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Unable to pay upcoming EMIs due to financial problems


03-Jan-2026 (In Recovery Law)
Me and my cousin went on a trip by taking my friends car and the car got crashed due to accident after that me and cousin took loans from different apps to give to the car owner and for our medical expenses. Now we are ended up with EMIs that we can no longer pay. We are thinking of filing IP as we are getting suicidal thoughts or going away from family under pressure. My income is 30k and my cousin earns about 20k. We may not get a debt consolidation loan with this income.
Answers (2)

Answer #1
503 votes
According to your question I understood that you became jobless and unable to pay the emi any further. For which you want some time I am a right. If you want that time I’ll take that period of gap from the court.
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Advocate Rajesh Kongali

Adv. Rajesh Kongali

LawRato Hyderabad | 25+ Answers
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Answer #2
954 votes
First and foremost, your life and mental health are far more important than any financial liability. What you and your cousin are going through is a serious mental and emotional crisis triggered by debt pressure, and the law recognises this reality. If either of you are experiencing suicidal thoughts, please understand this clearly: debt is recoverable, life is not. Immediately speak to a trusted family member, doctor, or a mental-health professional. Now, coming to the legal position. Correct & Safe Legal Path (Recommended) Prepare a complete list of loans, EMIs, interest, and lenders. Through a lawyer, send a formal legal intimation to all lenders explaining: accident and medical emergency, reduced income, inability to continue EMIs, request for moratorium / restructuring / One-Time Settlement (OTS). Many loan apps legally accept OTS at 30–50% of outstanding when handled properly. If harassment continues, legal action can be taken against recovery agents. Only if all remedies fail, IP may be explored carefully. 4. Very Important Truth Running away is not a solution. Suicide is never a solution. The law is meant to protect distressed borrowers, not destroy them.
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Advocate Pavani Kumari

Adv. Pavani Kumari

LawRatoGuntur | 400+ Answers
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