Solution Needed !!!!!!!
Hi ,I am 27F staying in Bangalore. I earn around 1 lakh monthly..but due to my father's decision we are in big debt .we had a shop of home appliances and electronic items which recently got closed and to make that business work he almost took around 30lakhs of debt from relatives and bank and some creditors as well.now even if I earn 1 lakh I am paying around 20 k to my relative monthly for the debt he had from 2022 it ll be closed by 2026 .but there too many loans and debts he took ..now after shop got closed I am the only earning member of my family and he don't have any money savings no health insurance nothing .he only have some property in village .....mu brother is trying to get a job ..in IT as a freshher .i have a boyfriend whoa already 31 we want to get married but I am sacred that my family issues will create lots of fight between us ...even if I earn 2 lakhs per month this much debt I can't pay it by only doing IT job ...I want to do something about the situation but I don't know which direction should I think of ...I don't know any business strategy as well ..even if I think of doing freelancing it will take me around 5 years to pay off the debt ..and I want to live my own life as well...
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I don't think the way to get out of debt would be through a business and taking on more debt on a punt to repay existing debt faster. The 30 lakh of loan may seem never ending but first sell of the property in village to reduce a large chunk of the loan. For the remaining take out a personal loan to consolidate all the debt in one place. Payoff lenders and relatives. Then start repaying the personal loan. I empathize its a large burden to bear and if all family members are able to contribute the better.
Calculate total debt amount to be paid off first.
Things are obviously hard for you at the moment and hope it works out About the marriage thing, if you feel you both are serious then have a transparent talk with him about the situation and see how he takes it
Also, feel free to Dm for referral for you, your brother and your bf if required
Try to reduce the debt by selling some part of property in village. Also, let your boyfriend know everything about this debt or else it might create a rift later.
It will all work out, instead of thinking of paying out all of this once, work in portions. Try to tackle the amounts with largest interest. Also i feel stupid saying this to an EY consultant. But it might take some time but it will work out. ✌️