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Last Updated On 01-Feb-2026
Debt Collection

Stuck with 33 payday loans

I am stuck with 33 payday loans. I initially had only 5 and every month it got doubled or tripled as I was not getting amount to pay and I just started taking a new loan to pay the others. I have a total outstanding of 16 lakhs and total along with interest is around 22 lakhs. My salary is just 1.5 lakhs. I am now not able to manage it. When its month end, Its a real pressure now. Everyone keeps calling me to pay the loan. Not sure, which one should I close it. Can someone please help me to understand what can I do to comeout of this situation.

( Bangalore, Karnataka )

27-Jan-2026

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A.
Dear Sir,l

Payday loan companies almost never file real cases

Cheque bounce cases need:

Valid cheque

Proper notice

Threats like “FIR”, “warrant”, “court notice” are usually fake.
Which loans should you actually pay? (critical)
PRIORITY ORDER:

Bank / reputed NBFC loans (legal contracts)
Apps linked to RBI-registered NBFCs
Pure illegal apps → negotiate or ignore temporarily

Many apps inflate dues illegally. You are liable mainly for principal + reasonable interest, not extortionate amounts.

Negotiation strategy :

Once calls slow down:

What to say (copy-paste):

“I am facing genuine financial hardship.
I am willing to settle principal + reasonable interest in lumpsum or installments.
Please email written settlement terms.”

Never negotiate on calls. Only WhatsApp/email.
Posted On 01-Feb-2026
Kishan Dutt Kalaskar
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A.
What you should do is to get in touch with all the banks and credit card companies and ask for either settlement of loans or else restructuring of the loan to smaller EMI which you can pay.

If they agree for One time settlement (OTS) then try to negotiate and get the lowest amount to be paid which you can pay at one shot and close the loan account.
Posted On 29-Jan-2026
Abhimanyu Shandilya Advocate Abhimanyu Shandilya
Abhimanyu Shandilya
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A.
Dear Client,

Immediately stop taking new loans, understand that these lenders cannot jail you or legally seize your salary, and do not randomly close loans, as that only deepens the cycle. your most practical exit is negotiated settlement, where after temporary non-payment many lenders agree to close accounts for 40–60% of the principal, while you use written-only communication, file complaints if harassment continues, and set aside a fixed survivable amount each month to settle the most aggressive or high-value lenders first, making it realistic to exit this crisis.
Posted On 29-Jan-2026
Gourab Das Advocate Gourab Das
Gourab Das
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