Case Study 3: Personal Debt Programme – (PDP)

A 48-year-old living in Mumbai had connected us because he was experiencing excessive harassment from his creditors with whom he had missed more than two EMI with each of his eight creditors.

He has debts of ₹24,32,757 and his total EMI was ₹76,559 per months, for three credit cards and five personal loans. He earns ₹79,750 per month and currently has expenditure of ₹44,750 per month. He also had another income coming from investments, but due to the downturn in the market he lost all his investment and the income from it and started experiencing difficulties servicing his EMIs.

He was enrolled onto the PDP, with a debt payment plan of ₹35,000 per month towards all his creditors. With the help of our Advocates we were able to stop the harassment and restructure one of his personal loan plus win four months moratorium period (EMI holiday). The restructured loans’ term was increased and hence the EMI was reduced by 30%, which he will have to start paying after the four months moratorium period and it was also agreed that the interest rate would stay fixed over the term of the loan.