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I took multiple payday loans but now stuck in a debt trap.


01-Aug-2025 (In Recovery Law)
I took loans from multiple payday loan companies and now unable to pay my dues on time. Running behind on these dues has led to the companies harassing me by calling me on phone as well as whatsapp and are also reaching out to my friends and family. I want to pay but simply don’t have the funds as my loans are higher than my income. I have been transferred to a different country by my company and I have good salary but cannot pay all of them at the same time.
Answers (2)

Answer #1
959 votes
Although it is a discretionary power that the companies can exercise. You can send the companies a formal letter stating your intentions, liabilities and situation, asking for more time. We can also ask them to deduct the penalty amount and accommodate you with regards to the same.
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Advocate Chanchal Singh

Adv. Chanchal Singh

LawRato Mumbai | 100+ Answers
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Answer #2
811 votes
You are not legally obligated to tolerate harassment. Lenders can initiate recovery through legal means but cannot threaten, shame, or contact friends/family. File a complaint with RBI’s Sachet portal against NBFC harassment and also report to cybercrime/consumer forum for misuse of contact details. Consider negotiating a consolidated settlement or restructuring of loans with each lender citing your current financial condition. Maintain all communication in writing. You may also take help from a legal professional or a debt resolution agency to mediate and avoid litigation or credit damage.
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Advocate Saylee Chaudhari

Adv. Saylee Chaudhari

LawRatoDombivli | 50+ Answers
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