Multiple Loan Payments Become Unmanageable After Job Loss
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)
“Previously in the SAVE plan & know that we’re supposed to choose a new plan within 90 days from being notified by the servicer. I have yet to be notified (EdFinancial) but am nervous about a looming Sept 30 deadline that I keep seeing. Is…”
“Literally cannot continue with MCA cycle we got ourselves into... Feeling depressed and lost. Cannot find any private lenders as well... HELOC seems like the only option. Can you guys share some successs stories! How you got out of MCA hell? submitted by /u/Zara_RoseTwist8745 [link] [comments]”
“I’m 25 years old, and I recently lost my job. I have a loan of ₹50,000, and the EMI is due on the 2nd of every month. I currently have no money because I lost my job in July, and I’m not getting any interview calls either. I’m feeling extremely anxious and stressed about my situation. I really need some guidance on what I can do. I can’t ask for money from my friends or family, so please help me find a practical solution. I honestly don’t know what to do right now. submitted by /u/Ki”
“do you think i should js go with the upstarts 8k loan? i can probably pay it off within 6 months, but i am still paying 1k origination fee”
“How tho? I opened a credit card recently but all my credit cards have APR of 25%, I thought landlords wouldnt accept credit card payments to sign a lease”
“I tbink it'll be really difficult to get an unsecured loan for that much. I have a credit score of 4. Did you mean 400? 300 is the lowest someone's credit score can go, I believe. But either way, it will be almost impossible. Or the loan you manage to get will be awful, and probably leave you in worse shape than you're in.”
“Thanks for the response And yeah, it's landed at the wrong time. No income until after September! Well and truly messed me up. So called I'm getting a letter on Tuesday with the details. But the one thing that's messed my head up. Is the administrator said pay is from the 1st to the 27th is what we would claim for. But that's only 3 weeks and 4 days. And August would of been a 5 weeker for us.”
“Just a quick question: so I'm paid on the last working day of the month as always, but unfortunately the company went into administration on the 18th, was sent home and had a meeting on the 27th and was made redundant. So, I haven't been paid for August as the company can't pay wages and would need to claim this of the government. All I know is, pay roll is from the 14th to the 13th, but August is a 5 weeker for us. So im trying to understand. If I'm getting 4 weeks and 3 days, n”
“As mentioned above My dad expired bro recently and I'm the sole earner in my family and 31 and all these loans piled up because I had to feed my family and continue my brother's education and that's the reason my family will be of no help”
“My dad expired bro recently and I'm the sole earner in my family and 31 and all these loans piled up because I had to feed my family and continue my brother's education and that's the reason my family will be of no help”
“I have a upcoming loan payment of around 3 lakhs from multiple apps and I don't have a single penny to repay and the apps are threatening me with photos and harrassing me unable to get a new loan as well any suggestions would be appreciated submitted by /u/RG72109 [link] [comments]”
“Assuming the loan went into default, and if you plan to stay in the United States, the solutions to the problem are all going to involve significant time, reduced optionality, and more money than if you had stayed current with the loan. The loan itself isn't the biggest problem now, it's the impact on your credit. You can't really put the toothpaste back in the tube on this one because your payment history is part of your credit score. A default takes a long time to fall off your cre”
“I don’t know much about India but score is usually only one thing lenders look at. If you’ve been taking out loan after loan, your score might be high because you’re paying them back but it still looks suspicious that you keep needing loans.”
“I am in huge debts Hand loans with documents:- 45Lakhs, 2 rupees interest Gold loan :- 50Lakhs Agriculture loan :- 25Lakhs Marriage loan:- 10Lakhs Home loan:- 8Lakhs Total 1.38 crore. I don't have any income. Suggest me the best possible ways to get me out of this shit. Iam ready to do anything in my life submitted by /u/Born_Revenue_2026 [link] [comments]”
“Same problem on two clients, the MySBA portal hasn't given me a real statement since spring either. What I ended up doing is building my own schedule in Excel, daily simple interest at 3.75% on the outstanding principal, payment applies to accrued interest first and the rest to principal. It ties within a few dollars of the payoff quote, and you can request a payoff letter through the portal to check your balance against something official. I document the method in a memo in the file so whoe”
“The amortization-table advice is right, but one warning before you grab a generic calculator: COVID EIDL doesn't amortize like a normal installment loan, and a standard calculator will NOT reproduce SBA's numbers. What actually rebuilds the split from just a payment history: It's daily simple interest — 3.75% (2.75% for nonprofits) on outstanding principal, actual/365, no monthly compounding. Interest accrued for each period = principal × rate × days since last payment ÷ 365. Payment”
“It does count as a hardship but when I called Wells Fargo to ask about a deferment they said no. They said “we need to know this is just a joke me off thing and you’ll be back to work next month. Otherwise we can’t offer you the deferment.” So I was denied. Another time my ex husband and I moved and used all of our savings to pay for the truck and move back home. We asked for the deferment then and they said yes because my ex husband still had a job it was just an unfortunate unforeseen situatio”
“This why i dont believe in car loans longer than 1 year. People dont think ahead at how it may become a burden to have those payments every month.”
“Use an amortization schedule to rebuild the loan. Use bank statements to track additional principle payments. There are plenty of free calculators online to do this. It will save you time.”
“My loan was also transferred to Launch Servicing. So far, no issues with them in fact, I just requested a 2-month extension due to being unemployed at this moment.”
“Emergency is good enough for 8 months but with AI and the job market, should I be saving up for a year or two of unemployment? And stop paying towards principal? submitted by /u/No_Smell_6712 [link] [comments]”
“Hi all, I'm a grad student, who also works part-time in a very unrelated job. Due to being in a rural community and having limited time, looking for a different job has been difficult. I am getting very burnt out and have been thinking about private loans to cover my basic expenses (therapy, medication, textbooks), as my partner owns the home and already pays for all related expenses there. However, I am torn because I have heard and read how predatory these loans can be. Does anyone have ad”
“Sell the phone and try to get as much money back for it and buy a cheaper phone on finance if you can. Something more reasonable like an iPhone 15 or 16e. I think you can get them financed on BackMarket. This is what I’m doing since I have a random bill to pay off and have the iPhone 17 as well. And that rent is super steep on your income I wouldn’t pay more than 650£ And make sure you’re using a sim only plan like SMARTY or giffgaff that are like 10£ a month. Also can you bike? I think Santande”
“I have told him but the interest rate of the local person from whom he has taken the funds is 60% per annum and I requested him but he is not ready for this thing.”
“It really depends on your original loan and the balance you have left. With these interest rates today, it’s probably not worth it. If there is any other way you can cut your monthly expenses down or increasing your income, do it. Get a 2nd job if you have to.”
“How much do you owe and what are the loans for (car? Shopping? Etc) ? I know it might be scary to look and say it but the only the way out is through. Good luck.”
“i only get paid 34,000 a year. i dont have alot of left over money to pay on the cars after my usual bills”
Are the 6mo of expenses not the same as the emergency fund?
“How bad is your credit? How behind are you and what amounts? Lightstream may be an option, but most banks/CU won't lend to someone with bad credit and a short time at current job”
“What you don't want to have happen is you don't want it to get to the levy stage. You have some time before that happens but if you get an "intent to levy" letter then you will need to immediately deal with the issue.”
Dang. Ok thank you everyone! I guess I will just keep plugging away..
“If you can get a conventional loan, then you absolutely should go that route. SBA loans come with high processing fees, and quite a few stipulations attached to them. Anytime you can go conventional, it will be much less expensive.”
“Hi I just wanted to know if anything changed in your situation have a sued you or anything like that I'm in a similar situation with spot loan.”
“The debt is only about $1,000. I’m just gonna keep working towards paying it off”
“Brother has never heard of unemployment :/ I was out of a job for three months recently which is why I’m behind. The other one was from being out of a job for nine months after I graduated college. No one would hire me”
“Hello everyone.... I am facing a difficult financial situation and have been paying only the minimum dues on my two SBI credit cards for the last two years. One card has a limit of eighty-five thousand rupees, and I have paid ninety thousand rupees in interest and charges so far. The other card has a limit of twenty thousand rupees, and I have paid twenty-five to twenty-six thousand rupees in interest alone. I am seeking advice from this community on how to reduce this burden, get the interest w”
“Banks, credit unions. Talk to a loan person about your situation. And just don't fall into the trap of running up the debt again.”
“Hello there, I was actually able to get reinstated after getting approved for a loss mitigation plan. I didn't have to pay the amount I fell behind on to be approved.”
“Hi All, I’m seeking a genuine advice as I think there is a room to improve my finances. I’m 32M working in IT with a CTC of 51 LPA. I’ve seen extremely bad phases in my family business and had to step in to save it, had to take around 40L personal loan. 28 L is still pending repayment . a major chunk of my monthly salary 1.2 L goes towards it. I have 3 years left to completely repay this loan. I’m thinking of selling some of personal assets to prepay loan. I’ve around 6-7L worth gold and around”
“I don't know how to write this without sounding desperate, so I'm just going to be honest. I'm about ₹10 lakh in debt. that’s ~USD 9,000 or so, Most of it comes from medical expenses and everything that followed. I lost my job in march after I nearly lost my Dad to a heart attack, in fact, i was let go while i was out of town next to my dad in the ICU. I had to pay out of pocket for all the expenses, and then some, or I guess a lot on credit cards. The banks have started calling, and”
“The mortgage company may do a forbearance but be aware sometimes they put the defecit on the end of the loan and other times they want all the back $ at the end of the forebearance”
“I mean I wish I could do the latter, unfortunately I do need it rn. And if I had collateral, I would have put it up. How much would having a cosignor help?”
“Income does not mean you are able to pay a loan back. You best bet is to put up collateral for a loan or save your income and not get a loan.”
“Since your husband lost his job you should call your mortgage company and explain the hardship situation. They will often work with you on a lower payment/no payment until you can get back on your feet. Good luck I hope he can find something soon!”
“Are you able to get a family loan? Or if not, a normal loan and keep it hush and pay it back over a year or so? I understand not wanting to create panic, but I would tell her; but don't tell her until you have a solid couple of ideas to propose to her to fix it (pun intended). Anything you can change to drastically cut costs, or to make money by selling something you own?”
“Hey have you ever got to refinance with another institution or got to properly deal with westlake? I've been having the same issues you expressed. The one time i got on a phone call was after i made a payment through the phone, and that's because i have been having issues with trying to sign in. I even had the man on the phone help me log in and remake my password, but now i still cant login because they don't recognize my information AGAIN. It's actually ridiculous and i can tel”
“India: Hi, I am about to loose my job. My savings in bank account are 1.3 cr age 40. Monthly expenses between 1.25-1.5 lakh per month. My spouse is earning however I want to evaluate how much I can cover these 1.5 lakh expenses and not run of out this saving money. Hopefully this is a 6 month situation but we don’t know what can turn long term. So planning long term. Please advice. I know Fd is an option and with 6 percent I can get around 60k per month ( with no job I won’t have to pay tax as b”