I do have private creditors what should i?

Question

I have creditors who are personal but not or financial institutions and they suck my blood for interest,, what should i do...please help me i am debted to the tune of 13 lacs. Intrerest at the @ 5%.

Thank you

rahul

Answer 1

If you say they suck your blood then they have every right to do so. Why didn't you think of this before taking loans.

It is their hard earned money which you have taken as a loan. Better repay the loan or pay the interest on time otherwise if you are unable to do so file for insolvency. Your property will be taken over by the court receiver and you would be discharged of all your liabilities.

Answer 2

5%  is a real bargain. Especially for someone as unreliable as you. Pay them!