Financially bankrupt and too much debt from money lenders

4 years ago

My father started a construction business in Delhi in 2011. He took a lot of money on interest from money lenders. The interest varied from 1.5% to 5% per month. In exchange for the money, my father has issued cheques as security. These cheques had only money amount on them and no date and in some cheques, there is no money amount as well (which I think was very stupid thing to do).

After demonetisation, our business started falling down drastically. As of now, we have absolutely no work, no money and no respect in society. People are threatening my parents. The total amount of debt is upwards of 1.3 crores (total interest that we have paid is 1.45 crores, which is mind boggling) and I do not see any way of servicing the debt. We are financially and emotionally bankrupt. So much so that I am sending my parents their monthly expenditure since they can't even arrange that.

My father never had any malicious intent of not paying the lenders. It is just that we are left with money now because of some bad business decisions.

I have absolutely no clue what to do. My father has been working since he was a child. I just want him to live peacefully now and I am failing to do that.