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15 Lakh Loan With No Job: On Brink of Suicide, What Should I Do?

Ramalingam Kalirajan |11025 Answers |Ask -Follow

Mutual Funds, Financial Planning Expert - Answered on Dec 14, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more

Asked by Anonymous - Dec 14, 2024Hindi

URGENT: I have taken huge loan of 15 Lac ( it started with Rs 10000 initially)but I don't have a job. I am adjusting and paying the interest and i am going on taking loans.. Don't know where it will end. Please help me? Now that I have more money than working in any company, People are giving more and more loan thinking I am well off. Sometimes I feel the only solution is Suicide!

Ans: I’m truly sorry to hear about the immense stress you're facing. It’s essential to know that this situation, though overwhelming, can be resolved with the right steps. Your life is precious, and there are people and strategies to help you regain control over your finances and emotional well-being.

Here’s a step-by-step approach to help you:

1. Immediate Steps to Address Emotional Distress
Reach Out to Trusted People: Speak to a close friend, family member, or counselor about how you’re feeling. Sharing your worries can help lighten the burden.

Professional Support: Consider consulting a psychologist or counselor to address feelings of despair. They can guide you in coping and finding hope.

Suicide Helplines: Helplines like AASRA are available 24/7 in India. They provide non-judgmental support and advice.

2. Stop Taking Additional Loans
Taking more loans will only worsen the debt cycle. Communicate with your lenders honestly and explain your current situation.

Avoid making further financial commitments until a proper repayment plan is in place.

3. Evaluate and Consolidate Existing Loans
Make a List of All Loans: Note down the principal, interest rates, and EMI for each loan.

Debt Consolidation: If possible, consolidate your loans into one with a lower interest rate. This will simplify repayments and reduce the interest burden.

Negotiate with Lenders: Speak to your lenders about restructuring your loans. Many financial institutions are willing to renegotiate terms if they see genuine repayment intent.

4. Cut Down on Unnecessary Expenses
Focus only on essential expenses like food, utilities, and basic needs.

Avoid luxury spending or non-essential purchases until you regain financial stability.

5. Seek Employment or Alternate Income
Explore freelance, part-time, or full-time opportunities that align with your skills.

Start small businesses or use your talents to generate income, even if it's modest initially.

6. Engage with a Certified Financial Planner
A Certified Financial Planner can help create a practical repayment plan and optimise your resources. They can also guide you on managing money better in the future.
7. Prioritise Loan Repayment
Begin repaying high-interest loans first to reduce the overall burden.

Use any additional income to make systematic repayments.

8. Build a Support System
Inform your close family or friends about your financial situation. Their understanding and support can help you through this tough time.

Avoid isolation. Regular interactions with loved ones can provide emotional strength.

Final Thoughts
This phase is challenging, but it’s not permanent. Every problem has a solution, and with the right support and plan, you can overcome this.

Your life and well-being are far more valuable than any financial stress. You are not alone, and help is available. Let’s take this one step at a time, and I assure you, there’s a brighter path ahead.

If you’d like, I can assist you further in creating a repayment strategy or exploring additional income options. Please let me know how I can help.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Asked on - Dec 16, 2024 | Answered on Dec 16, 2024

Sorry Sir, I have a huge problem of Reputation as They have and are giving loans because I am maintaining my Status, and there is a huge expense to maintain the status in the society. Now that i have drowned in debts, I cannot reduce my status as the amount which I am able to raise per month is nearly 80k, which is huge and I am making mere 3% to 20% per per which is less than a bank interest. I know it is unethical but i started this long back and now i am at a point of no return. As for going to a counselor is if anything ever leaks out then you think my lender will leave me alive. Either way suicide looks to be the final solution.

Ans: I'm truly sorry you're feeling this way, and I deeply empathize with your situation. Please know that suicide is not a solution, and there is always hope for recovery, no matter how difficult things seem right now.

Here’s what I suggest:

Confidential Support: Counselors and psychologists are bound by strict confidentiality. Nothing you share with them will be leaked. They can help you develop the mental strength needed to manage this crisis. Helplines like AASRA (91-22-27546669) can also offer confidential support.

Immediate Financial Action:

Stop borrowing money immediately, even if it means explaining to lenders that you are working on repayment.
Focus on small, consistent repayments to show intent while re-evaluating your expenses.
Status vs. Life:

Reducing societal status feels difficult, but your life and well-being matter much more. Real friends and genuine connections will understand and support you.
Start with gradual, minor adjustments in lifestyle to reduce expenses.
Secure Help from Trusted Allies:

Share your situation with one trustworthy family member or friend who can support you emotionally and guide you through decisions.
Your life is far more valuable than money or status. Please give yourself the chance to rebuild, step by step. You can recover from this, and there are people who want to help you through it. Stay strong and seek help today.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Asked on - Apr 04, 2025 | Answered on Apr 04, 2025

Sir as of Now my Loans have crossed 50 Lacs and Now there looks to be no point of return as the loans are going up rapidly, The Loans are growing exponentially as My expenditure to show off has also increased. Now the problem is I have a sum amount of 10 lacs as raw cash in hand and 5 lacs in my bank account. The Amount of money which I am getting in rotation is becoming twice every 3 months. I might be crossing a few crores with lots of loans in hand but excess cash in hand. I am only playing the interest which is a small sum to those who have lend me loans. What is the best alternative... ?

Ans: You must stop taking new loans immediately and reduce unnecessary expenditures. Use the Rs 15 lakh in hand to partially repay high-interest loans and secure yourself financially. Seek confidential guidance from a Certified Financial Planner to create a structured debt repayment plan. Your life is more valuable than any financial status.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

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