Multiple Loan Payments Become Unmanageable After Job Loss
56 posts across 13 communities in the last 30 days; 41% from r/povertyfinance.
“You’re able to pay the lump sum but you aren’t able to absorb the higher payment? Why don’t you just put that lump sum into a high-yield savings account and withdrawal the extra 210 a month? Is the same thing plus you’re getting interest instead of just sitting in a escrow…”
“Im.. agreeing with you. [re: Please help have owed approximately 1000$-3000$ while at my employer and cant figure out why]”
“Why are you replying to me [re: Need advice, I'm 26 and 25L(INR) in debt, don't know where to start]”
The shared pain is the overwhelming burden of debt, characterized by high EMIs, multiple loan sources (including credit cards and loan apps), and difficulty managing repayments alongside living expenses. Many are facing job loss or reduced income, making it impossible to keep up with obligations and leading to stress and a feeling of being trapped.
SOURCES (60)
“Well you didn’t read the whole thing as it states that I have a year left until loan reaches maturity and they can just come and take it… [re: This may be the wrong sub, but I’m looking for advice about my car loan.]”
“Hello all, I’ve never made a post like this or tried to get help like this before so please be kind. It also kind of personal so read ahead if you would like. About 3 days before my first day of school my mom attempted to kill herself because she had a debt and other outstanding things me and my dad did not know about. She managed all of the finances for our family so my dad always assumed she was taking care of bills and that money was just tight for some reason. It turned out in the last 3 mon”
“I’m currently living in Delaware and trying to relocate to Arizona for a job opportunity, but I’m having trouble figuring out how to cover the initial expenses. I’ve been unemployed for close to a year and have been actively looking for work. I’ve only gotten two interviews during that time, and unfortunately, I was denied both times due to competition. My credit score is over 700 though, and I don’t have any monthly debt payments. I’ve completed the required paperwork and drug testing, and the”
“That’s odd, those first 2 reasons why really seem like they are seeing a large debt to income ratio. But unfortunately multiple inquiries and denials like that from multiple banks are going to make any other banks instantly wary [re: **Need honest advice on getting approved for a car loan after multiple denials*"]”
“You’re able to pay the lump sum but you aren’t able to absorb the higher payment? Why don’t you just put that lump sum into a high-yield savings account and withdrawal the extra 210 a month? Is the same thing plus you’re getting interest instead of just sitting in a escrow account. [re: Escrow shortage letter because home insurance jumped. What are my options when I can't absorb the new payment?]”
“Questions for people who've been through this: can I pay the shortage as a lump sum to lower the monthly hit? Contact your lender. I'm sure you can send the 1800 and get a lower payment. And has anyone raised their deductible to bring the premium down, and did it move the number enough to matter? It has mininal impact. If this situation made you post today, I wouldn't raise your deductibles to save a few bucks. It may sting if something happen. Raise deductibles in a position of stre”
“yeah i did a couple of those before same day then closed my bank account so they couldn't take the money back lol a 1.2k loan was gonna be like 7k+ to pay back after interest it's like 600% interest. [re: Any loans that are same day for like 500 dollars]”
“Back in 2020 I lost my job due to COVID, I was on the verge of losing my apartment, I was desperate, so I took a $4000 loan with EasyFinancial. After two years of making payments I inquired of what my principal was and was told it was just over $4000, I said that made no sense since that's what I initially borrowed, that's when the agent told me I've been paying for some insurance I never signed up for? Needless to say I was livid. I requested all payments to be stopped until I figur”
“Hi everyone. I'm not really used to posting things like this, but I'm honestly at a point where I don't know where else to ask for advice. I'm a college student in the Philippines, and I'm currently struggling financially. I have a loan of around ₱10,000 that I need to pay, and I've been stressing over how I'm going to settle it. I don't want to burden my family with my financial problems, especially since they have their own things to worry about. I know”
“I understand that. My interest 8 % on my loan. [re: unemployment and personal loan]”
“I've been unemployed since July. Finally got my payments starting in August. I've been working an on-call job when I get a chance, and I'm currently finishing up school. I've picked up a part-time job to give me a little money and more structure around school. Due to the unemployment school program, I can only work a certain number of hours each week, with it lowering my unemployment payments. I have an emergency fund, and the only debt I have is my personal loan. My question is,”
“Im.. agreeing with you. [re: Please help have owed approximately 1000$-3000$ while at my employer and cant figure out why]”
“Is So-fi one of these fintech startups? Asking for a friend the friend is me [re: Where can I find Legitimate debt consolidation Personal loan for bad credit of 550?]”
“Why are you replying to me [re: Need advice, I'm 26 and 25L(INR) in debt, don't know where to start]”
“My salary is late. And I've already gotten a letter requesting for my rent payment. The person at work keeps telling me my payment will be cleared for release but their bank (Chase) keeps holding my payment and in "pending" status (since the beginning of this month) until incoming funds are cleared (funds from foreign clients). I was told 1-3 more working days but I honestly don't know when the money will finally be cleared and released and I can't keep on waiting because I”
“Hello everyone, I'm from India, and I'm currently looking for job opportunities abroad, particularly in Gulf countries or European countries. I'm a graduate, and unfortunately, my financial situation isn't good right now. I urgently need a job so I can support myself and improve my family's financial condition. Here's a little about my background: Education: Graduate Communication: I can speak English reasonably well and communicate confidently. Computer Skills: Basic com”
“can second this. don't do it 😭 [re: Hey Besties, don't use One main Financial for Personal Loans]”
“A loan for what? Is there really no other option? Is this the difference between being homeless or not? 401k loans should be a last resort. [re: Small loan from my 401k]”
“When you signed up, did you ever look at a Truth in Lending statement? If it’s a real loan, they have no choice but to provide you with one. [re: An app called Stream takes part of your paycheck and rolls the rest forward indefinitely. When I asked support for help, they sent me a charity link.]”
“Probably wrong sub but maybe someone can tell me where to look. Currently going through some life changes. Working as a bartender in central FL and we are going through a brutal slow season, so I’m making much less than I am used to. Long time girlfriend and I broke up recently, she’s moving out and I am moving my father in who is on a fixed income into my house. Monthly expenses for me are about to skyrocket. Managed to pay off around 20k of credit card debt off in the last two years but I stil”
“I did it once in a big crisis. I was between jobs and a situation sapped a big portion of my savings. I had another job coming up but needed something to fill the gap. I got a 4k loan and paid it back pretty easily once I got back to work. So really, it’s like a credit card in the sense that you should really only do it if you know you can pay it back in a reasonably quick timeframe. Otherwise you’re going to be in a hole that’ll be tough to get out of.”
“Need URGENT advice on ₹45–50L family debt & possible LAP Hi everyone, looking for advice from CAs/accountants or people experienced with loans in India. My family has ₹45–50L total debt and combined monthly income of ₹1.38L (Me ₹43K, Mom ₹45K, Dad ₹50K). We have 2 properties: \* Property 1: Govt. guideline value \~₹30L, currently mortgaged for a ₹15L loan. \* Property 2: Govt. guideline value \~₹80–90L (market value may be higher). Original documents are currently with a private lender/frien”
“This isn't true. As far as the bank is concerned, you are an equal borrower. And as far as your credit is concerned, it's just like if you got the mortgage on your own.”
“Yes I have a side buisness I use that money to barely get by so my truck is buisness use”
“Need advice regarding my education loan and pending interest I took an education loan from Indian Bank in 2017. My course was from 2017 to 2021. After completing my course, I had around a one-year gap while looking for a job, and I started repaying the loan in 2023. The original principal amount was ₹3.40 lakh, and I have now completely repaid the entire principal amount. However, around ₹80,000 in interest is still pending. I want to understand what my options are: Can I request Indian Bank to”
“The only thing holding me back is job at moment in order to qualify for loan life sux lol”
“Good day everyone. I just want some advise on what to do. I'm currently drowning in OLA which amounted to 200k in total. I'm planning to get a loan nalang sa bank para ma consolidate lahat nang utang then isa nalang babayaran ko which is si bank nalang. Pero here is another problem wala akong kahit na anong bank account and never ako naka loan sa bank and I only have a salary amounting to 9k per month and cash siya wala akong cash card or other collateral na ma offer pero meron akong co-”
“I’ll keep this short: - Pursued BTech through a college scheme: ₹1.5L for 8 semesters, with the remaining fees payable after getting a job. - Slacked off for most of those 4 years. I know that’s on me. - Luckily got a paid internship, but now I’m struggling to find a proper job. - I’m looking for ₹15–20k/month in Jaipur so I can at least start paying my ₹10k EMI. - Most opportunities I’m finding are under ₹10k, and commuting would eat up a big chunk of that. - I’m also scared because most DevOps”
“Need sincere help/advice regarding debt. Due to an emergency (hospital related) lost all my savings and took loan from few colleagues, now recently lost my job and struggling with a lot of debt. Haven’t been able to sleep lately, need a way out of all this mess. No job, crushing debt, mentally drained, what should be the first step? [link] [comments]”
“I was an international student, and my parents poured their last savings plus borrowed money into my education. This December, I’ll hit two years being unemployed post‑grad. Would really love some honest advice from people here. I graduated two years ago in December from King’ s college, Back when I was studying, I was dealing with bad depression and my English was really bad. I barely left the house or socialised, so I never applied for any internships. After graduating, I volunteered at a muse”
Credit score? If low, then probably no normal loans you can get
“3 days ago you posted that you didn’t have a job. Personal loans; even those from the most predatory lenders with triple digit interest rates are all going to require some proof of recent income like paystubs or bank deposits. If you can’t show income then you will not get any loans absent a co-signer or collateral securing the loan(like a title loan/pawn loan/etc). If you need to move out then a program or job that provides housing is going to be a much more realistic option than trying to borr”
Have you applied and been denied? Same for unsecured credit card?
“I have two loans Axis principal amount - 171924 (14.45% interest) /55 months left Idfc principal amount - 200970(13.75 % reducing interest)/ 57 months left I have 100907 in savings And monthly i am getting a emi of 11092 combined I wanted your help in understanding whether i shoild use my savings to part pay the loan Or should i use them to invest somewhere Thanks in advance submitted by /u/Famous_Reserve4578 [link] [comments]”
“I understand. I’m not demanding or expecting anyone to give me anything. I’m simply asking if someone is willing to help, and I’m offering to return it or do a small task in exchange. If not, that’s completely okay”
“No it’s a necessity I do not have a vehicle at the moment. Should I try to do it over the phone as my schedule does not give me time to go in and talk about it. I really cannot afford to miss a day. Also how much do you think I should ask for should I highball it and ask for the 10k and they will say either yes or no and offer me a lower loan? Also it’s not related to anything financially.”
“Yes you are right and no it’s nothing with fraud or stealing or anything like that”
“This may not be helpful but my dad defaulted on parent plus loans by never making a payment. The state of TN just sued him. The loan was 3k that ballooned into 45k owed. The states proposed plan has us paying 111$ a month for 3yrs. They wiped all interest… we are going with that option and avoiding court. Do you have any of the paperwork they send in the mail? They gave us plenty warning before they sued. We never opened up the mail until after being served. I would suggest going through your em”
“I have a credit card from kotak and currently not paid dues from 8 months, how much percentage should I propose for settlement and anyone can help? submitted by /u/MeanExpression3011 [link] [comments]”
“Was it an attempt to be creative? It’s a bit of hyperbole obviously, but the idea of another looming debt, in the economic state many people find themselves in, can be quite anxiety inducing.”
“Is your sister working at all? Are your parents contributing to paying off your debt or do they expect you to just pile on more debt for yourself and they get the benefits without helping you? Based on the currency you shared I’m assuming you’re Asian. I know culturally there are expectations, especially for men to provide, but are you getting any help in anything financially? If I were you I would freeze all unnecessary expenses, make food at home, maybe get a second job if possible, and honest”
Can I ask which lenders you’ve taken loans with and not repaid?
“A personal loan is not the answer, that’ll just put you in more debt. You have to find stable income, do side gigs, or sell things to make more money and make larger payments.”
“give your parents a call for an interest free loan? otherwise going to be feeding the banks a bunch of interest that could be avoided by doing so”
Need some information about loans and money lending in india. Please dm me submitted by /u/jack3d_7 [link] [comments]
“did you have student loan of financial aid or something like that? i think you can still apply for it now, even if its for past year.. worth a try.. if you did have student loan, you can get extension on payments, or lower payments depending on loan type and terms..”
“Had a minor family emergency last month where we needed around 1.5–2L for a medical advance within like 24 hours. I don’t usually take loans so my first dumb move was searching online and downloading one of those "instant 5-minute approval" lending apps. Right before finishing sign-up, the app asked for permission to access my entire contact book, photos, and live location. That gave me major bad vibes. Looked into the fine print and the processing fee plus hidden platform charges were”
“It’s not that you can’t but it’s a significant difference in quality of loan you would get, not even just the rate but also the terms with the loan provider and dealing with whatever requirements they have.”
“Anyone have any advice on getting approved for a personal loan? I have a hand full of jobs coming up and instead of paying a ton of rental costs I wanted to put the funds towards owning a machine but I need a 20k loan to get the machine first. due to bad credit I’m not able to secure one, would anyone have any advice on a place to get one? Would love any advice. Don’t want to let this opportunity pass me by. Not able to secure a loan because of not having enough established credit. submitt”
“Long story short, $1000 will get me somewhere I very badly need to be to survive and stay safe for a good long time. I have poor credit around 530 and need a bullshit predatory loan without putting up collateral. I'll deal with paying it back later and over time, right now that $1000 or even less like $500 will ensure my safety for a really long time. submitted by /u/RaiseOurAxesToTheSky [link] [comments]”
“If you're out of the country for over a month and don't have access to Internet then you can't make the next payment without paying ahead first. This is very common for people who immigrated into another country. They may make two or three payments ahead so they can go visit their family for months at a time and not worry about mortgage payments because they paid ahead and won't get late fees. I can't speak for everyone but users do definitely need and use this feature often.”