfortunately, my cousin had shared his card details, and he spent around ₹50K. That’s when we noticed it, immediately blocked the credit card, and warned my cousin not to help him anymore.

The sad reality is that he didn’t pay the credit card bill for a long time, and my cousin had to rotate money to cover it. Meanwhile, we approached him several times to recover the ₹6L, but we couldn’t.

In the end, we barely recovered around ₹3L in installments. He then moved abroad and is still leading his life the same way—through betting and poker. He still keeps in touch with us and keeps asking for more time to clear the debt. We eventually moved on, but my cousin learned a hard lesson and is now very cautious.

See, if you wish to help such people, either you should be prepared to forget that money or you should have enough wealth that it doesn’t affect you much.

This is how society works: "Whenever money enters, relationships may break."

Never trust a poker or betting addict.

This may not apply to everyone, but it's a harsh reality that many people are like this.

I too in the need to pay a huge sum of debt which I got for my father around 6 lakhs and I said to repay it in 4 years as 15000 . But I got these loan for tenure of 3 years max where I had taken another loan of around 5 lakhs and I am still a student . So I can't manage . My father give me 15000 per month for emi . But I need to pay around 60000 . So I was searching was easy money to get . So I came to credit card and found out that I can earn when my parents spend using that. So I researched more ,more . So just got some highest rewarding credit card. And then found out that debit cards could also help . He may try to earn debit card rewards. Just search debit card rewardz in chrome am dit will give many bank rewardz related to this . Do some research and find out which might suitable and for now ,just for temporary he can do rotation of transactions and pay some ...not in huge ..huge things got patched out . So small is still available. Apply the law Something is better than nothing . Just do rotation of transactions using that debit card. Using this method i have already paid around 5~ lakhs in 2 years . So he can also try this way .

 

[H4CK_H0PP3R]

I haven't read all thread comments but I did understood that it's related to loan debt. I recently come to know some "settlement" options every bank gives to waive off some %. There is YouTube channel called settlement guru, in his videos can be seen some 30-35% can be settled. I don't know exact process but I am sharing what I saw. #DYOR

 

[magnusfan]

Your friend’s situation is challenging, but there are a few possible options to help him manage his debt and recovery effectively:


1. Loan Restructuring with Bank
Since the moratorium request was denied, he can approach his bank and request loan restructuring under RBI’s guidelines. Banks have discretionary power to restructure loans in cases of financial distress. Some options include:
• Extending loan tenure to reduce EMI burden
• Reducing interest rates (if the bank allows)
• Temporary EMI deferment due to medical issues (he can provide proof of treatment)


He should speak directly with the bank’s grievance redressal team or nodal officer rather than just customer service.

2. Settlement or Balance Transfer to Lower Interest Loan
If his personal loans have a very high interest rate (e.g., 14-18%), he can try getting a secured loan (against FD, property, or gold) at a lower rate and use that to close personal loans.
• Some banks offer balance transfer loans with lower rates and extended repayment periods.


3. Seeking Financial Counseling:
Since he worked at HDFC, he may have contacts in the bank’s debt management team or financial advisors who can guide him through this crisis. If not, he can approach RBI-registered financial counselors who provide debt management advice (e.g., Disha Financial Counseling).

4. Last Resort – One-Time Settlement (OTS) Negotiation
If he is unable to repay, he may try negotiating a One-Time Settlement (OTS) with the bank. This would mean paying a lump sum (less than the total outstanding), but it will affect his credit score.


5. Psychological & Financial Recovery
Given his mental health struggles, it’s critical to focus on emotional stability along with financial recovery. Since you’ve already helped him clear informal loans, he should avoid high-risk behavior (like gambling) in the future.

PS: This is a ChatGPT reply 🙂

 

[tushu5121]

Your friend’s situation is challenging, but there are a few possible options to help him manage his debt and recovery effectively:


1. Loan Restructuring with Bank
Since the moratorium request was denied, he can approach his bank and request loan restructuring under RBI’s guidelines. Banks have discretionary power to restructure loans in cases of financial distress. Some options include:
• Extending loan tenure to reduce EMI burden
• Reducing interest rates (if the bank allows)
• Temporary EMI deferment due to medical issues (he can provide proof of treatment)


He should speak directly with the bank’s grievance redressal team or nodal officer rather than just customer service.

2. Settlement or Balance Transfer to Lower Interest Loan
If his personal loans have a very high interest rate (e.g., 14-18%), he can try getting a secured loan (against FD, property, or gold) at a lower rate and use that to close personal loans.
• Some banks offer balance transfer loans with lower rates and extended repayment periods.


3. Seeking Financial Counseling:
Since he worked at HDFC, he may have contacts in the bank’s debt management team or financial advisors who can guide him through this crisis. If not, he can approach RBI-registered financial counselors who provide debt management advice (e.g., Disha Financial Counseling).

4. Last Resort – One-Time Settlement (OTS) Negotiation
If he is unable to repay, he may try negotiating a One-Time Settlement (OTS) with the bank. This would mean paying a lump sum (less than the total outstanding), but it will affect his credit score.


5. Psychological & Financial Recovery
Given his mental health struggles, it’s critical to focus on emotional stability along with financial recovery. Since you’ve already helped him clear informal loans, he should avoid high-risk behavior (like gambling) in the future.

PS: This is a ChatGPT reply 🙂

Yes i hope he will not do anything silly now.

I came to know he bought Some Gold of around 6lacs in 2 years and his mother has Some gold Already.

I Feel Gold Loan will be Good For his Temp.Relief.