Am a SW professional working in Chennai as a Project manager in a medium size company. I have three dependents [ Wife and two kids ]. Am the only earning member in my family and whatever earned was earned by me alone. There was no asset or anything through my parents are my wife parents. Only asset they have given us are Education.
I had purchased a house in Saligramam area for 13L and to meet the other basic expenses I had to go for some personal loan since I do not have any other money with me. So My total Loan amount was aroune 16.5L. I was paying nearly 21k as EMI every month. Everything was fine till last year, till ICICI blocked my savings account due to my CREDIT Card payment pending. This is the only mistake I had did inspite of my father’s advice. Even for that I was paying properly. At one stage I wanted to close the CC. When I visited their branch there was no proper response. So I took it easily. But one fine day everything was colapsed. Since my account was blocked, I started receiving Cheques from my company as salary [ Being a small company and am in Sr. Management Level it was possible ] and used to pay most of the EMI thru cash since all the ECS was bouncing back from the back. Some how I had manager till January. January the situation has become worst that the salary from the company has got delayed at the begining and after two months we started receiving only 40% to 50% of the salary.
Now my debts are around 16.5L [ Including the credit Card and other petty loans ]. Just now the thing is getting regularised and atleast am geting 50% of salary on date. One of my friend suggested that I should top up my housing loan [ the value of the house now is around 10 to 25L ] with 3 or 4 L more and close all other loans and pay only for housing loan. This would be possible only if i go to another bank. Bank can direclty make payment to me creditors to assure that I am not misusing the money again.
I know this is really tough task. Non of the above was intentional. I need to come out of this issue and being the first own house bought in our generation I do not want to loose this also. I am prepared to make the payment through my office directly from my salary.
I do not even know some1 has faced this kind of situation in life. I need some help on how to overcome this situation. If anyone had and banking relations who has some idea on how to help me, please help me in this situation.
There are lots of people who has faced such situations. You should improve ur qualifications and try for a job which gives u better salary. Take help of law if that bank doesn’t respond to u properly.
September 16th, 2009 at 7:19 am
There are lots of people who has faced such situations. You should improve ur qualifications and try for a job which gives u better salary. Take help of law if that bank doesn’t respond to u properly.
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