Mumbai Man Breaks Free from Crushing Debt (PDCS-001)
Client:
Situation:
Mr. Gupta was struggling with overwhelming debt. He had a good monthly salary of ₹60,000, but his financial obligations far outweighed his income. The combined EMIs for his 4 credit cards and a personal loan totaled over ₹75,000 per month, leaving him with barely enough to cover basic living expenses. He was constantly stressed about finances and facing harassing calls from creditors.
Challenges:
High Debt-to-Income Ratio
Mr Gupta's debt payments exceeded his monthly income, making it impossible to save or build a financial safety net.
Multiple Creditors
Managing payments and negotiating with various credit card companies and the personal loan lenders was time-consuming and overwhelming.
Creditor Harassment
The constant calls and pressure from creditors added to Mr. Gupta's stress and anxiety.
Solution:
The plan included:
Debt Negotiation
CDEF Debt's experienced negotiators contacted Mr. Gupta's creditors and successfully negotiated lower interest rates and reduced monthly payments on his credit cards and personal loan.
Debt Consolidation
We explored the possibility of consolidating his debts into a single loan with a lower interest rate, simplifying his monthly payments.
Creditor Communication
CDEF Debt handled all communication with creditors, stopping harassing calls and letters, allowing Mr. Gupta to focus on his finances.
Financial Education
CDEF Debt provided Mr. Gupta with budgeting and financial management tools to help him stay on track after completing the debt relief program.
Results:
Through CDEF Debt's intervention, Mr. Gupta was able to:
- Reduce his monthly debt payments by over 40%, freeing up significant income for his essential expenses and savings.
- Stop creditor harassment and regain peace of mind.
- Develop a better understanding of personal finance and budgeting strategies to avoid future debt problems.
Mr. Gupta’s Testimonial:
“Before contacting CDEF Debt, I felt like I was drowning in debt. The constant stress was affecting my work and personal life. CDEF Debt helped me negotiate a manageable debt repayment plan and stopped the harassing calls from creditors. Now, I can finally see a light at the end of the tunnel. I’m on track to become debt-free and have a secure financial future, thanks to CDEF Debt.”
– Mr. Gupta
