My parents are gonna die !

My parents are gonna die !

Im 17M living in Bangalore my parents made an debt of 20 lakhs and now they are stuck in debt trap .they made this 20 laks debt by taking loan for interest and for paying that loan interest amount they have taken another loan and by doing so they are stuck in a loop . Both of them earn 10000 month . So my father decided to ask his boss for money and his boss said wait i will try and today his boss said he don’t have any money now . My mom just became unconscious and fell down and father is crying and now they decided to suicide both my mom and dad becuz they money lenders will come our home on 10th of this month and they said if we don’t pay the police is gonna come . Im really tensed idk what to do 😣😣

View on r/India by theRagno

  1. police cant do anything, you haven’t committed a crime and this is not a criminal offense unless your parents lied or tricked people into giving you loan. Sure the goons will harass you so much as its a big amount but legally no one can do anything to you, the only thing they can do is go to court and try to have your property and belongings sold off to recover their money, although it would be better to file for bankruptcy in that case. In any case i understand this is gonna be tough but suicide wont solve anything.

    I wish you all the luck and strength and hope your family is able to go through this

  2. Bro, I am a lawyer who is working at a bank. If your parents haven’t mortgaged anything and these people are legit companies/banks and not goons they’ll survive. Police can’t do jack shit all they can do is file a case before courts, and then too the only thing that might happen is that the property that is in your parent’s name would be sold. Ideally ask your parents to settle the loan under some OTS scheme(most banks have it), but still they’ll have to pay up a good chunk of money.

    Take care of your parent’s health both physical and mental, it is exhausting.

  3. Please understand police cant do anything to help them…if they do complain to a higher official citing its a civil matter…legally police cannot help in recovering money.

    Debt collectors will try to harass/scare you but honestly tough to hurt anyone…if they hurt you or anyone else record it and go to the cops.

  4. Everybody should just calm down. Only when you guys are truly in your senses, you will be able to think this through. The worst scenario should be just talking with the moneylenders and coming with a plan with them, like working for them or providing them some professional aid. Like labour work or something! For now just come up with some small piece of that money like around 1 lakh, sell something if you can ! For now just think about surviving rather than the ‘stuff’! Nothing values more than your life and some tranquility . Take care guys.
    Edit: And no more asking money from anyone, please.. Just learn from all this and instead work all day all night if you guys can.. think about that day in future, years from now, when you guys are debt free and have so much experience from all this struggle that you will be so free to follow your true passion! Until then just try to come up with some money doing labour work..

  5. In The worst case there are always the religious community to help you out.. if you guys would need to sell every bit of possession you guys hold, do that.. you would never die of hunger in India when all you need to do is go to Gurudwara and eat Langar there and provide some service there. Build trust in the community and ask for some help to find a good job. Use internet to learn new professional skills, put in your free time everyday an hour! For months just do that! At the end even without a college degree, you would definitely find work! Just make good connections within the community and do your best! Then there are also small jobs like at Burger king, McD, or a salesperson at some shop.. anything! Anything at all would do! A helper at a small fitness gym! Just talk with the people and do what you need to do..

  6. Oh man my family is in depth trap for 7 years now I’m grateful for my mom to lend money from some good people, we still depths to pay..your situation is harsher than ours. I just wish your family strength and I wish everything can be solved. I don’t think police can do anything about it tho. I know it’s hard time for all of you plss have strength.

    I wish they can just ask for the borrowed money not interest. People can be shit

  7. No body can do shit. Stop stressing and contact me. I was in a similar kind of situation but my amount was a lot more than yours. I’ll guide you how to deal with them. Don’t worry, it’s all gonne be okay.

  8. Hey OP! First off don’t panic. Please reach out to u/st_broseph he’s a social worker in Bangalore and quite active on reddit. If these are some shady characters who’re threatening your parents he may be able to help and find a solution with the authorities.

  9. Hi OP, please don’t panic. Believe me: it’s not as bad a situation as u think. First things first: where was loan taken from? Bank or some informal source? If its a bank, don’t worry if would be way easier to get out or get some buy in period. If it’s an informal source, then also I can help you. First of all, a lot of these informal sources are barred from lending this way. Their entire business is illegal. You can always make a complaint from a third account. I know I am sounding very vague, but it’s only because you haven’t provided enough details for me to help you with. I have seen people in such situations and trust me it’s not as bad. Bus realistic hoke situation dekh aur apne parents.ko kisi tareeke se hopeful bana!

  10. Just a suggestion seen many cases like this they would least try to take your case in court they can simply say we cannot pay that amount once the judge says or agree for payment arrangement non of your creditor can come near you yes it would be hard way but it can save both your parents I hope nothing happens to them

  11. Police can’t take money that you don’t have
    You gotta talk them out of it
    Call your relatives if neccesary

    Go file a complaint in the polive if the lenders harras them.

    Life is precious, please try your best to save them.

  12. Ok first, take a deep breath, try to calm down. I totally get your in a stressful situation. BUT let me say as a lawyer (corp, debt and insolvency law) this is my speciality.

    Firstly, as others have mentioned, police can’t do shit at all. They cannot get involved in a civil matter. They have no jurisdiction. If the loan companies wish to take action against your parents they will need to file in the court.

    Secondly, the amount your mentioning though substantial to you and your family, is actually nothing in the courts eyes. For the matter to be heard, it will take some time. However when they petition the court, you need to advise the court that you wish for the matter to be heard in the court, with one condition. ALL COMMUNICATION MUST BE IN WRITING. No phone calls, 99% of the time for small claims this will be approved. At least then you will not be harrassed and if they do contact after this approved it actually goes against RBI rules, in turn going against there credibility. If they do call take screenshots of the calls.

    Thirdly, the worst that can happen is file against your parents names a default on credit, which will not affect them really as they can still work and earn money to contribute to the loans. But also if in the future as things improve if you need to take a loan, first do your research and decide the necessity of taking the loan. Then you can take it on your name.

    But please I need you to take note of this. Under no circumstances are your parents to self harm themselves. Money comes and goes for all of us. But life is so so much more important. This is not worth taking there life over. 10 years from now you will all look back at this as just a rough time in life. This I promise.

    I wish you and your family the best, feel free to message me if you have any questions.

    Sending nothing but love to you and your family.

    All the best ❤️❤️

  13. Legally, Police cannot arrest them. Unless, your parents have signed any cheques, non-payment of loan is a civil matter and not a criminal matter.

    The police can arrest only in criminal matter. Most probably, the police will ask the lenders to file a suit with the court for recovery of money. The court will hire an arbitrator to check if the borrowers have any assest that can be sold. If not, then the arbitrator will report to the court that the lender are broke and they need declare bankruptcy.

  14. Some things u should mention Not trying to demean u. Trying to understand the picture.

    How was the loan of 20 lakh applied ? when they have an income of 10000. Private Lender i believe ? Was the loan paid in cash ? Is the lender connected ?

    How much is your income ? ( If u are willing to pay off that loan )

    What is the interest rate ?


    I believe is a private Lender. Your option only is to negotiate is to how much u can pay. Till screaming and cursing as much as u can manage.

    U have to ultimately pay up. See what all assets u can sell to payoff the principle first and negotiate for regular payouts.

    See if u can take loan from bank to payoff the lender.

  15. See they can do nothing just accept that u have taken money but cant do anything . Belive the more u get frieghten the more they will disturb . Just go and say i dont have money

  16. Coming from a bank employee just stop paying the loan. Steel your heart move places. The worst they can do is possess the assets which are mortgaged. Nothing more will happen.

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