Need advise to take decision for Debt repayment

4 years ago

Dear Sir/Madam/Friends,

I am staying in Bangalore with my family (Wife and 9 years Daughter). Herewith i am sharing my actual situation which i have created by doing some mistakes in my life. But i want to rectify my mistakes which i did and want to make my and family life safe and secure. My age is 38 years. I came to bangalore in 2010 alone and got a small job. after that i changed my job after 6 months. then i got another job offer in 2013 with good salary and i joined that job which was running till Jan 2019. Before coming to Bangalore in 2010 i was staying in my native place where i was running my own consultancy of accounts management. due to interested in doing business i took some hand loans and started doing business in native place. But lenders have cheated and done fraud with me by asking so much of interest amount and due that reason i fall in debt of around 10 lakhs so i left my native place and came to bangalore in 2010. As my nature was very crazy and trying to do something very fast always. I made a mistakes in my company where i was working as an chief accountant and i was getting good salary also. But i made a mistakes by taking more salary from company's account instead of my original salary. Lastly i understood that what i am doing that very wrong and i need to stop doing this wrong activities but before that company people have filed a complain to police station and arrested me. So as i have decided to stop my fraudulent activities i accepted my offence and surrender myself to the police. As company owner was good and i requested him to take amount which i can arrange towards my fraud and allow me to stay out without going for further legal action like FIR or court case. So finally he has accepted and i paid some 18.5 lakhs and settled complain against me. As i have paid 18.5 lakhs to the company owner from my credit cards, personal loans, NBFC loans and taking some money from hand loan lenders against cheque. I sold some gold, car and all. Finally i got relaxation from that complain and all problems solved with that company in Jan 2019. Now, as i told you that i have paid my compensation amount against my complain from my creditcards, gold, car and handloans that banks and ledgers are harassing me like anything. From Jan2019 to Sept 2019 i paid my monthly EMIs and Credit card minimum payment and Interest amount to the hand loan lenders by adjusting some how. But from this month of October 2019 I don't have amount and no such income source to repay my loans. After doing above settlement i thought let me start my life again and let me start some business so i can repay my all loans. So i requested that hand loan lender to give some 10 lakhs to start business and to pay some of my loans EMI which was pending from last 4 months. So now where i have invest my amount around 5 lakhs that people have cheated me and informed me that your amount have been lost and now there is no balance with us. So finally now i have around 35 lakhs of debt as on today.
Now, as i have decided that not to do any wrong activities i have started my own small business which will take some time to develop and i know to achieve my goal to repay my loans will take around 4 years of time from this business. I am not doing any wrong activities and wrong decision to survive. I am doing my level best to generate income so i can repay my debt as earliest.
According to my current situation, I don't have money to repay my pending EMIs and atleast minimum payment to credit cards and interest amount to the handloan lender. So i thought about these issues and found some two solutions to solved this issues. I need your help to decide one option out of below. So please advise what to do.
Option No. 1 - Let me face to lenders and banks to ask some time gap without charging any more interest or penalties. So i can do and develop my business withing some time and start repaying my loans. After talking with banks and lenders they rejected my request for time gap or restructuring my loans and they informed me to pay and clear the loans immediately otherwise they will take legal actions and file suit against me. So in this situation what i have to do please advise whether I have to face all the legal action from the banks and lenders and surrender to them and go to the Jail imprisonment punishment or what can be done by the lenders in worst case for non payment of my dues.

Option No. 2 - I will send my wife and daughter to her father home for safety purpose for 1 or 2 years and i will hide my self to generate income from my business and to make myself capable to repay my loans. In this time period i will be staying in some PG or somewhere else where no body can identify me and find me.

Option No. 3 - I will shift from bangalore to some other city alongwith my family. I will totally disconnect my all mobile numbers and using my documents due to which i will be traced by banks and lenders or police. i will generate funds by earning from business in that city and save 38.5 lakhs to repay my loans. after making balance i will contact to the lenders and bank and repay my full loans in one shot. But it will take at least 5 years to generate this much of funds for repayment.

As i have told everything about my life. I want to change my life with good things only. I don't want to do any wrong activity and don't have any intention for not paying my loans also. I feel that I have taken loans and that is my responsibility to pay it back. I came to know meaning of truth of real life and what is our duty towards our family. I am totally changed now and thinking about to take decision out of above three options. I don't have any intention for doing any fraud to anyone now but need some time to recreate my capacity to repay and i know i can do it if i will get some time for 4 years. I have that much of potential that to generate funds but only thing is need time to generate it.

I have written everything. Now i need your support and help to decide what option i have to select. Please advise me as earliest so i can take decision soon and atleast i can save my family who is not a part of my mistakes which i did.
So request you all to help me to decide. So at least i can save my family. I am now worried about what will happen to me but worried about my family only.

Please advise as earliest.

Thanks in advance....