My father Dhanraj Gayaprasad Gupta once used to run a small business of scrap named "Venkatesh Bartan Bhandar" in Nagpur, Maharashtra. It was a small yet successful venture. However, he was forced to let go of his business after being back-stabbed by his own close relatives. Among these relatives his own little brother and his friends were also involved in the planning and plotting. It was generated due to a long drawn dispute over properties built by my grandparents, now deceased.
My father also tried everything to get rid of the all debt. He had had to loan many times in the past for his business, his family and also his brother's children, when things were apparently well. My uncle has on the other side has incurred a huge debt by borrowing loan against the property of my father's as well as late grandfather's. Because of the current Corona Virus situation and reduced savings, it's getting increasingly difficult for my father to pay the Interests and EMIs.
Following are the kinds of debts:
1) Loan against property
2) Small business and personal loan
3) Vehicle loan
4) Gold loan
5) Loan against insurance policy
The second is the small business and personal loan which is worth INR 4,00,000. In this the EMI's are yet to be paid completely and we need to pay INR 60000.
The third is Vehicle loan which is worth INR 2,50,000, the remaining amount to be paid is INR 30,000. This was taken from Berar Finance Pvt Ltd.
The fourth is Gold loan which is worth INR 60,000.
Thank you very much