Debt Resolution · 2 min read
Struggling with High EMIs? Get the help you need
In times of financial trouble, when monthly payments exceed what you earn, there’s a helping hand. Mr. X’s story illustrates how this assistance empowers individuals to overcome debt challenges and move towards a brighter financial future.
Mr. X reached out to us, Lawyer Panel, a company that helps people escape the trap of debt. Mr. X was in a financial difficulty, with lakhs of medical bills, job loss, and family problems piling up like heavy bricks, crushing him with debt. He could not sleep, stressed out by endless bills and annoying recovery agents.
When his query was allotted to one of our advocates, he felt a tiny spark of hope. The advocate calmly listened and figured out Mr. X’s situation. The advocate explained how to settle the debt, what could go wrong, and that things could actually get better. Hope grew inside Mr. X when the advocate became his coach and warrior. He taught Mr. X to budget, deal with recovery agents, and face his creditors bravely.
Also Read https://www.lawyerpanel.org/blog/harassment/useful-tips-when-dealing-with-a-recovery-agent/
The advocate dealt with smartness, explained difficulties with the lenders, slowly reducing the huge debt bit by bit. Mr. X had a total outstanding of Rs. 7.86 Lakhs, and his monthly EMIs were Rs. 50,000, but the salary of Mr. X was only Rs. 25,000 per month. There were a lot of hardships in the resolution journey, but the team of advocates helped Mr. X manage his recovery agent calls, drafting of legal documents, management of the bank, and resolution process.
The Bank and NBFCs realized the situation of the client and gave him a resolution letter at a suitable amount, after which the loan account got closed. We approached nodal officers of different lenders and made them realize that the client is getting hundreds of calls a day, and they helped us out.
After months of work, the advocate got Mr. X a great deal, finally shrinking the monster debt. Mr. X could breathe again, sleep again, and even laugh and dream with his family. The dark, uncertain future now glittered with possibilities. Mr. X’s story isn’t just about beating debt; it’s about how people helping people can change everything, even in the hardest times. It’s a message of hope for anyone drowning in debt, a reminder that even when things are terrible, there is always light at the end of the tunnel.
So, if you’re struggling, remember, you’re not alone. There’s help, there’s hope, and there’s a brighter future waiting for you. Just reach out.
