Other
$0 raised of $41,000 goal
0.00%
Caught in a loop of debt
by Krishnan V
Created Apr 30, 2022 |
India
- 0 Donations
- No deadline
- 0 Likes
I am now in a total debt of nearly 40000 USD. It came to this high an amount simply because every creditor kept repeatedly giving me extremely low amounts thereby causing me to take whatever I got, to pay off pre-existing EMIs and this continued to mount with credit card interest along going above my monthly salary. For those who are not aware of how the lending institutions in this country work, they stop at NOTHING. The courts are extremely slow and before someone even looks into the harassment you are put through by the hired thugs and gangsters of the lending institutions, things become too late.
I am left to the mercy of these fraud apps and other ruthless lenders who take undue advantage of our dire need to make repayments consistently as is happening with me. On a side note, big lenders should also note that the approval and sanctioning department turning a blind-eye towards those in need and blindly following robotic rules (eg: credit report showing high debt but absolutely no consideration shown to the fact that this account that is over 16 years old and that every single repayment of the last 2 decades have been 100%) are leading to these ruthless startup moneylenders bleeding or siphoning a significant part of the earning potential of the big companies that have large capital to lend and the tenure they can afford to provide.
The problem started with my requirement for immediate funds last year during lockdown when banks were either shut or refusing to provide their routine services including loans. I simply took my card company's one year instant loan of approx 7000 USD. The bank then refused to convert it to an extended tenure saying I "accepted" the tenure while booking. After a few months, with lockdown continuing I couldn't go to any bank to apply for a regular loan to foreclose this bloodsucking loan and then I ended up borrowing more under the same "insta" option so my credit score doesn't get ruined. Thus started the saga of loans and more loans and my entire salary getting used on repayments and further towards excess use of my credit cards for routine spends and maxing out of the limits on all of them. Now these multiple cards all put-together - the interest on the due amounts alone are phenomenally high.
Also, big firms such as yours might consider focusing more on the debt consolidation assistance which is currently a dire need for millions of people and that might form a significant chunk of the company's earnings in the form of interest. Every single banking and financial institution I notice just has some mini write-up on debt consolidation but when the loan department is approached, they say they do not have any such separate category of loans and the application will be treated as a fresh personal loan and the routine eligibility criteria will be calculated.
I am hopeful that there could be some people out there who give consideration to "others" who desperately need money aside of those who play with your emotions showing injured animals or photos of poverty of abhoriginal people. Of course these cases do deserve our attention, but ignoring or considering people in dire need such as myself as "not important", I do not know why that happens. I personally approached many people portraying themselves as philanthropists and donating money for charity but they somehow didn't think they would get their publicity by helping me out.
I am left to the mercy of these fraud apps and other ruthless lenders who take undue advantage of our dire need to make repayments consistently as is happening with me. On a side note, big lenders should also note that the approval and sanctioning department turning a blind-eye towards those in need and blindly following robotic rules (eg: credit report showing high debt but absolutely no consideration shown to the fact that this account that is over 16 years old and that every single repayment of the last 2 decades have been 100%) are leading to these ruthless startup moneylenders bleeding or siphoning a significant part of the earning potential of the big companies that have large capital to lend and the tenure they can afford to provide.
The problem started with my requirement for immediate funds last year during lockdown when banks were either shut or refusing to provide their routine services including loans. I simply took my card company's one year instant loan of approx 7000 USD. The bank then refused to convert it to an extended tenure saying I "accepted" the tenure while booking. After a few months, with lockdown continuing I couldn't go to any bank to apply for a regular loan to foreclose this bloodsucking loan and then I ended up borrowing more under the same "insta" option so my credit score doesn't get ruined. Thus started the saga of loans and more loans and my entire salary getting used on repayments and further towards excess use of my credit cards for routine spends and maxing out of the limits on all of them. Now these multiple cards all put-together - the interest on the due amounts alone are phenomenally high.
Also, big firms such as yours might consider focusing more on the debt consolidation assistance which is currently a dire need for millions of people and that might form a significant chunk of the company's earnings in the form of interest. Every single banking and financial institution I notice just has some mini write-up on debt consolidation but when the loan department is approached, they say they do not have any such separate category of loans and the application will be treated as a fresh personal loan and the routine eligibility criteria will be calculated.
I am hopeful that there could be some people out there who give consideration to "others" who desperately need money aside of those who play with your emotions showing injured animals or photos of poverty of abhoriginal people. Of course these cases do deserve our attention, but ignoring or considering people in dire need such as myself as "not important", I do not know why that happens. I personally approached many people portraying themselves as philanthropists and donating money for charity but they somehow didn't think they would get their publicity by helping me out.
Trending Campaign
Top Trending Campaigns
Animal
Help Our Dog
We are raising funds for our dog. Please donate us.
$50,760
145.03%
raised of $35,000
by Daniella Teixeira
No deadline
Animal
Legal Defense Fund
We need funds for legal funds. Please help us. Thanks
$50,605
50.61%
raised of $100,000
by Chris Poole
No deadline
Animal
The Mateo Vet
Want to join me in making a difference? I'm Dr. Mateo I've been a veterinarian f...
$50,590
505.90%
raised of $10,000
by Justin Harnish
No deadline
Featured Campaigns
Campaigns selected by our team
Animal
Horse Farm Needed Funds
Horses farm needed funds. Please help us. Thank you
$45,260
90.52%
raised of $50,000
by Chris Poole
No deadline
Animal
Support Wildlife
We need urgent funds for wildlife.
$49,165
49.17%
raised of $100,000
by Lachlan Bailey
No deadline
Animal
Help Feed the Animals During Lockdown
Help Feed the Animals During Lockdown
$45,270
905.40%
raised of $5,000
by Christian Frank
No deadline
Related Campaigns
Take a look at other campaigns in the same category.
Other
Donation For Me
Support Me Brother I need money for my life
$0
0.00%
raised of $500
by Nur Aenun Aulia
No deadline
Other
Education and Freedom
Being raised by a single parent has not been easy, but with the help of God and...
$0
0.00%
raised of $500
by Oyedeji Ebenezer
No deadline
Other
Rent, food and school fees
My name is Chandre im from Cape Town South Africa. I usually sells homemade brac...
$0
0.00%
raised of $17,000
by Chandre
No deadline